The last rise (From 4675 to 5400 took 39 days) has not been retraced in faster time(39 days gone by and the bears could press it down upto 4786 only). That is a small hope for the bulls. The double scenario continues irrespective of the above fact. Last week was a pull back week which continued into Monday and the fall has commenced again. The expected "pause day" has now passed today. The remaining two days of this week might give us some clues of the undercurrent or could muddy it further.
Under such a situation, short term trading with well calculated levels keep the cash drawer ringing and keep the traders afloat. Trade light in this area of 4960 to 5095. An inverted H&S pattern in Nifty continues provided it does not fall below the recent lows.(4961). The channel top @ 5070 and the Neckline @ 5105-5135 are the two important resistances.
Nifty had a gap down @ 5080 few days ago and 5000-5020 has acted as resistance /support on many days and 4960 too has acted as a critical level on many days in the past 6 months' falls/ rises. At a time the bears want to wrest control from bulls, this
4960 to 5080 seem to come into play and assumes significance.
Under such a situation, short term trading with well calculated levels keep the cash drawer ringing and keep the traders afloat. Trade light in this area of 4960 to 5095. An inverted H&S pattern in Nifty continues provided it does not fall below the recent lows.(4961). The channel top @ 5070 and the Neckline @ 5105-5135 are the two important resistances.
Nifty had a gap down @ 5080 few days ago and 5000-5020 has acted as resistance /support on many days and 4960 too has acted as a critical level on many days in the past 6 months' falls/ rises. At a time the bears want to wrest control from bulls, this 4960 to 5080 seem to come into play and assumes significance.
14 comments:
Does anybody know about Ichimoku Kinko Hyo technical indicator? Nowadays I am hearing lot of buzz in my broker's dealing room about this indicator being very sharp in identifying trends and big shots seem to be following it. Is there any master here on this indicator?
FII's Net Sell = - 166.5 Cr
DII's Net Buy = + 165.16 Cr
@powertrade
Hi..thanks for doing a follow up on reliance trade on BSE
I was not trading today(friend came over)...just checked the market talk for today
Saw your message :)
Cheers
kumar said...
Dear My Life & My Trade!
Regarding ur low brokerage query u can directly mail me at FUTURESFINCAP@YAHOO.CO.IN. U will get far better deal with DIET software for trading.
Rgrds,
KUMAR
Sir,
Inbox.
@ ganesh,
There is a link provided for "ichimoku Cloud guide" (Click Asia/Pacific and then BSE 30) - under "Market Statistics" at the right side of the blog. You will also find the basic write up on them.
Every new system is just a variation of the "same old oscillators" - but success in trading/ investment depends on shrewd understanding and execution of what is learnt. In the name of learning, some go on searching for "new stuff" but I strongly believe that "by practical application of whatever you have learnt", you will become a "master of your own trade/ profession".......Simply unearth the gems hidden within you and use the outside sources as a tool only and you only need few tools.
I appreciate the above statement of Mr. Illango as that from mouth of Sachin to his fellow team members aka followers. I have so many indicators and so many signals with very powerful back-testings, but one can not be successful trader with the most powerful indicator at his disposal.
The answer lies in the above statement of Mr Illango. Following anything convincing consistently and executing the outcome mechanically (READ WITHOUT EMOTION) over a period of time will assure result. We are fortunate to have access to this blog and through it to some very successful traders in real time ( I emphasize, in REAL TIME)to explain and guide on the spot. This is an unique experience. And we have constant and tireless guidance of Mr Illango after market hours alos, but.....
But to become a LEADER TRADER, find the answer in the last sentence of Mr. Illango's above comment.
Thanks Anuj, for posting that link on RIL! I did chance to see it.and not on headlines on CNBC! ? A very risk reward favorable, plausibly possible trade is to accumulate 980 PE of RIL? at sub 10 levels?
usually such freak behavior get reflected in reality , and its the risk!
who said that? "
Implausible Possibilities should be preferred over Certain probabilities?" Aristotle i guess. Just a point of view. Not a View Point.
regards
Ranga
Hi Ilango,
I am a regular to yur site and have gained lot of hold on market because of yur succint update of market action daily.My elliot wave practice too has improved, thanks to yur blog.Just want to throw a scenario ,that I dont see is much assumed right now at yur blog.
Though Nifty's direction is not very clear but my EW+TA gives me one scenario that the current move of Nifty is Wave2 of the upmove that started from 4786.This week's closing should be critical and if this week Nifty closes around 5000-5050,I see very possible that Nifty's Wave3 should take it to around 5200-5300 next week.
I am seeing this as the last 5 wave upmove before C-wave begins.
Hi Ilango,
What a great commentary today. You really covered all the topics in your commentary... I am now thinking what else I could write in my blog ? :)
@Ilango,
Another thing I missed out to ask you. How to insert pictures into my commentary ? I do not know how to post pictures in my commentary and sometimes I do need to present the graph to explain my view point. I know, you will help so thanking you in advance.
Regards,
Ankur...
@ilango sir,
Yesterday spot traded mostly between pivot and VAL.
Is this of any importance ?
Thanks
gd
@ Ankur,
Firstly copy the graph by clicking at its boundary and ctrl+c, and then open the MS paint and click on the rectangular icon (select)and then paste the graph. You can adjust the boundary by selecting the width/ height in "attributes" under "images" tool bar. What I do is keep the smallest attribute and then paste my graphs and they get adjusted by itself by expanding it.(They don't contract by itself).
Once you have saved this graph in MS Paint by saving it as "PNG" format, you can insert them by clicking on the "insert images" in your blog post tool bar.
Do it few times, you should find it very simple.
@ilango sir,
We have Day Close above 5-EMA which is +ve. But 5-EMA is less than 5-SMA. How does one interpret wrt trend ?
Thanks
gd
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