Daily channel break may get supports from 20sma @ 5195-5205.
Long term channel which was broken in the last fall from 5400 to 4786 will come into play @ 5165-5175 zone. A second break would be bearish.
NF 5-min chart has been trading down from the channel top towards the channel bottom - there are two supports, one has given supports today and the other, if there is negative cues, may offer supports tomorrow @ 5190-5205 zone.
With quick succession, the day emas have given sell, buy and now a sell. Quite challenging.But the EW's 4th wave possibility should have guided you to the "Hour emas" for trading those days. I would give two more days (max.) for this correction to complete and show signs of reversal. Bank Nifty gives cause for concern..
17 comments:
The way Europe is trading, US market will be in a sell-off mood too and if that closes in RED, mostly tom. morning - asia will open a huge gap down and so will India - all is interconnected! only possibility of a flat or gap up market tom. is that US closes positive today!
Just a lighter side of this serious business, BEST MSG EVER WRITTEN ON BOARD IN THE CHURCH "GOD NEVER FAILS" A STOCK BROKER WROTE BELOW IT: LET HIM TRADE IN NIFTY FUTURE..!!
:)
skmishra ji....good one :)
sir....somehow, comment posting has become very cumbersome since y'day..........I had to pass thru 5 layers ( click POST COMMENT 4 times ) to see thru my comment !
can I request you for possible help here plz.
regards
Nifty Levels in simple format can be seen as follow
Support1 = 5231 Resistance1 = 5313
Support2 = 5194 Resistance2 = 5358
Support3 = 5149 Resistance3 = 5395
Regards,
FREE NIFTY BLOG
Dowjones opened in DEEP RED - 200+ points down about 2.22%!!!!!!!! So can we expect nifty around 5200 -5180 levels tomorrow????
Hi Ilango
I have send you and email on sunday requesting you to put ur view on infosys and if possible its technical file as well.
Cheers
Akhil
@nifty sparks
//G-20 has triggered the sale not improving the prices anybody who has understood the ramifications of budget deficits would not play long . //
cld u explain this please
@sir
i expect tom market to recover some of today's loss
Niftysparks,
I came into the stock market late in my life. So, I feel like I have to learn faste and more than the people around, laymen like me. For the last few years, I have tried Dow, momentum,swing... many various styles except EW, in which I dabbled only a bit without any progress. Then I came across this blog a few days back and became pleasantly surprised by how beautifully this person Ilango fused it all in a coherent system. My years in the market made me understand how this itself is a gigantic piece of work.
AND the TECH TABLE, the excel sheet you have have looked at with so much disdain, has mindblowing implications as Ilangoji has been showing again and again.
This is a cornerstone of his system and it WORKS. So does that mean I don't lose money nowadays after coming here in this blog?
Absolutely not.
I still manage to lose money. But that is MY failure. Whenever I ignore THAT excel sheet, I lose money. Latest example -- today morning. I couldn't follow the TT signals properly (due to my lack of study) which immediately became clear after Ilango's comments. I am still holding longs, a lot of longs from my perspective.
In that respect, you are right. That excel sheet could NOT make money for me, because MY position sizing was wrong, I held my longs when Ilango repeatedly gave me a SL of 5290-5300. And now the world market is in a blood bath and I am holding longs out of hope. If I had followed TT, that excel sheet, I would be short and minting money.
I can also draw fancy charts, you know. But money hasn't come for me from it in the past years. Money comes from this system of Ilangoji, if one is wise and disciplined enough to follow it. And that's why a lot of excellent chartists here acknowledge him as a Master.
P.S. if you are that good, stay busy with your own blog and analysis. Trust me, ordinary traders and investors like me would find you. That's a promise.
All EU mkts down 3-4%........ DOW 2.5% down
FIRE,
BEAUTIFUL THOUGHTS.Learnt in my Hindi class an idiom:
"TOTHA CHANA BAJE GHANA" Meaning a hollow lentil makes a lot of noise i.e. a person with lesser knowledge makes the most noise. Don't waste your energy on empty vessels.
Best.
manoj
Tomorrow's market will depend on how Hang Seng opens.
DEAR ILANGO SIR,
please visit my blog stockk4sure.blogspot.com ,i have posted a nifty daily chart making a mirror image type of pattern with expected support near 5150 and then a strong upmove will be seen for 5400 near levels
http://4.bp.blogspot.com/_K9heJ1uFPzQ/TCpEhB_LP1I/AAAAAAAAAKU/Kdovj0k8mzw/s1600/JUNE+7.bmp
hi Fire, Manoj
:) good ones.
thought provoking.
Get Daily Free Nifty Tips at
http://nifty-tips-calls.blogspot.com
Please take a look and comment your suggestions.
Fire,
Well said. I wud suggest hold on to your longs and don't go in for panic selling. NIFTY will come back in couple of days to that level as the results season starts unless you have a big quantity of NIFTY lots....if you have 15 to 20 lots of futures, just keep them.
Dear Ilango,
Good Morning,
In spite of bad global clues Nifty FNO data is still showing strength.Yesterday there is no significant addition in NF O.I.The bhav copy is showing that the addition was intraday and was covered at the end.In spite of fall there was significant as well as highest addition among all PE's in 5200PE,which is suggesting the Bulls confidence.On the down side for today 5225-5200 shall be opportunity for buying as well as short covering.Only,if there shall be any serious selling at and around 5200 then it shall damage the whole scene.Market is always supreme, so let us see.
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