The last hurdle is "5290". A gap up is certain now. Now it would be a "buy anything below 5290 till 5260".
Markets did exactly the way our Premarket map of yesterday, the direction part. We expected a fall upto 5250 in an 'abc' fashion and market obliged but with a deeper cut to shake off the weaker hands. The emphasis here is to have a road map for the day which is possible only with EW.
Those who kept their "conservative Longs as long as the close is not below low ema", considering the corrective nature of the 11 days of sideways move would benefit.
For others, it is a buy closer to 5290 and hold with a S&R @ 5255.
28 comments:
Good Morning all!
Good morning ilango sir and everyone
I am posting nifty daily chart analysis
http://niftychartsandpatterns.blogspot.com/2010/07/nifty-daily-chart-analysis_08.html
Thanks
Gm sir & all
I bet closing will be below 5300 or it may not be crossed at all !!
Gm Illango Sir,
& atlast patience pays to us again 5300++
But not able to cross 5320.
Its a big hurdle there.
Good Morning Sir and Friends.
a bullish inverted hammer for last hour on hourly chart yesterday was a good signal to get out of shorts for the time being.
now the 5th is on......!
This is for all doubting ILLANGO'S analysis,as per his advice there was a constant advice for buying and wait patiently eventhough there were some negative technicals like breaching of EMA parameters.This only comes with years -breathing market-only for people who brag otherwise two very important points the market overcame 5292 previous months critical support in last few days expiry with confidence and supportive volume,secondly this month there was always a buying at 5230-35 range .It is very important to keep these things in mind while taking overnight positions for people who are new in this field .to trade and book losses the same day is advisable to avoid heavy as all the big fishes are mastrs in catching you offguard by giving a wrong picture EOD
This one is for satheesh:
I've added a chart to the 'trading on ema' sheet. It covers the distance between close and the 5ema and 26ema, so you can see when its in negative or positive territory. It should be very useful to trade with ema.:)
http://www.4shared.com/document/JHDQDpAY/Trading_on_Ema.html
hai everyone
Nifty Hour chart updated.
http://niftychartsandpatterns.blogspot.com/2010/07/nifty-futures-hour-chart-gets-gap-up.html
Thank you
Good morning Ilango sir and all,
Thank You Yoda!!!
@ RG,
You are Rs.35 short of your target..!
@ musti,
We need to allow the market to consolidate at regular intervals. Each correction will take its time based on the TF (time frame) it is correcting.
The day correction took 10 days.
The 2nd wave following the 1st took one full day (yesterday). Now after the minor 1st wave, the minor second wave may consume atleast 2 to 4 hours.
5300 CE/PE - 63.5/54.5. At close it was 65/51. Some calls unwound, some puts added. Lots more work to do to sustain above 5300.
Ilango sir can we go long here intraday??
Suggest SL
Thanks
I feel there is exhaustion in the index (no other world index in even near the 2010 high & here we are within touching distance).
No longs for me :-)... I'll be looking to short around these levels (with a 20 pts stop loss)
NS 5350
NS 5385
NS 5440
So worst case i'll loose 60 points.. acceptable loss ;-)
I think NF is not going to go down below 5260 except to finish the saucer shape its been making to break upward. At least, it shouldn't.:)
krish,
exhaustion. Pls Explain ?
14 comments in 50 mins - "Stunned Silence"!!!
===
Read the following comment yesterday morning here:
"Brings back memories of Last week. First day up +60 next day down 60 - just check. History repeats or is it the Wave?
July 7, 2010 9:34 AM"
Which great mind could have thought aloud so accurately?
Thx Illango sir.
Last many times I could not hold my position tight some due
to greed some due to fear but this time i decided to sit
tight & do trade as per your levels insipte of losses if
occurs & now I am seeing only profit.
Ilango sir, can we say still 1st of 5th is running??
Thanks
And also i entered according to ORB can i keep 5300NF as SL?
Thanks
Sir & Family
GM..
sir cn u update the chart with 9 rsi and spot too
lol@RG. Stunned Silence it is.:)
@Krish, isn't it too early for exhaustion? Ppl on the sidelines will just be getting in.
NEW POST DONE.
@gd..The way our index has held up, the global cues should have led to a bigger increase by now. Look at Asia (except Japan & AU/NZ), they had been outperforming the US indexes but no blowout post the monster US move.
Maybe i'm trying seeing ghosts in the dark .. cant help being a pessimist :-)
It will be a high turnover day today.FNO 24500 Cr.NSE 3082 Cr.BSE 1023 Cr. up 10.20AM = 28605 Cr in first 1.30Hr. Only
hi ilango
pls open price
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