Friday, July 30, 2010

Nifty PreMarket View

Ending Diagonal in the 5th wave: There is a 50% chance of Nifty taking support around 5365-5380 zone, move past day's pivot 5402, attempt 5ema @ 5412, week high ema @ 5421 & may be the Day high ema @ 5440. A close above 5412 may signal a reversal & a close above 5421 may keep the week TA fully intact. A break below 5354 will invalidate ending diagonal and confirm the down move.

Earlier impulsive 5 wave count is also in the reckoning...(ivth of 3rd ended @ 5415 yesterday, "vth" is on to move below 5381. The decisive stage would be when this 4th & 5th wave start to unfold..) In sum, 5370 to 5415/25 would be an initial range.

Strategy should be of initiating some aggressive longs closer to the "invaldation point" as a low risk entry and if breaks down, initiate a small sell & average on the rebound.


34 comments:

arpitg345(gauresh) said...

ilango sir,

Good Morning,

There is a typing mistake in pre market view
in line :
Trade:5355<<5470/5385---5430/5440>>5455-60+

instead of 5470 i think it should be 5370

-arpitg345

r m said...

Good Morning all!

Unknown said...

GM Sir and all,

Bollinger band levels for day

Period BBLower EMA BBUpper
3 5385 5411 5440
5 5385 5412 5457
8 5365 5408 5464
13 5358 5394 5452
21 5222 5366 5497

Sir..Have you noticed the similarities between your levels and 2 Std Dev from mean ( EMA's).. amazing.. perfectly synchs up with overbought and oversold levels as per bollinger bands.

Unknown said...

for chart purists

http://3.bp.blogspot.com/_ZU53ckHTvwo/TFGZjwke4QI/AAAAAAAAA3U/TCZtV0HoWKI/s1600/bbdaily.png

http://4.bp.blogspot.com/_ZU53ckHTvwo/TFGZjFswHYI/AAAAAAAAA3Q/3oErlwwLO9Y/s1600/BBWeekly.png

San said...
This comment has been removed by the author.
veer said...

@Shatakshi

can you pls explain in detail as to how to follow for trading your charts and system.Atleast after market hours.

Regards,

Veer

Unknown said...

@veer

I use the bollinger band levels to find oversold and overbought levels and try to match sir's nifty path.

Just to give a brief, BB is nothing but standard deviations ( 1 std dev covers 68% of data and 2 std dev covers 95% of data) from mean which can be EMA or MA for a given period. The logic is that the price cannot stay away from mean for long time and will return to mean.

I also co-relate this with Trix and Ultimate OSc as provided in charts

Its simple. go to any chart service and use the periods and std deviations you want.

Hope I have not confused you more

sryasdmurali said...

GM Sir and all,

Have a nice trading today

veer said...

@shatakshi

Thank you,

Veer

manojag said...

If we fall below 5350 than the ending diagnol has ended at 5465 which would be marked as 'e' then.

INDITRADER said...

Gm Illango sir,
Uptill now Ns made low of 5382 not giving chance to enter
in to Buy Zone.
Shall we should wait or enter near 5390?

Ilango said...

Presently it is in the ending stage of "c" of the D leg (or it may have ended the D). After this "E" is expected to unfold in 3-3-5 towards a new high. It could be truncated too.

Moving past 5415 may confirm "E" in progress.

THOPPITHOPPI said...

dai illango nalla irukkuda un tipsu appudiye follow pannuda famous aagiduvva

Rajagopal said...

Good Morning Sir and Friends.
===
Yoda - u misjudged me ("they r women"). Anyhow, I am neither disturbed nor irritated by the soliciting - but the disguise was disgusting.
===
Got hold of a Senior Broker who does the validation of Almost all Call givers(one RM/Branch across India subscribes to one call giver and the calls are pooled for clients), he has promised to post his firm's opinion/rating the moment he sees any posts inviting clients here. Hope he can give an honest opinion about such people/organisations.

Over to You Shankar...

Neha said...

GM All,

YODA, Thanks :)

Sujatha said...

அட புண்ணாக்கு புரியலைன்னா வேலைய பார்த்துக்கிட்டு போவியா வந்துட்டானுங்க காலங்காத்தால முட்டா பசங்க டென்சன் பண்ணறதுக்கு அறிவு கெட்ட பயலுக

Janak said...

GM All. GM Ilango Sir,
Hey RG! thnx for all your yesterday's calls - sorry cudn't respond as I was out for few hours y'day - awaiting more calls :-) does SCI (today result) look good buy/sell for I.day?

Neha said...

SIR,

In case this happens to be a diagonal triangle... it implies that after that we wud have a strong downfall... is my understanding correct Sir??

Ilango said...

@ Musti,

The buying zone came once "5370-5385"(5382) and it may come again for the last time soon.

"ORB" has given a buy @ 5392.

As markets are never perfect, an approximate zone is specified. NF should not dip beyond 5375, though the S&R is @ 5350NF.

Prabakar said...

GM Friends,

@Sujatha, Good Shot.

Ilango said...

Yes..Neha,

As the name suggests, it is an diagonal suggests the end of that particular upmove for the immediate term and they are generally fully retraced.

Neha said...

Thank You SIR

Dalal Street Boys said...

Respected Sir,

On Daily chart –ve divergence is seen in MACD & Stochastic. Yesterday MACD has also given sell signal.


Regards,

Deepak

Hitendra said...

Can Bank Nifty be shorted here around 10200?

Rajagopal said...

Hi Sujatha - u must guide me with the mother tongue script writing. Pls drop a mail at your leisure.

Rahul said...

Hello memebrs,

need some advice on tisco can i short it nw at 539. plz advice anyone who has position in it.
rgds
rishav

Rajvada said...

Dear Ilangoji,
We had similar ending diagonal in Jan 2007. There I observed "e" overshooted beyond the channel. IIs this overshooting of "e" a common feature before reversal. You mentioned in your last comment that it retraces. This retracment is refered for the begining of "a" of that diagonal or the complete upmove of the "C" major please. Are this type of diagonal an early warning of the trend revesal ? Please elobarate for my understanding.

Unknown said...

Hello Sir

I am from Chennai. I want to learn EW charts.

Kindly help me.

manu said...

Sir & Family
Gm..

""""After this "E" is expected to unfold in 3-3-5 towards a new high. It could be truncated too.

Moving past 5415 may confirm "E" in progress.""""
already "b" was so confusing and now this "E"

@rajvada
i think JAN 08..

Ilango said...

New Post Done.

manu said...

RG
hi..

http://www.marketwatch.com/story/
gdp-data-may-quell-or-spark-double-dip-fears-2010-07-29

deemis said...

Dear Ilango,
I've sorted NF at 5422
wat should b my stoploss

Rajagopal said...

Hi Manu - GM. There are 21 more alphabets, don't be frustrated so soon.

Z wave is the most zig zag one.
X wave is the invisible one.
S wave ends at the same point where it started at the opp side.
and so on

Rajagopal said...

GAIL,HCL,HERO HONDA,RANBAXY top volume in I hour.

PS : Is Hero Honda ok for Long at these levels?

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