It is all about "Doing"

There was a group called 'The Fisherman's Fellowship'. They were surrounded by streams and lakes full of hungry fish. They met regularly to discuss the call to fish, and the thrill of catching fish. They got excited about fishing!!

Someone suggested that they needed a philosophy of fishing, so they carefully defined and redefined fishing, and the purpose of fishing. They developed fishing strategies and tactics. Then they realized that they had been going at it backwards. They had approached fishing from the point of view of the fisherman, and not from the point of view of the fish. How do fish view the world? How does the fisherman appear to the fish? What do fish eat, and when? These are all good things to know. So they began research studies, and attended conferences on fishing. Some traveled to far away places to study different kinds of fish, with different habits. Some got PhD's in fishology. But no one had yet gone fishing.

Nifty closer to 50sma(5150) & a lot of resistances.(mine field)

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty Premarket View

SATHEESH: Nifty surpassed the second channel line shown and its close above the DHema (5074) indicates strength. The week HEMA 5137 will be the next resistance and surpassing it nifty would easily scale to 5200+ (Month Hema) which as per EW theory is the “c” wave unfolded. Also 5200+ would form the channel resistance shown in 3rd line - 4th line..

Nifty breaks out for the 2nd time. (First to 5148)

Post your best narration for each chart in a precise manner,
I will paste them above each chart the best one.
Shouldn't be difficult..Let your imagination take wings..!
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Everyone's view points are quite synchronised. Hard to choose from.

Assotz: break-out of the falling channel as well as closing above 20 sma..signaling momentum towards making new higher highs
Alpesh: nifty journey fromm 5400 to 4786 clear its " A" wave now "B " wave unfold. Today nifty menage to close abv 20 SMA. Now support 5035-5050 hold for upmove and
if clear resistance 5100-5120 this rally continue...
MOK:Corrective Red A B C is done, Blue A extends to B [4786 5150] may form Blue Alt B short, and then a long fall to C lower than A. 5sma has crossed above 20sma bullish cross. Widening wedge with HigherHigh LowerLow formation breaking out of the longer wedge upward.
MOK: Price channel has maintained till recently when it brokeout upward, forming 3rd leg of the price channel, while volume kept forming negative divergence. Price has broken out of moving avg. The abcde motive downward wave has shifted to corrective a stetching to b and move up on c. Larger Xab may move downward to c.
Alpesh: *grey: it has complete "a" & "b" of the "2/B" and started the " c " from low of "4937" . if it hold 5055 and clear the resistance 5135 , it can strech up to "5200-5230".
* red : After the "X" wave at "5213", "a" wave fell to 4786 and a "b" wave completed @ 5135
now not clear resis. 5135 and also not hold support 5055 it may be go deeper fall
MOK: The price channel has been moving downward and broke out to second upward channel. Both channel junction bringing it to triangle, while faster ma is above slower ma, giving a bias to upward breakout of triangle.

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

The "Bull scenario"(Marked in green in PreMarket View) seem to be playing out.
ORB & MP set ups are for bullishly inclined.

Nifty Premarket View

Both "Bull & Bear" arguments are convincing. Dollar index may be watched for some decisive moves to gauge the direction.
Be steadfast to the methods you have chosen to follow even if it fails you on a few occasions. Integrity to yourself will keep you safe in the long run.
It is always tough to weather a corrective market.
MP values act as a barometer of the strength & weakness of the market. Use it.

Nifty's struggle around 200sma(5021) continues...

Nifty Intraday Update-III

Nifty Intraday Update-II

Above "5005" (as per PreMarket view) and broken above of the falling channel now.

Nifty Intraday Update-I

Nifty PreMarket View.

As long as this channel holds, bulls have strength to take the Nifty up.
Immediate tussle would be for 5000-5005 zone followed by 5025-5030.
Also watch the down sloping channel resistance connecting last two tops.
Into the 3rd day of the week, Nifty is trading below "5 Week ema" @ 5096.
Into the 10th day of the month, Nifty is trading below "5 Month ema" @ 5099.
All that Bulls have is a "5-minute + ve divergence" and a "OS" Hour.
New comers - Learn TA from "Always start trading with these"-8 topics.(At the right side of the blog)

Nifty near "Inflection point".

Having a trading plan such as the one put out in Monday's PreMarket View would have made your trading very profitable in the last two days. The same chart is reproduced below to verify how it has "worked out" in these two days.
Now Nifty is near an inflection point @ 4935-4950. Damage is being done to daily TA.
Bulls could argue that a consolidation in "4965 to 5150" is on after a sharp rise from 4786 to 5148.
Bears too could argue that a consolidation is over with a rise from 4786 to 5148 for the deep fall from 5213 to 4786.
Market could also consolidate for the big fall from 5400 to 4786 in a complex way.
Revisited the 5-minute future chart of Monday to see how it has worked out and satisfying to see the results.
"AMIT" talked about a +ve divergence in 5- minute before close and I am reproducing the same here.

When Tech.table was in full buy mode in daily on Friday, Nifty fell with a huge gap down on Monday only because of the weak TA in "week & Month". But it still gave the bounce/ rally because of those daily "buy" till this afternoon. What is holding the bears is the week Low ema.

Nifty Intraday Update-III

Aggressive Sell @ 5035-5045 with a SL.5065.

Nifty Intraday Update-II

"A sharp move by 9-Rsi" at 12.00.

Nifty Intraday Update-I

Nifty PreMarket View.

One could exit their longs @ 5055-5065 zone as that is a level from which the next down move can start. However, there is another possibility of retesting the recent highs & more too. Hence, the suggestion of trailing your longs. It is a tricky period. Trade...light..

Nifty contains the adverse external news.

A side ways trading range is developing. Monthly Pivot (5041) gave a resistance and for tomorrow the weekly pivot (5081) might..if Nifty stays above 5028(Daily Pivot). By closing above "DL ema(5023)", Nifty keeps its options open.

A Clarification.

"Jay" is my wife and is one of my critics but she never posts in the comments section except through my ID only.(Must have done once or twice only)

Whoever posted last night with "Jay" ID has created some "misunderstanding" among my readers....(Received some mails to that effect)..Sad it is. Such is the effect of "rumour spreaders"..

Please do not fall for such cheap tricks..So what if you ignore that "I was unwell". I made that statement to address those who were waiting for my reply to their emails regarding "trading discipline as well as their own fears".

Please..ignore those "empty vessels" even if they have a lot of goodness in their hearts but end up goofing up everything.

Nifty Intraday Update-II