Give wings to Hanuman's imagination

Hanuman plays an important role in the Ramayan, yet in the epic itself, he does not hold any great position. He is just one of the many monkeys Ram encounters in the forest. He is not Sugriva, leader of the monkey troop. He is not Angad, who is told to lead the band of monkeys searching for Sita. He is not Jambavan, the bear or Nila, the monkey, who are given the responsibility of building the bridge. He is projected as an obedient follower who, through his intelligence, strength and courage, wins the admiration of Ram and emerges as one of the most revered characters of the tale and a god in his own right. But at no point does Hanuman make any attempt to steal anyone’s glory; while in his own temple he stands powerful with mountain in hand and feet on a demon, in Ram’s temple he is most content sitting at the feet of his master, hands in supplication.
Who would not want a Hanuman in his team? One who is very good at his work, one who will do whatever he is told to do, one who will never seek either reward or recognition and one who finds validation in obeying his master.

If we go to Raju’s auto repair shop, we will find that all the work is done by his Hanuman: Amol, a young boy, who has been working with Raju for three years. Amol is a natural, able to fix the most complex of problems. Raju knows he can totally rely on Amol. No job is too big or too small for Amol. He is as happy changing a tyre, as he is fixing the brakes. He does not boss over the juniors and does not feel slighted if the seniors ask him to fetch tea. If there is a problem that eludes a standard solution, everyone knows that leave it to Amol – he will, like Hanuman crossing the sea, find a way.

Nifty closer to its uptrend high.

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty PreMarket View

Nifty breaks out & pulls back.

Vandaarai Valzha vaippom (We allow those who come here to flourish).
Dear GB, I politely decline any kind of challenges simply because I follow the markets and would not prefer to challenge it. I do what the market shows me. In trying to be objective, I encourage my readers to share in my thoughts and allow them to find their way in the market.
My comments, though made after your comments, were long overdue for my readers and was not directed at you. I want them to follow a method of their choice and excercise great amount of discipline to follow the same."Hearsay" is what I want them to avoid. Not you. You are always welcome to share your thoughts and I am sure some who have similar to your views may benefit from it. Please show them "your way", not just "the destination".
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An intraday correction is what was expected and market did just that from 5320 towards 5290..Does a 30 point intra decline cause one to call it "bearish". That is not our method. Follow your plan and take the occasional reversals to accept the market's supremacy. For the sincere followers, market shows itself.
9 day rsi has shown the break out but not in advance being confirmatory this instance. We will look out for any negative divergence developing in it after a few days with Nifty making new highs.

Holding above 5270, surpassing 5345, higher levels are possible in the coming days.
Let us allow market to conquer each resistances in its own way and time.

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty PreMarket View.

Always keep your original plan handy. And stick to it as long as your 'laid out parameters" are intact.
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.

Nifty at the end of its indecisive phase.

A broadening top seem to be forming since the 5367 high. Volumes have been declining. A decisive move should unfold beyond 5230 to 5260 & 5290.
Revisiting this chart to find Nifty barely managing to hold above this crucial trendline. Some interesting action should develop tomorrow.
Below is Nifty futures chart - broke below the trendline finally(Is this the final confirmation of the end of 4th wave for the 5th to show itself..!!). Tomorrow's price action of either a continuation or a getting-back to the channel will have a directional movement.
Break below 5220 should head to 5150-5165(Week low ema). For bullishness to resume, Nifty should start trading above 5260 and then 5290.
5256 & 5262 are day-week pivots and 5213-the monthly pivot.

Nifty Intraday Update-III

Nifty Intraday Update-II

"5250" must hold for the continuation of the upmove.

Nifty Intraday Update-I

Nifty Premarket View.

We are presuming this rally to be 5th wave based on our earlier plan and the way the prices have unfolded so far. 5th wave can end up in many ways - ending diagonal, truncation(not making new highs), a fast & furious one equalling the 1st wave(5545) or 1.618 times(5737) the 1st wave but never the largest of the 5 waves.
However, we will follow the sub waves to identify the form & possible targets.
I missed all those comments interactions and some found it quite helpless and that is disheartening. I keep updating "hourly" the tech table and that should guide you. That tech. table is "market-supreme" - price manifestations and not a manipulated one.If you follow them, it gives you big.
The alternative bearish view: If this upmove gets resisted @ 5345-5355 zone and falters and falls in the coming days and breaks below 5235 & 5210, a more serious correction may unfold. So watch the price action @ 5345 zone whenever it comes.

Nifty breaks out of the corrective phase/ channel.

A fast rise that was developing in day chart has given rise to this upmove.
Lack of volume is a concern, though not for a 5th wave.
There is an alternative scenario wherein this rise could be a corrective rally for the 5367-5210 decline. As long as the prices are firm above the Close/ low ema, there should not be any problems for bulls. 5250-5265 should hold for more highs.


At 10.00Am, Nifty closed above Hour high ema @ 5250 and indicated its intention to move higher. Inspite of weakness in world mkts at the open, there was a gap up by a few points and a fleeting 5233 low. ORB gave a buy @ 5256NF.
Weekly pivot (5262) & Daily Pivot (5273) should hold for higher levels. 5335-5345 has been a strong sell area, a pause may be there.

Nifty Intraday Update-III

At 3.10PM:
Sagar has left a new comment on your post "Nifty Intraday Update-III":

Yesterday, Call writing was done @ CE 5300 TO 5600 str pricw.
Today, since morning when NIKKI pull back more than 2% from its bottom before
our market open, trader started covering those call or hedge it from put.
Now Puts is being written across the board.
Sagar
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At 2.38PM:

ka has left a new comment on your post "Nifty Intraday Update-III":

5400 and 5500 CE is seeing rapid OI addition while 5600 is seeing slight covering of their writtern contrats. bullish scenario !
5300 CE writing is also seeing liquadaiton.

while on put side, 5200 and 5300 is seeing slow build up and 5200 is carrying huge pile of 87 lacks for this series.

regards
golfdude has left a new comment on your post "Nifty Intraday Update-III":

OI ( CE/PE in lakhs )

5200 - 32/82 at open, 31/87 now
5300 - 60/53 at open, 58.5/55.5 now

Manni has left a new comment on your post "Nifty Intraday Update-III":

Sir,

Unwinding at 5200-5300CE & buildup at 5400-5500CE....Put buildup at 5100-5300PE....
5200PE has highest OI (87.5lacs) and 5500CE highest OI (82.7 lacs)

Though I feel more unwinding in calls & selling in puts will be visible at eod.

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At 2.28PM:
Saif has left a new comment on your post "Nifty Intraday Update-III":

Sir,,5300 Call has shed some OI today...not much but a 2% reduction so far..5500 Call has highest OI at near 83L...5400 at 78L and 5300 at 60L...
and of course 5200 put has a major buildup at 83L
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OI experts may please post your views. I'll repost them here.
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The Prices are above the most critical High emas for upward momentum.

Fast Rise giving further boost for the furious 5th wave (See Chart below).

Nifty Intraday Update-II

NEW POST DONE.
A confirmed 5th wave ..

Nifty Intraday Update-I

NEW POST DONE @ 12.20PM.
musti1780 has left a new comment on your post "Nifty Intraday Update-I":
Sir Thx for updated table,it gives much confidence to hold
our positions.
Take a look at Techmahindra & TCS both are looking bullish.
other than that Engineers india ia also a good candidate on
long side T-400+ with Hind Coper T-550++ both Fpo News.
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FIRE has left a new comment on your post "Nifty Intraday Update-I":
Bank Nifty is above Day high EMA.
FIRE has left a new comment on your post "Nifty Intraday Update-I":
Polaris is looking like a nice breakout above 191. volume is also supporting.
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Mr GG has left a new comment on your post "Nifty Premarket View.":
Hi Ilango,
Does this look like a fast fall setup.
http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=1&mn=0&dy=0&id=p40073392997
The fast fall signalled 5 days ago & is in the falling mode but OS.(@ Rsi Support)
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manojag has left a new comment on your post "Nifty Premarket View.":
Reliance above 1076 spot looks good for a target of 1130 in next 3-5 days. SL 1062
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San has left a new comment on your post "Nifty Intraday Update-I":
Hai everyone
Nifty Futures resistance line in 30 minutes chart
http://niftychartsandpatterns.blogspot.com/2010/07/nifty-futures-resistance-line.html
Thank you
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@ Fire, (10.47AM)
Your red channel has three resistance points connected, hence it is more valid than the grey channel.
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Nifty has crossed the first hurdle @ 5252 & closed above HH ema too.
Next resistance is @ 5277 and finally the channel resistance @ 5300.

Nifty Premarket View.

At 9.11AM: There seem to be "Blogger Comments problems".

I am able to read all your comments.3

Yes..Musti,

Nifty may break on the upside by crossing 5252 & 5277.
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Rajagopal has left a new comment on your post "Nifty Premarket View.":

Taking a Sho(r)t at RPower,Reliance Infra (ADAG).Risky short at Ashok Leyland (excellant results).
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Below 5230(20sma), correction gets pronounced to 5195(25sma) and probably to 5140+(50sma).
Yesterday, the pivot (5247) acted as good resistance as well as the HH ema @ 5252.
Todat, the pivot is @ 5238 and the HH ema @ 5245(declining).
"5190" must hold for bulls & "5280" should be crossed.
Bears would be comfortable below 5252 for 5190, 5170.

Nifty holds its lows inspite of rate hike.

Bulls: Bank Nifty has done a perfect bar reversal after 10 days of corrections. Recent lows were held inspite of bank rate hike.
Bears: Trading below most MA and inspite of oversold conditions, no rally & time is running out for bulls.
Inside day on Thursday, double inside day on Friday and now the triple inside day on Monday.

Nifty Intraday Update-III