The Unseen hand that appears from Nowhere....

In September 1960, I woke up one morning with six hungry babies and just 75 cents in my pocket. Their father was gone. The boys ranged from three months to seven years; their sister was two.

Their Dad had never been much more than a presence they feared. Whenever they heard his tires crunch on the gravel driveway they would scramble to hide under their beds. He did manage to leave 15 dollars a week to buy groceries.

Now that he had decided to leave, there would be no more beatings, but no food either. If there was a welfare system in effect in southern Indiana at that time, I certainly knew nothing about it.

I scrubbed the kids until they looked brand new and then put on my best homemade dress. I loaded them into the rusty old 51 Chevy and drove off to find a job. The seven of us went to every factory, store and restaurant in our small town. No luck. The kids stayed, crammed into the car and tried to be quiet while I tried to convince whomever would listen that I was willing to learn or do anything. I had to have a job. Still no luck.

Nifty resting on 50sma & weekly channel with poor breadth.

Nifty Intraday Update-III

Taken a temporary support @ 5448(Week Ema).
Resistance @ 5458(21ema) & 5465(20sma).
A close above 5448 gives small hopes to bulls.

Closing below 5461(Low ema) keeps the bears spirits soaring.

Nifty Intraday Update-II

Suggestion to part book was based on the chart below - Oversold.

Nifty Intraday Update-I

Nifty PreMarket View.

Weekly trend remains up; Close below 5509 on Friday would suggest first sign of week's TA weakness and a close below 5448 on Friday would signal a sell. But downward momentum will be seen on a close below week Low ema.
Ideal resistances are at 5509-5511+; Supports @ 5458-5460
At the time of the first reversal signal in JNSAR, it was suggested by MOK & Yoda that one can use 0.2% to 0.3% filter to give a fair chance to the new reversal signal. In this case, the JNSAR reversal for the day comes @ 5498 and if you are inclined, then adding the filter it could either be 5509 or 5515.

Nifty repeats another 32pt settlement..!!

Nifty repeats another 32pt settlement..!! - What does that mean..? Two whole months of FIIs purchases been hedged in the futures market. Only a delivery based selling in the cash market can create sustained selling. One day of selling will not do. Follow up selling is required.

Anyone following delivery % could throw some light on it.

AD charts are not at all encouraging so far.
As long as weekly charts are in uptrend, downmoves are to be treated as "corrections" only.

Nifty Intraday Update-III

Only if it keeps below 5477-5483, can go lower to 5450-5440. If not, by moving past 5477-5483, may attempt 5495-5505.

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty PreMarket View.

As the channel top @ 5545-5550 gave a selling opportunity (Sell slides down faster than the buys in general), the channel bottom @ 5430-5445 too may offer some trading long opportunity. However the TA signals in the short term are all in sell mode and hence some confirmations should be looked for once any trades are initiated by way of a close above low ema initially.

Open Interest Analysis as posted by MOK @ OJN2 shows highest volume at 5500CE/PE suggesting a likely close @ 5500-5516 today. The range calculation based on VIX is @ 5408 to 5516.
Weekly trend remains up; Close below 5509 on Friday would suggest first sign of week's TA weakness and a close below 5448 on Friday would signal a sell. But downward momentum will be seen on a close below week Low ema.
At the time of the first reversal signal in JNSAR, it was suggested by Yoda that one can use 0.2% to 0.3% filter to give a fair chance to the new reversal signal. In this case, the JNSAR reversal for the day comes @ 5494.3 and if you are inclined, then adding the filter it could either be 5505 or 5511.

Nifty breaks the "Many times redrawn channel"

Uniforms for a trader .? Why do they issue uniforms to Doctors, Policemen, Jawans, School children - to have a sense of purpose...to "Treat patients", to "Catch thieves", to "Fight for the country", to "Learn studiously"..and so on.
What do the traders should wear..He has an array of uniforms to "Choose" from. Yes, he has to choose it. Bear uniform, Bull Uniform, Sideways Uniform. If you can discriminate the kind of market you are in, wearing one such uniform will make you feel like a "Bull" or a "Bear" or a "sideways trader". It helps you to approach the market with a sense of purpose...namely to sell first and then to cover it with a bear uniform. OR to buy first and then to cover it with a bull uniform.
It readjusts your thought process and keeps you focussed on the developing prices.
I hear music all the time...and our dear "Balanandan of Vipani Sangeetham" too. Visit him sometimes..He has the most simple approach to the market with his music notes.

Nifty Intraday Update-III

Nifty Intraday Update-II

I forgot to mention this chart yesterday to watch out for 17.75 and VIX gapped up exactly from there. My critic just pointed it out now.

This chart shows the topping likelihood. If breaks 5465(20sma), the channel too breaks.

Nifty Intraday Update-I

"a" of "d" segment may be over and some rally possibility or it could drag further down.

Nifty PreMarket View.

The plus point to the bulls was that yesterday's low did not touch the Low ema. Today's gap down might invite some short covering with only a day to go for settlement.
Having a narrowing upmove (See the chart below)that fits into a rising wedge scenario with choppy moves with upward bias continuing, only a break below 5445(Daily cycle), followed by a break of last major low @ 5373 would confirm a reversal (Weekly cycle).
Longs could continue to hold with 5445/5373 as reversal trigger.
Shorts may be created at higher levels and traded during the choppy moves and holding of shorts would get confirmed on a break of the trendline initially.
Move in with your trade plan after a careful study and pick out those points daily.
Get rich slowly.

Nifty manages to close above low ema.

To all those readers who find my updates confusing at times, I would like to state that at any given time market could be in UP, Sideways & downtrend depending on the time frame you look at it from.
Know your trading style and play by that style. Do not sit in a car & ride it like a cycle and on a cycle and drive it like motorcycle.
If you watch the 1-minute chart and plan a trade, its life span should be in minutes only unless it spills over to a higher time frame in sync with your position.
And read..read and read more on technical write ups - you will find a lot of them here as well as in many blogs/ sites.
After 3.30PM, do not worry about your position as well as overseas market. Plan your trade at 8.00AM in the morning and review your positions strategies similarly. Cut losses when it is easy on you if your plan says so.And hold on to your positions if the "trigger" is not breached. Know your systems/ methods well before putting your money on them.
Nifty still shows a corrective nature and if it can hold above 5477, it can still attempt a new high. Day trendline is fast rising upwards. 2-days to settlement. Play it light till some more clarity & follow up action emerges.

Nifty Intraday Update-III

Nifty Intraday Update-II

"Bull's health" being affected in the "Tech table". It looks as though the prices would close below all emas in a single day..??

Nifty Intraday Update-I

Nifty Premarket View

Nifty has developed an "Ascending Triangle" in the hourly chart which is a continuation pattern and it is likely to make new highs provided 5500 is held.