Nifty may be on a relief rally from Oversold levels.

NOW, Manifest your Destiny....(Sunday)
Your Destiny is in your Hands.

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty PreMarket View.

It was never this profitable to roll over your shorts with an unimaginable, never-seen 80-90 points difference between series. Nifty's TA is always based on the spot prices and there was nothing in it to indicate a "Sustainable gap up". If you believe in your TA, you should simply stay with the trend.
"6075" has been a pivot point discussed on many occasions during the corrective phase and it happened to coincide with JNSAR that developed in the last 3 days.
"6040" was a recent support that have a 110 point bounce and the same is playing a resistance as seen at yesterday's open.
"6019" is WEma, a close below which weekly sell gets generated from the earlier "Weekly sell on rises".

"5944"(or lower as new lows are made)-WLEma is the immediate area the bears will try to reach..

For EW followers, this is the 2ndsub 2nd part of the downmove...meaning "c" of the 2nd "abc".(Or alternatively the C.3).

Nifty's swinging wild day out..

My day started quite early to drop my son to a new office location and hence I was forced to do complete the premarket view earlier. The little time spent on the files convinced me of a range of 5975 to 6075 for the day and this just goes to prove that "Little Knowledge would do just fine, often". "SAN's Charts" are another such simple presentation.

You need to act when you get your levels in a platter.. Your risk is quite less at such junctures and if you can not make yourself to go at it, reflect on your hesitations. Another rule which was proved today is that "Higher time frame TA works over the lower time frame's TA". Closing prices will determine the TA and once it is established, most days are winning days.

Prashant's application of EW combined with TA has been producing good results and I am sure he will agree to the fact that "Believing the EW unfolding is the difficult job".

And I am so happy to see so many smiling faces...being on the right side of the market. If you can keep it "Simple"... and conquer your emotions at the critical moments, the glory is all yours only.

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty PreMarket View.

After an initial bounce, Nifty is likely to test the lows and then make a corrective rally.It could be a two way or even a three way move...and a trader who is quick on his wits would do well today.The range is likely to be 5975 - 6075.

Nifty headed towards 50Sma as the correction deepens as signalled by the Tech.Table.

Nifty Intraday Update-III

LEAD INDICATOR
TREND INDICATOR(LAGGING)

Nifty Intraday Update-II

Nifty Intraday Update-I

A narrow range so far. Holding above 6040-6045 may still give a 6100+ settlement.
JNSAR has triggered a sell. Conservative: So far held the middle point of 6065/45(6055-Low ema).

Nifty PreMarket View.

Nifty continues to stay within the corrective channel.

Nifty closed below 20sma but stayed above 5sma.

VIX broke below the rising trendline support @ 21.20 but no bullishness was seen yet though it managed to stay above short term MA & JNSAR.

The selling has been quite slow so far... As usual weak stocks will close towards the bottom and strong ones near their settlement highs. Index is tilted to the lowerside currently(6284 to 5967) with a crucial 6075 pivot holding it.

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty PreMarket View.

High Emas are 6123,6126,6129 are the resistances as in "Sell on rises".
Jnsar, 5-ema,S1 are 6074,6080,6083 are the supports as in "Buy the dips" failing which S2(6061) or DLEma(6050 approx..).
Both Bull/Bear scenarios have a pull back today... Keep Trading the developing ranges.