Every love story has a distinctive character...what is yours?

More than 50 years ago, a 19 year-old Liu Guo Jiang fell in love with a 29 year-old widowed mother named Xu Chao Qin. In a twist worthy of Shakespeare’s Romeo and Juliet, friends and relatives criticized the relationship because of their age difference and the fact that Xu already had children.

At that time, it was unacceptable and immoral for a young man to love an older woman. To avoid the market gossip and the scorn of their communities, the couple decided to elope and lived in a cave in Jiang Jin County in Southern Chong Qing Municipality.

Nifty does a golden (61.82%) sell off.

My critic, Shivaprasad, uses golden ratios extensively for his trades and whenever he does not get his levels, he doesn't make any trades. And market does give many such golden ratios.
Once you sense the loss of momentum using "Close below High Ema", the retracement sell @ 61.82% makes the trade more easy to manage. Similarly it could also be applied for buys too.
Both Nifty and BankNifty did such golden ratio retracements today & got sold off.
It is his style. W.Gann believes in 50% retracements more.

1. JustNifty TA(08th Nov)

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty PreMarket View

"5344-5351" are the highest Hourly closes during this uptrend.
"5324" is 61.8% retracement of 5400 to 5202 fall.
"5329" is R2 for the day.

"5315" is the first low made during the fall from 5400.

Hence, "5315-5330" would be the first resistance followed by 5344-5351.

For supports, look for 21 & 34 Hr smas for the day.

For EOD close, look for a close above WHEma/ DHEma for the continuation of upmove.

A prolonged sideways move after gap up would suggest the "red label".

Nifty finds 10sma a place to complete a "5" and rallies.

Nifty found support around the trendline/ 10 DSma/ JNSAR with filter and has rallied after completing a clear 5-waves with +ve div. developing in Hour charts. If this rally is a corrective one, it would limit itself to 61.8% +(5324+).
Weekly trend continues to be up with momentum and Day too but without momentum. The ST deciding Hour TA has turned up today with momentum.
5258-WHEma & 5282-Wk.pivot- staying above these could take it to 5324+. Tomorrow's close would be keenly watched as our markets are closed on Monday.
1. JustNifty TA(04th Nov)

2. BankNifty TA(04th Nov)

Nifty Intraday Update-III

Nifty Intraday Update-II

"Energy Exchanged..?"

Nifty Intraday Update-I

Nifty PreMarket View

It seems the downmove that started from 5400 has just paused yesterday and likely to resume today. HLEma being 5258, less 20 points is 5238 and hence I have kept "5240" as the trigger for downmove and changed DAY JNSAR to "5240" accordingly. (Those who have more bullish stance could still keep the JNSAR to either 5210 or with a filter @ 5190,Channel support. My preference is based on both Day & Hour lead indicators pointing down). If I get more than "5240", I'm willing to sell keeping 5275-90 as SL.

This correction should proceed with time consumption towards 5125-5160, the earlier resistance and sentiment extremes could take it to 5085 too(20sma).

Nifty holds the trendline, rallies to 5300 & corrects again.

Nifty took support at the open @ 5190-5220 zone, paused @ 5245(5DEma), moved to 5270, paused again and stalled @ 5295-5305 zone as per our Pre-Market plan and sold off but has held DEma again.

If it holds the channel support again or moves past 5285, it could attempt 5330-50 or higher. Failure @ 5225 may lead to 5165.

1. JustNifty TA(03rd Nov)

2. BankNifty TA(03rd Nov)

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty PreMarket View

Break-out gap exists around 5220 (DLEma)and below which the channel support comes around 5190(DLEma less 10-20 & Havala-5192) with Hour Rsi at oversold levels which will result in a bounce. Keep the retracements ready if the channel holds.
Trading above 5245 would be strength and the first resistance would be the pivot(5270) followed by yesterday's high(5310).

Nifty confirms a short term top & logs into a trading mode.

Nifty breaking 5280-Month open/ weekly pivot/ ORB Low as per our Pre-Market observations has confirmed a short term top and logging into a trading mode presently.

1. JustNifty TA(02nd Nov)

2. BankNifty TA (02nd Nov)

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty PreMarket View

Prices are correcting in a small flag type pattern which has its support around 5280-95 zone. "5282" is weekly Pivot and the likely DHEma. If this level holds during the weak opening and if strength returns and the price is able to move past the flag resistance(likely around yesterday's high-5355-60), a dash to 200sma @ 5405-10 is likely at which point some selling could be done.
If, on the other hand, this flag pattern becomes a "distributing kind" and ends the day below DHEma, it would be safer to assume a ST top has been made @ 5400 and a correction towards 5050-100 may start to unfold.
In sum, strength should return to Hour TA during this day OR weakness with a firm break below 5280.

Nifty correcting the OB Hour.

1. JustNifty TA (01st Nov.)

2. BankNifty TA (01st Nov)

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty PreMarket View

A most likely close above MCEma @ 5247 today and a subsequent attempt @ MHEma+40-50points is likely in November as a minimum on the upside.Earlier resistances @ 5125-5165 would be the supports going into November. Hence, traders would find a 5125-5525-400points range which the option writers would love. This fits quite well with the EW possibility of a "B" wave unfolding once the current "A" is done..