Critical observations posted during mkt hours with total objectivity suggested a bottom having been made @ 4990 in the morning, then a selling around 5045-60 and then another buying around 4990 (Golden ratio). These are for intraday trades only since Nifty is firmly below all Low emas of higher T/F.
We have had gap ups when higher T/F is positive and whenever gap ups happen during downtrend, it results in another selling opportunity.
Thus far, minor EW observations have come in handy. Based on global cues, a new low could complete the grey"v"(Red iii), if not done already(BN may have done it). Once the initial weakness is done with and Nifty starts to trade above 5030, the next retracement to look for would be from the high of 5229.
A breach of 5142 would indicate a ST bottom. If not, it would be another bounce for a day or two to sell into.
Hi..HOP-If you click on JNSAR label, you would get previous discussions on this subject. Also key in JNSAR in the "Search This Blog" for more info.90% of the time JNSAR could be easily managed with the simplest guidelines. The 10% exceptions, if taken into account, it will psychologically impede the progression of JNSAR approach. (Dar darke jeena Nahin)
Hi..Sujatha,Your 8wkema/13wk ema(macd) on this occasion has shown that the rise to 5400 was a bounce and Friday's close would confirm whether it moves into +ve or turn down. I'll need more time to back test it. Just believe in your keen observations and do not hold back on anything.
Hi..Kuheli,
Use Hour JNSAR for intraday only unless it is in the direction of Day JNSAR. If Nifty holds above 4975 in the opening session, you have a chance to make it thru'.
I have segregated JNSAR trades and the intraday trades to highlight the fact that even with just a simple JNSAR trades, you could win big consistently.
