Today market moved in the narrow range between 5021 to 5060. I have given labeling as continuation of 20th Chart. May be market completed 3rd wave @ 5064 and present movement is likely to be the 4th wave and as per the chart given below it is likely to terminate @ 5007 / 5020.
______________________________________________________________ NIFTY Chart on 23rd Jan.2012 - Please refer my Blog _________________________________________________________________
CONCLUSION As per the label if 4th wave gets completed @ 5007 / 5020 market will attempt to cross 5175 / 5188. Since we are left with TWO trading days we need to be cautious in choosing Stop Loss Price. Since market may be volatile it is advisable to have stop loss price of 30 points say @ 4990 / 4980 for Taking Long Position.
Initiating short at any level is not advisable. However if market goes below 4980 it is advisable to take Short position with Stop Loss Price @ 5000.
NOTE I made a simple analysis for 24th Jan.2012 as per the market out look perceived by me. Today, about market reversal I have not discussed anything and the same will be done after expiry or when market closes below 4990.
At this moment, only 75 points will be the “decider” Just have a look @ Feb NF O.I. It is 1.58 CR.Today. Just three days ago up to 17 Jan it was 48 lac & Price range for these three days is 4991 to 5064 .Means 1.08 Cr.O.I. addition is between 73 points. 49 & 5000 Jan PE Addition since 17Th to 23Rd. is picked up.Which indicates Bulls intentions very clear cut. FII cash figures since 9Th Jan show, they are net buyers and more or less Index Futures figures are not an exception. 5000 Feb PE data is picked up since 17th but yet not significant addition is there,though compare to 17th Jan data it is 5 times greater .i.e near 20lac. Up to date still there is not that much writing evidence in Feb 5100 CE Expect these 6 stocks, i.e.TCS,Maruti,M&M,ITC,Infosys,Gail, 44 stocks are trading above it’s JNSAR SBIN on the boundary. So probably one can come closer to understand why Dear Ilango is saying “Nifty continues to trade in the OB zone with settlement day close”
@Parimal ji, It is highly unlikely it will make Double Top. At 5230 /5170 and may be even at current level the trend reversal possibility exists very much.
As per the wave count Wave 5 is not appear to be completed since movement from 4695 onwards, it is looking like 3rd extension. Hence I worked out target of 5170 Also giving maximum possible target I have taken 5230 which is Trend resistance line, 200 SMA zone and price projection based on Wave 1 Count and the present FORM of the leg.
For better understanding please go through my Blog posting made on 22nd Jan. 2012.
If you have reason to believe for (5400) Double Top please share.
If you are talking about 5100 acting as double top then chances are there.
8 comments:
Good Evening Ilango Sir and Blog mates,
My Trade Plan for 24th Jan.2012 is as follows:
Trade Plan for 24th Feb.2012
Today market moved in the narrow range between 5021 to 5060. I have given labeling as continuation of 20th Chart. May be market completed 3rd wave @ 5064 and present movement is likely to be the 4th wave and as per the chart given below it is likely to terminate @ 5007 / 5020.
______________________________________________________________
NIFTY Chart on 23rd Jan.2012 - Please refer my Blog
_________________________________________________________________
CONCLUSION
As per the label if 4th wave gets completed @ 5007 / 5020 market will attempt to cross 5175 / 5188. Since we are left with TWO trading days we need to be cautious in choosing Stop Loss Price.
Since market may be volatile it is advisable to have stop loss price of 30 points say @ 4990 / 4980 for Taking Long Position.
Initiating short at any level is not advisable. However if market goes below 4980 it is advisable to take Short position with Stop Loss Price @ 5000.
NOTE
I made a simple analysis for 24th Jan.2012 as per the market out look perceived by me. Today, about market reversal I have not discussed anything and the same will be done after expiry or when market closes below 4990.
At this moment, only 75 points will be the “decider”
Just have a look @ Feb NF O.I. It is 1.58 CR.Today.
Just three days ago up to 17 Jan it was 48 lac & Price range for these three days is 4991 to 5064 .Means 1.08 Cr.O.I. addition is between 73 points.
49 & 5000 Jan PE Addition since 17Th to 23Rd. is picked up.Which indicates Bulls intentions very clear cut.
FII cash figures since 9Th Jan show, they are net buyers and more or less Index Futures figures are not an exception.
5000 Feb PE data is picked up since 17th but yet not significant addition is there,though compare to 17th Jan data it is 5 times greater .i.e near 20lac.
Up to date still there is not that much writing evidence in Feb 5100 CE
Expect these 6 stocks, i.e.TCS,Maruti,M&M,ITC,Infosys,Gail, 44 stocks are trading above it’s JNSAR SBIN on the boundary.
So probably one can come closer to understand why Dear Ilango is saying “Nifty continues to trade in the OB zone with settlement day close”
Namaste Ilango Sir & Blogmates,
A pause day, Nifty waiting for RBI action for its next step; Option Analysis for 23-01-2012
Duplicated at Wordpress Site
Thanks & Regards,
Sanjay Kr Jaiswal
Dear Jayaraman
Nifty is about to make double top
your comments please
regards
sir,
link for just nifty TA file not working.
@Parimal ji,
It is highly unlikely it will make Double Top. At 5230 /5170 and may be even at current level the trend reversal possibility exists very much.
As per the wave count Wave 5 is not appear to be completed since movement from 4695 onwards, it is looking like 3rd extension. Hence I worked out target of 5170 Also giving maximum possible target I have taken 5230 which is Trend resistance line, 200 SMA zone and price projection based on Wave 1 Count and the present FORM of the leg.
For better understanding please go through my Blog
posting made on 22nd Jan. 2012.
If you have reason to believe for (5400) Double Top please share.
If you are talking about 5100 acting as double top then chances are there.
@ VKsoni,
The "JustNifty TA" link should work now. (Rectified it)
Thanks sir link working now
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