Weakness would resume below Day pivot-5075& HLEma(5045) and if resisted @ earlier supports of 5135-80 zone, for more downsides towards 4800.
Nifty has shown a sharp recovery from 4988 and has closed above "all Low emas" for a "trading mode" till closing above 5DEma for a "buy signal".
There are two scenarios at work:
Bullish:Correction to the rise done @ 4988 (or another low closer to 4950) and a new uptrend could be underway. This will be tested in the next 2-3 days whether prices move past 5205.
Bearish: This sharp bounce meets with resistances around previous lows of 5135-5180 zone and resumes downtrend.
Price behaviour, US markets' short term reversal possibility, Rupee's Technicals would have clues to the "Choice" market makes.
There are two scenarios at work:
Bullish:Correction to the rise done @ 4988 (or another low closer to 4950) and a new uptrend could be underway. This will be tested in the next 2-3 days whether prices move past 5205.
Bearish: This sharp bounce meets with resistances around previous lows of 5135-5180 zone and resumes downtrend.
Price behaviour, US markets' short term reversal possibility, Rupee's Technicals would have clues to the "Choice" market makes.
17 comments:
shortest and longest time frame jnsar hit long. lets see what's happen tomorrow!!!
These types of erratic moves unlikely to save Nifty, nevertheless, it may prolong the speed of the “lower low everyday”, which was a regular routine for Nifty since last four days. Nifty needs some consolidation around 5000, for up move,…. if there is any…
@mynac
There is no big change in open interest. Considering the sharp up-move OI picture should have reflect the same at end of day. Do you see after this bounce continuation of down trend? or Have you spotted any reversal signal on OI front?
Regards.
Mr. Gauresh's father who was ill passed away today.
I pray the almighty to give peace to the departed soul
and strength to Gauresh .
Dear all
GOOD MORNING ALL,
Day JNSAR trend is showing downward trend..
At the time of triggering the day JNSAR (slow mov avg.)
J10 sar( fast mov avg.) was almost same
good possbility for large down cut.
whereas when weekly JNSAR triggered that time weekly
J10 sar was not crossed first by the price
so it is weekly correction is on
on weekly basis pssibility M formation is there
we have to wait for the reversal candle weekly basis
weekly JNSAR trend is down but at this price weekly 34
SMA may give support if not then month low EMA
5000.
let us see market is supreme
May 6, 2012 10:59 AM
day JNSAR trend is becoming flat by the todays recovery.
got support on the month low EMA.
again in between week JNSAR and week 34SMA (5100)
both are converging.
5100 is tomorrows SAR
below it downtrend on
regards!
Trade plan for 8th May 2012
In my earlier posting I have mentioned that the NeoWave 2nd corrective may be developing as Zig Zag and the labeling as follows:
Wave A = 5379 – 5191 = 188
Wave B = 5191 – 5342 = 151
Wave C - a = 5342 – 5154 = 188
Wave C - b = 5154 – 5280 = 126
Wave C - c = 5280 – 4988 = 292
The faster movement of market from 4988 to 5125 is an early indication that correction of larger degree Wave B is over. However a follow up action and retracement of the last fall in faster time is required to confirm this understanding. In case of failure of follow up action implies further correction is pending.
Also note the fall from 5630 to 4988 is 61% of rally from 4588 to 5630. In my opinion this opens the possibility of larger degree Wave 'C'.
Also 30 mts charts as posted above also indicates the possible end of 5th Wave extension..
____________________________
Refr. my Blog for Chart
___________________________
In case if market trades weak during tomorrow session it is an indication that today bounce is a technical bounce and sell off will continue after this bounce.
By noticing the swiftness of the bounce I am of the opinion it is reversal of trend( 1st confirmation ). This observation need to be confirmed and if market moves faster beyond 5177 that can be taken as 2nd confirmation and movement above 5230 is the 3rd confirmation and movement beyond 5280 the issue is well settled. The whole process need to be completed before 10th May 2012.
CONCLUSION:
Initiate long at current level with appropriate STLP and as market moves northward do Trailing of STLP since we are awaiting for confirmation of reversal of the trend.
Wish you Happy Trading.
Ilango, would like to know your views on this
http://www.youtube.com/watch?v=a3QDyqOcXGU
and aamir's show - Satyamev Jayate - 1st episode
http://www.satyamevjayate.in/
Dear AimNifty,
Yet there is no any that kind of reflection their in O.I. data,nevertheless trading above 5110 would be hopeful for Bulls and below 5110 Nifty may show 5085,5065...and trading,staying & close below 5050 would be first hidden indication of further new low in coming sessions is my present understanding.
The blow is so hard that in spite of almost 150 points move from day low,& though 2 consecutive green lines in Hrly.TA file are there yet confirm Hrly.reversal sign is not there.Probably coming 2-3 Hrs.trading likely to show the direction.
Namaste Ilango Sir & Blogmates,
Bulls came back to defend 5000, but will the Bears sit back; Option Analysis for 07-05-2012
Duplicated at Wordpress Site
Thanks & Regards,
Sanjay Kr Jaiswal
guys must read
Never Mind Europe. Worry About India
http://www.cnbc.com/id/47317814
Prakash
Bro
few comments dont gets replied
dont worry, we read each n every comment
no use reporting it
"2day i bought 3lots @ 5075"
Why u bought?
What was ur TSL
what was ur Tgt
ru day trader of JNSAR tader?
do u trade with JNSAR or u have ur own strategy ?
When in Rome do as Romans do
"Follow JNSAR + Kar etbaar = Daulat Beshumar"
if ur hosiyar wasting time here is bekar
Ilango said...
Hi..Prakash,
I am not at all giving any "Calls" but simply sharing my observations and application of the same in the market. If you can benefit from it in anyway, that is wonderful. I prefer to post my views and allow readers to make their own judgements & act on it. Of late, I have been posting my "acts on it"..
Which one is best??? It depends on your temperament, time available to monitor nifty, etc. I would suggest to start with positional trades, though a slower one.
Best regards.
ilango
September 12, 2009 7:30 AM
FIIs sold more than 600 cr in cash today.
Bearish Thusting pattern
1st day is a black day.
2nd day is a white day which opens well below the low of the 1st day.
2nd day closes well into the body of the 1st day, but below the midpoint.
Psychology...
This formation underscores the lack of buyers. Even though the 2nd day is an up day, it's still unable to close above the midpoint of the previous day's body. This suggests that the downtrend will continue.
............remain humble in all your endeavors and success will always be with u....
The alternative count is mentioned as per the chart ( Refr my blog ) and this also implies movement towards upward direction for 1 or 2 trading days.
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