Tuesday, August 7, 2012

Nifty scales the previous high of 5349...and pauses for the next 5379.


18 comments:

Sujatha said...

Prabakar/Shriram ji - nifty closed exactly at my No. 336 :) cat on the wall very nice place to take decision.

Bye - take care

Vignesh said...

lead indicator turned down.. looks like negative divergence..can a fall occur tmrw?

shriram said...

suja amma: i m really amazed how u pull out these nos. out ur hat

Take me as ur latest disciple & pls teach me some "mayan" :-)

sandeep said...

master thanks for the E-book went thru few pages .goodreading . sir are fii aware of indian mind set being over bought dii would start shorting so taking it new high then selling at highs to trap dii . to counter that i think it the charts. may have some views on it

Amol Sharma said...

Sir

Above which level market will be long term bullish ?

Thanks

Ashish Agarwal said...

Amol Ji,

Well...thats an easy one..above 6350 market turns long term bullish.. :)

Unknown said...
This comment has been removed by the author.
Unknown said...

my apologiese. i saw da wrong time frame n numbers

SJkolkata said...

Everyone here just trying to find excuse or reading for being short, including me and that's the most worring part, when everyone is short or trying to be short. The market surprises.
Regards,

sandeep said...

Sir Sjkolkata quite riight because today market at no pt of time showed weakness as per tt charts in hrly nifty opened above pivot never came below hrly high ema Was always above 5ema so why every body was looking for weakness so was I Why we all were not buying instead every body was mentioning of some figure that market will show weakness and i was also doing the same from this level or this . I asked this question to myself what others have to say

Waquar said...

@ Ilango ji,

A humble request can you please post a write up on how to interpret the OI data if time permits may be on a weekend, also can u plz post the EW labelled chart on a 5 or 15 mins chart..

sandeep said...

master today U gave 2 hints sl 5316 and unwinding 5400 ce but it was to late for me. because today market at no pt of time showed weakness as per tt charts in hrly nifty opened above all pivot never came below hrly high ema Was always above 5ema so why every body was looking for weakness, so was I. Why we all were not buying instead every body was mentioning of some figure that market will show weakness and i was also doing the same from this level or this level . I asked this question to myself what master has to say pl reply cause it will GIVE US faith /RECONFIRM ARE FAITH ON CHARTS BECAUSE TODAY resistance figures when flashing on screen i went for shorting to get stopped out cause i found same for most who did not follow charts ,MASTER/AL SENIORS PL REPLY

shriram said...

Dear suja: was reading ur comments

It has made me think again on EW & the answer is clear, by Ilango's statement "Do not force the lable, the first one seen simply, is generally the right one".

EWT shud be used as a RUF ROAD MAP & the Fibbo Guidelines especially shud be taken with a PINCH OF SALT

Human Financial Behaviour is ever-changing. Over the past 2 yrs , many times I have noticed that EW FIBBO GUIDELINES ARE "NO LONGER VALID"

This is a very BOLD statement to make (and many RIGID PRECHTER book-worms) will hate it. But facts is the market is evolving & one shud have "NO HANG UPS"

for eg- As per Fibbo Guidelines of Prechter in a ZZ: C CANNOT DO > 1.618xA

This has been DISPROVED A THOUSAND TIMES IN LAST FEW MONTHS & THIS MANY PPL ARE DOGMATIC & STICK ON TO "BOOK-rules"

Those rules, were applicable @ time of obsv a good 50 yrs ago, when the market participants were humans & the Information disemmenation was NOT AS FAST as it is TODAY !!

Ilango ji's simple way of letting PRICE DETERMINE LABLES is the BEST WAY TO APPLY EW ,

IT RESPECT THE YIN & YANG OF THE MARKET :-)

cheers

shriram said...

..and

LOW PASS FILTERS (of which Moving Avgs are a small sub-set) based TA shall always form the base of the BEST Low-RISK High-Return TRADING SYSTEM

simply becoz they filter out hiFreQ Noise & guide u to FOLLOW TREND :-)

Sujatha said...

shriram ji - thanks for ur views

tomrow tough @ 5360/79/86. probably 60 and return back or sideways/slight correction then hit the other 2. i don't think it will cross above all. definitely need pullback swiftly to move up further if at all the "move is real uptrend" my long term/mid term view is still -ve unless "my own no. crosses" if or but 20+ pnts is always consider 43+20 = 63. i am not overly bearish...but sure 386/450 range not taken out in this rally it's bearish for coming months.

PS : but my upside nos. are showing 5525/5668/5900.. ha ha ha but let it take out 5386 first will check the pullback then only i accept my upside nos. or else "i will not believe myself also" :(

Sujatha said...

forgot shriram ji - nifty may yawn at anytime between 60-86 nos. and this 336 is very mischevious one :) if i am not wrong it will prove
y today itself???? i may not be available during trading hrs for few days

shriram said...

haha.. suja, Y this sentimental kolaveri ma ??

To avoid all this lable business, & remain balanced

the SAINT IN THE TRADING ROOM can just follow hi-LoEMAs & trade along 5DEMA to prosperity :-)

cu tomo, gnite!

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