Wednesday, October 31, 2012

Nifty Pre-Market View.

Keeping below "5665", Nifty is headed towards the target 5541 or even lower.
There will be bounces along the way and they will be resisted @ 21 & 34 Hr smas(5643-65).
A 4th wave correction should end in the next two days and should not break the day channel (5500) decisively.
When a correction is on, there will always be doubts on whether it is of short term in nature or it could turn into a larger reversal. No one could answer it with certainity since there are no certainities in the market but only "probabilities". And the one who is "objective-minded", he/she alone can arrive at good probabilities. The simplest way to handle such situations is to "part-book" & hold the remaining as long as "signals favour holding" and reverse when reasonable "reversal signals" are seen. Has any "reversal signals" are seen presently? Not yet.
For the day: A close above "5604" by a comfortable margin would keep the "monthly upward momentum".
"Sell on rise" continues and market is in search of that reliable support.
The likely support zones are:
5573-5581 - 10 wk sma/ ema.
5537-5542 - Major pivot low/ ZZ target/50sma/55ema
5510-5524-13wk sma/55 DSma.

34 comments:

Bala said...

Good Morning, Ilango ji

San said...

Good Morning Ilango Sir and Friends

Bank Nifty Range breakdown and support levels: CLICK HERE

Nilesh Patil said...

Good Morning Master & Friends,

ALBELA HOUSE said...

R/Ilango Sir Namaste n Namaskaar 2 all reader's.

J.R.Julius said...
This comment has been removed by the author.
J.R.Julius said...

Good Morning Master Mr.Illango, Master Mr.Dinesh Rishi & Blogmates.

Have a Happy & Prosperous Day.

Till not Breaking 80% Mark@5670
SELL on Rise is my opinion.

H4@5653[Breakout BUY Zone]
H3@5625[Resistance SELL Zone]
L3@5570[Support BUY Zone]
L4@5543[Breakout SELL Zone]

H3 & L3 need confirmation of Intraday Technical Reversals.


$ Fibonacci For Smart Traders $
For the Swing 5690-5593
Healthy Retracements
0.618@5652
0.500@5640
0.382@5628


Personal Decision Advised.

Good Luck.

Suraj said...

Good Morning Ilango Sir & JN Friends

saravanan k said...

Good Morning Ilango Sir & all Blogmates.

Rgds
Saravanan

parminder said...

Master ilango and friend,
good morning to all
Regards
☺☺☺☺☺

Manish said...

Goodmorning master DR Ji Kumar sir and all JN friends

Wishing you all a Great Learning and Earning session today.

Good Luck !!!

AJIT PATIL said...

Good Morning Ilango Sir & all Blogmates.

Manish said...

@ Kumar Sir

Hope your father is keeping well.

DZIRE said...

Namaste Ilango Sir & all members.

suresh said...

kumar ji,
GM: hope your father is getting better

jay shah said...

good morning wonderful sir, dear seniors and all freinds of the blog

deepak pinto said...

sir
ur philosophical thought about markets being probability (karma) based and not a certainity (destiny) is a very apt definition.
often traders are misled to believe that the market has to follow a path is set in stone and are in search for the ever elusive naksha.

unlearning and wiping the mind of prejudices is the first baby step to knowledge
thank u

Hari said...

Good morning master & JN family

Have a nice day !

SANPOT said...

Good Morning Ilango Sir and Blogmates.

Shradha Saburi said...

Good Morning Sir, and all the gems of JN
lot of thanks Sir for your advice.
Dear friends
need not to go anywhere or hire anybody's service, we get each and everything here.this is the birth place of traders and analysts.only you study yourself.
regards

Prabakar said...

Namaste Ilango Sir and JN Family

venkatapathy l said...

Namaste Ilango Sir and fellow bloggers

LV

amber said...

Sir Ilango ji and every one good morning

deepak pinto said...

sir
nifty has taken about 90% of the time for correcting 38.2 of the fifer from 5215 to 5815.
prices are falling and ST down.
but does the above price to time lag correlation signify underlying bullish trend and that will assert itself sometime soon.

anmpatel said...

@master
good morning.
need some technical help, so send my file on your mail. kindly check when free. thank you very much.

NEVER GIVE UP said...

Good Morning Sir & All Friends.

Yash and Dhan said...

Good Morning Ilango Sir & all Blog-mates.
Have a nice trading day.

Parimal said...

Namaste Dear SIr and all friends
have a nice day of trading

Parimal said...

One of my friends has sent this:
PATIENCE is not the 'ability' to wait, but the ability to keep a good attitude while waiting.

J.R.Julius said...

Just a Thought...

Daily Chart 5215-5815 Movement's
Retracement
0.382@5586[Done]
0.500@5515[Pending]
0.382@5444{Pending]
These are all the Maximum Targets For the SHORTS for the Bullish Correction, I believe.

Parimal said...

My Dear Shradha Saburi
Good Morning

Dinesh Rishi said...

Good Morning Master and copy to All

Shradha Saburi said...

Good Morning Dear Parimal!
thanks for the nice quote
have a happy profitable trading day!
Sai bless you all!
regd

Shradha Saburi said...

Today we mat get in narrow range! CONTRADICTORY CLUES ARE COMING!
support resistance method may be winner

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