Pass it down the line...its payback time.

In 1982, British writer Bernard Hare was a student living just north of London, tells the story to inspire troubled young people to help deal with their disrupted lives.

The police called at my student hovel early evening, but I didn't answer as I thought they'd come to evict me. I hadn't paid my rent in months. But then I got to thinking: my mum hadn't been too good and what if it was something about her? We had no phone in the hovel and mobiles hadn't been invented yet, so I had to nip down the phone box.

I rang home to Leeds to find my mother was in hospital and not expected to survive the night. "Get home, son," my dad said. I got to the railway station to find I'd missed the last train. A train was going as far as Peterborough, but I would miss the connecting Leeds train by twenty minutes.

Nifty brings in the weekly momentum for a possible Month reversal(4970)...

Trend assertion was visible today at the close of the day & week.
Overbought Hour too got its correctionc intraday and it would continue on rises.
Day channel resistance comes around 5100 & weekly channel resistance around 5160 (40Wk Sma) which coincides with another cluster point of 5160-70.

1. JustNifty TA(23rd Jan)

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty PreMarket View

Intraday weakness would be evident on trading below 5010(Day Pivot) & 4990(Low of 19th). Markets could remain irrational at times and hence do not fight the market.
Week/ Day trend remains up with momentum.
Real weakness would be seen only below MEma @ 4969.

Nifty, gapping up above MEma(4969), closes firm despite hour -ve div.

Hour TA is generally discussed during "intraday" and for "intraday purposes" mostly. We have seen divergences failing once before in this 3rd wave. Tomorrow is another instance to watch whether the current Hour -ve div has any impact.
Having turned up in week TA 2 weeks ago, its dominance is being felt during corrective phase.

Next most important number is "4969"-MEma. If stays above and closes this month above it, a most likely attempt towards 200sma holding above 50sma.

1. JustNifty TA(20th Jan)

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

If you want to succeed in stock market, know this: There is no perfect method/ system. You may improve upon the existing one to reduce whipsaws/ make better entry & exit or create a new system based on your own parameters.
The problem with the labelled "Perfect system" is that it makes you get into a complacent mode with a sense that your system will take care of results. Wrong. System stays wherever it is. You have to work with it. You have to manage your emotions of fear and greed. Fear always work when your system says buy (and in some cases sell) and greed when your system says sell.
If I can not make money with the most basic "Close price + 5dema or 5 dsma", then I'm not ready to use the next level system...& then on to more sophisticated systems.
Whatever system you choose, understand first how it works & whys of it and once you believe in it, never deviate from it.
I'm not an expert at certifying anybody's system. If it makes money for you, it certifies itself.
I have chosen a system and I do not want to look away from it. And you should also choose yours and stay loyal to it.

(Whenever I see enthusiasm in readers about a new system, I feel sad that they have failed to apply themselves with the ones they know of. This is not to discourage anyone from finding a new method which is better than the existing ones. But this is an honest observation of mine that most will never admit to their own shortcomings in handling a system but end up blaming the system. Hasn't JNSAR delivered 700 points in just 19 days this year or a minimum 300 points which is 30% return on a capital of Rs.50,000 in 19 days. You could sit and work the same magic with J10SAR and so many other methods)

All I emphasise here is that "Work at yourself and display everyday...every hour how you handle the market with your applied knowledge"...there is no shortage of systems. If you don't realise this soon enough, your running will never stop.

Nifty PreMarket View

Day uptrend is intact. Having paused for a day, Nifty could make new highs closer to 5000 or get resisted around 4980 mark again and consolidate.
Trading above 4955, Day Pivot, it has the potential to go to 4980-85 and sustaining around 4969-MEma, could continue climb to 5000++ at which point Nifty could again face challenges..
BN shows a distinct possibility of a "minor vth wave up in its 3rd wave today".

Nifty, uptrending & overbought, stopped below 80%-4985 but rested at 100sma.

Nifty's pause today hasn't altered any technical set up while its action was centered around 4969-MEma.1. JustNifty TA(19th Jan)

2. BankNifty TA(19th Jan)

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty PreMarket View

There is a possibility of "iii"rd wave subdividing if Weekly TA is able to assert itself. A lot would depend on Nifty's ability to stay above 4969-MEma here on.

Nifty breaks thru' the resistances @ 4910-40.

Prices have come up to challenge the monthly trend as well as the weekly momentum. Technicals of week is presently favouring this upmove. A keen tussle would emerge to retain 5000.

Support has risen to today's low-4905 with a gap & intraday supports @ 4935-45.

Ride the trend while part booking along the way. The smaller "X" wave will give way to a larger "X" wave retracement once 4985 is surpassed.

1. JustNifty TA(18th Jan)

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty PreMarket View

Moving above 4885, cluster resistance @ 4910-40;

100sma@4935; 73.6% @ 4949 & R3@4948; MEma @ 4959.

Support has risen to Day Pivot @ 4860.

Nifty, trending up along the trendline, closes above 50sma

Nifty moved down in the initial hours and held the "rising trendline" @ 4827 and bounced off to close above 50sma but fell short to clear the 80% mark @ 4885.

Markets are mysterious for the simple reason that it is driven by the million mind's perception in terms of fear and greed. When you decide that you figured it out using one set of studies, it shows a contrasting reading in another set of studies.

Taking a comprehensive approach to it or simply giving more weightage to the higher T/F would help you to take advantage of the lower T/F price swings.

VIX, the fear index is trending down in a channel.

Daily TA is keeping up its closes above the trend no:(DEma) and the momentum no:(DHEma). I keep repeating this most important technical factor that only "Closing prices" impact the TA set up. This is not a rule but it works almost 90% of the time. Ignore the sideways mode as nothing works during such a mode except the supports & resistances strategy.

4820 is week pivot; 4831 was DEma - our Pre-Market buy zone and market fell right into it and bounced off towards 4885.

4910-40 the earlier cluster support is now the resistance point.

1. JustNifty TA(17th Jan)

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty PreMarket View

Nifty retraced to 61.82% of the fall from 4899 to 4838 @ 4876.Global cues are negative now. Only above 4887(80%),the negative bias disappears.
Having made the first fall to 4838 and a retracement to 4876, it is poised to break below 4838 towards 4795-4810 or lower to be followed by an intraday bounce.

Short term direction is down.

HAPPY Pongal & Makara Sankranthi

An occasion to express our appreciation to SUN GOD for all His abundant energy.