Choose magnificence over convenience.

There were once two ceiling painters who were hired for separate jobs. The first painter went in, put some drop sheets down and got straight to work slapping white paint on the ceiling. He was finished within a day. The second painter entered and looked at the ceiling that he was to work on. He went home and dreamed of something magnificent that he could do.

He called in scaffolders and went to work, taking four years of painstaking work to complete his masterpiece.

Nifty, downtrending again, heading to retest month channel support...

Nifty Intraday Update-III

Nifty Intraday Post-II

Nifty Intraday Update-I

Nifty Pre-Market View.

Trend is clearly "Down". Use any intra rises to initiate "Shorts"....pivot, JNSAR, 21 & 34 Hr smas are the points to initiate shorts. Only a move above 4962 could bring some strength to make this fall a corrective one.

Nifty holding the 2nd support amidst weakening technical signals.

Congrats to all winners !! very well done Nilesh, Manish, Satheeh & Vasanth !!
(I could not participate much for the last 2 days due to personal commitments...and I'm repeating "Kumar's words)
Special appreciation to "Jiignesh & Dinesh Rishi.
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It's going to be a challenging month ahead, especially because of a total sell signal from Month TA.

Nifty Intraday Update-III

Nifty Intraday Update-I & II

Nifty Pre-Market View

5010-5039 supply zone proved a ST resistance.
5002 proved a break down point.
4945 to 4982 proved a corrective rise, monitored with an "abc" move.
And market fell again to 4945 & paused with a feeble abc at close thus setting itself for a continued fall.
A corrective fall could niormally retrace 50% to 61.8% @ 4913 to 4887.
4894-weekly pivot falls right in the middle of it.
Beyond 4887, the last reversal confirmation is @ 4848(80%)
If 5020 to 4946 was "a"; 4946 to 4982 was "b"; "C" could be 4982-74=4908 as equality or more depending on other fibo.relationships.
JNSAR traders could opt for a filter around weekly pivot or golden ratio-4894 or 4887.

Nifty's correction pausing at the recent low of 4945.

Nifty INtraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty Pre-Market View.

Overbought Hour indicated a breakdown from the channel at 5002. As long as Nifty holds the 61.8% retrace at 4940(+/-10), it would amount to correction.
80% @ 4916 is the final confirmation if there is another leg downmove left.

Nifty pauses at the next supply zone with overbought Hour TA.

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty Pre-Market View.

Holding above "4970", Nifty could attempt to move past 5000 to 5010-40. There are supports @ 4945 & 4930.

Nifty does the follow up to morning star with a closes above 20sma.

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty Pre-Market View.

Nifty has multitude of resistances in the zone of 4955-4990 above which 5040. Similarly there are multitude of supports @ 4890-4900 below which 4875.
Though Hour TA is overbought, uptrending day TA along with +ve global cues give an upward bias for the opening session. I would keenly look for any weakening signs whenever Nifty reaches 4976-88 zone. WEma @ 4997 could be a critical number for this week.