Good morning Ilango Sir and all the Blogmates!
Dear sir,For learning purpose,It seems that Head and Shoulder pattern is being formed of Nifty making a left shoulder at 6156 and is in the process of making head with high of 6252 and it may reach around 6050 as per sirs labelling and again a right shoulder may be formed.Master can you able to see it Please other seniors also may contribute your viewswith regardsP.Raman
General observation is that any news based movement is usually in the direction of jnsar.It naturally fits in the process of jnsar calculation.Lets see what market does today after policy.Magic number 6088 as highlighted by master is broken.
Plz guide JNSAR Traders.If JNSAR 6157/6153 gets trigger at RBI Policy. Is it considered to initiate long at 6157 or wait till 6157+20. Plz guide..Thanks
Trend has turned down. Any good news (if any) will only be a pullback to re-initiate position.It has to be jolly good news (and there is none which can be anticipated as of now) which gives sufficient momentum to take prices above 6252 to turn the momentum up.
GM Master & Blogmates.Have a profitable trading day.@ Raman Perumal,Nifty's developing HnS pattern in which Time Frame ? - M S Rao
Don't rely on good monsoon, Good Monsoon invariably means rotten kharif crop. See the impact on Onion and now potato.
Dear Ilango Sir & Blogmates,OI Table Update at 10:45AM, Pivot-6128, S1-6075, R1-6158, VWAP-6097Fight on for supremacy at 6100 level, with boundaries at 6000 and 6200 for the expiry. RBI Governor Rajan Ram is the man to watch…Thanks & Regards
If it rains again heavily as in Andhra / Orissa you will see that ready to harvest paddy also gets rotten.Good Monsoon is a cliche.
marina sir, in hour time frame
Today also Oneside market. So i am expecting Low.
Prices continue to hover below DLEma & MHEma. Strength only above this.(6104-6106)
First resistances @ 6132-42, 50% - 61.8%.
@ Raman P,ThanX - M S Rao
marina sir, i think now the right shoulder also has been completed at todays high,
Nifty Pre-Market View.Prices have been correcting since "closing below DHEma" four days ago and have reached the earlier cluster supports in NF @ 6100 as well as DLEma less 20 @ 6094. Hour TA shows oversold readings but without divergences.Hence, if the bounce is able to overcome resistances-1 @ 6135-44(50%-61.8% of last fall), and the resistances-2 @ 6160-71(80%, 21 Hr sma & Wk.pivot), prices would head higher; if not retreat lower.The high or the low made around the RBI announcement @ 11.00AM could play a critical role.
Master Looks 5 waves from completed????
Read as 5 waves from lows completed???
Now forget new high this expiry.
Sir, Can we say that at 6080, c gets completed but could not figure out 5 waves from 6174 to 6080.
Dear raghava,Nifty Pre-Market View"Hence, if the bounce is able to overcome resistances-1 @ 6135-44(50%-61.8% of last fall), and the resistances-2 @ 6160-71(80%, 21 Hr sma & Wk.pivot), prices would head higher; if not retreat lower"So probably,it would be too early to say so...Let us see...Bye...
@ Prabhanshu Raman,From 6169, there is a clear 5-wave fall with some leading diagonals in the 1st/ i waves.If it moves past 6151(80%), the fall from 6252 may be taken as a 3 wave fall and the rise as "B"wave or next uptrending wave.
@ sudharsan,Remove the freak low of 6079, you get a 5-waves from 6083 to 6146.If so:Bullish: 6115 6107 ... is 50%-61.8% retrace of the last rise from …… 6083 to 6146 80% is - 6096 If strength to return again, it should be around 6115 6107 Weakness gets confirmed Below 6107 OR 6096
Thank you Master
New Post Done.