Friday, January 24, 2014

Nifty Intraday Update-III


23 comments:

ITradeForProfit Daily said...

Bears require a close below 6255 else it will be a "Buy on dips" market again.

Share & Be Sure said...

As per Harish Thakkar System
CMP< DEMA< WHEMA ... so probably market would target WLEMA

shriram said...

@ Share & Be Sure:

Have u checked statistically, how many % times, CMP < DEMA , gives u WkLoEMA ?

Trader Junkie said...

Bear Flag on 15 mins and 30 mins. B.O below day's current low at 6269. SL 6290. T1 : 6210.

Also be advised that 6200 is decent support and that majority of the fall for today may have played out. This is a quick Hit and Run setup. 6219 is 61% retrace as well.

Share & Be Sure said...

@ shriram
I have not back tested. But observed a fair consistency after he talked about it ( I think early last year or before that) Of course significant retracements do occur frequently before the Tgt is achieved.
Besides, one requirement is DEMA first shd go above WkHiEMA and then come below that

Prabhat said...

@experts: If short covering is not coming in the last hour, then does it seem that bears are taking it for monday too & if so, then its a severe blow for bulls. Today, it seems that bulls dint even make attempt to rise..

shriram said...

@Share:

Ok. Lets keep a watch on this setup, tks

BALA said...

Share &be Sure. Will you post a note about Harish takkur system or any link or previously published under this blog and if so kindly give me the date .Thanks

Aly said...

@ Prabhat,

My observations only - typically in a bear run (and vice versa), if closing is within +/- 15 pts of days lows, there is a good chance of further lows next day. However this setup as like others is not 100% and may fail.

Piyush Sharda said...

sir,
6294-6266 looks like 3 wave cud this be 4b?

Prabhat said...

@Aly: A new point for me. Maybe I should also observe for this pattern henceforth.

Prabhat said...

@Aly: Does you theory apply to bull run also? If yes, then 3 days in the week we have nifty touch day's high @6345 levels & closed less than 15 pts from its high. But the next day, it never reached the previous day's high.. Just a thought ..

Aly said...

@Prabhat;

Yes applies to bull-runs as well. As I have said, this pattern doesnot work 100%.

In my view, this may be a safe short to carry as JNSAR is nearby. If things reverse on Monday, you can reverse the position accordingly

I would also like to highlight that previous two Mondays have reversed the friday bear runs so may be that should be kept in mind

Another observation: If Gap is not filled on that day, it doesnot get filled for minimum next 2-3 days. Today their is an unfilled Gap at 6331-6345

marina s rao said...

GM Master & blogmates.

Hope and wish every1 is having a profitable day

marina s rao said...

New Day low @ 6263.90

SGRaman said...

Observation:
Since Oct 1, 2013, every down move bounced around 50DaySMA. As of today, Currently 50DaySMA (Nifty Spot) is 6217.

Sir's E is around here.
Developing WLEMA (6192) is also around here.

herry said...

dear sir sub 5 wave done...?

Nifty Trader said...

Ranbaxy is today's star performer with 20 % downmove. And Nifty closing below Daily Low EMA for sure today.

Share & Be Sure said...

@ Bala,
Please check the following :
http://tradeinniftyonly.blogspot.in/2013/06/nifty-moved-to-most-crucial-5692-97.html

Karthik said...

Is it wise to carry forward the nifty put options for next week as the trend seems to down?

Aly said...

Interesting thing. Huge unwinding in 6200 PE as well in last 1 hr

Trader Junkie said...

seems like bears didnt push the initiative , the flag still remains active for monday though. No carrying the trade, but can be activated on monday !

Good weekend !

Prabhat said...

@Aly; Hoping that bulls take it on monday. But the huge blow to bulls is the liquidation of 22 lac OI for 6300 PE. This is a too big blow for bulls to recover. Notice that bulls never made an attempt to recover also (proved by the lower lows made every hour) & hence closed near day's low.

I see the week as victory for bulls because they never allowed nifty to cross 6350 & easily broke 6300 today. Note that week's trend is asserted during the last day.

Not sure if 6250 will be held on Monday since all world mkts are also not doing that good.

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