Thursday, January 2, 2014

Nifty, on completing an abc @ 6358, started the next fall..


Ilango said...

The reason for 6336 was explained earlier:

Ilango said...
@ Aly,

80% magic;

prolonged correction, due to holiday season, for the 6415-6130 fall getting completed;

Opening volume faking an upmove with no follow up within the next hour;

an abc correction at 6336 breaking....

January 2, 2014 at 2:12

After reaching 6358, the 80% mark with good volumes at the open, a correction ensued which lasted with an "abc" form ending @ 6336.30 @ 12.02 PM.

Nifty attempted to reverse from there but was stalling @ 6346.
The inability of Nifty to have a follow up rise, especially after volume backed upmove alerted about a liklihood of a "fall" which will get confirmed if it breaks "6336", which it did but lingered around there for few minutes for the "late entrants" & then fell.

EW helped;
TA helped with its -ve divergences.
OI helped, with CE writers not budging from 6400.

And Rahul continued his "Gifts" even to traders..

Aly said...

Dear Ilango Sir,

Thank you for the detailed explanation.

and your last line takes the cake :)

Raman Kapoor said...

Dear Sir, Any targets for the C wave. You have a label at around 6000 in the lead indicator above. Do you expect Nifty at 6000?

Social Media Earthworm said...

Thank You Master .. There is surely an Art in Science of trading

Pattern Trading said...

Good evening master and all blogmates

Nifty Update:- Click here

Chetna Jethi said...

i was late enterant but nevertheless made some money...but sir, one thing that still persists is the FII buying to the tune of 700 crores again today..who sold such ferociously?

Anandan said...

Hi Good Morning, Yesterday pull down intentionally done for two reasons, Profit booking and also indent buy at lower levels.. Suggest Buy at 6150 levels. use 20% of your total available balance, or Book full profits on Shorts around 6150 levels. ( Spot ).
BUY NTPC, Petronet LNG for next few days.. expect 5% up from current levels.

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