Tuesday, May 27, 2014

Nifty Pre-Market View.

FII's have resumed NET selling in small quantity.
Prices continue to close above most key averages.
Green "iii" took precedence over the rest & Nifty rose to 7504 in the opening session but the last rise retrace from 7442 did not hold and the "Flat Correction" was back in the contention & the direction is now "mixed" in the ST.
Holding above 7251-69 or 20-30 pts below DLEma, uptrend could resume....
The strategy that has worked well with low risk-high reward ratio is "Initiating a trade at 50%-61.8% retrace with 80% as SL".
On Monday, such trade got stopped out, the last rise (from 7442 to 7504) broke its "key retrace at 7454-66" and fell sharply, retracing completely 7301 too.
(Channel at 7251 and last low at 7269) Hence, Holding above "7251-69" is stated above.
Last fall may have started from 7483...and a sell on rise signal is in place which could take the prices to DLEma or lower if prices are kept below 7441.

16 comments:

Prabhanshu Raman said...

GM Sir and Friends,
Probable EW Counts of Nifty and Tisco: Click Here

marina s rao said...

GM Master & Blogmates.

Wish All Peace & Prosperity.

amber said...

Guru ji charan vandan and everyone good morning

Prabhanshu Raman said...

Sir, your view on below please:
Now with the fall it is clear that corrective B is completed at 7504.So.
A 7563 - 7131;
B 7131 - 7504
Now, C has started from 7504. This big C wave direction will be down and should be in 5 waves, wherein 3rd wave can sub-divide.
As of now, it looks like below:
1 7504.00 7478.80 (25.20)
2 7478.80 7495.90 (17.10)
(i) 7495.90 7449.35 (46.55)
(ii) 7449.35 7483.30 (33.95)
(iii) 7483.30 7269.20 (214.10)
a.(iv) 7269.20 7370.95 (101.75) => This is in 5 waves
b.(iv) 7370.95 xxxx (follow retrace for the rise from 7260.20-7370.95. Since, corrective rise in 5 waves, then expect 80% retrace should not be breached.
7346.94, 7332.29, 7320.08, 7308.07, 7296.06, 7289.55

Imp Note: Prices having closed below DHEMA (7383), will try to target 7308-7320 (D5EMA, +20) which is also 61.80% retrace of the last rise from 7269 and +20 is 50%.

Trade Opportunity: One can go long at 7308 keeping 7289 (80%) as SL for the targets for min tgt of 7371 and then 7410 (a=c), thereafter 7472 (c=1.618*a)

D.S.SASAN said...

Good Morning Dear Sir, Bros.&Sis's,

Have A Happy Day.

anmpatel said...

Good morning master and friends...

todays HA open level is 7347...

thanks.

Squander Star said...

Good Mrng Master & JN family

NSB said...

Prabhansuji,

I just started learning the EW concepts, I would appreciate if you could tell the TF which you are referring for all your EW analysis above. Thanks

Prabhanshu Raman said...

NSB, generally I go for day/hour/15mins and 5 mins depending on where I m getting clarity. For ex I can see 5 waves for the fall from 7483 to 7269 in 5 mins but neither in 15/30 mins.

Ilango said...

@ Prabhanshu Raman,

You're doing good. Let the market validate your labels and when EW presents low risk-high reward set ups, impliment it.

Markets are flowing continuously, setting up new path as it unfolds. Ours is to follow that path. EW should assist us in doing so and it should not distracts us. And that is possible only with objectivity.

Your presentation is unbiased. At the same time, keep open "any other possibilities" unfolding. Until then, stay the course.

Asha said...

Good morning Ilango Sir and all the Blog mates!

Prabhanshu Raman said...

Okay Sir and thanks for your guidance

shriram said...

GM Master & JN Family,

Some Muhammad Ali inspiration to start the day :-)

I done something new for this fight. I done wrestled with an alligator. That's right. I have wrestled with an alligator. I done tussled with a whale. I done handcuffed lightning, thrown thunder in jail.

Only last week I murdered a rock, injured a stone, hospitalised a brick! I'm so mean I make medicine sick!

Manish said...

Goodmorning master and all friends,

Great application of the study prabhanshu.thanks for sharing...

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