Wednesday, May 28, 2014

Nifty Pre-Market View.

FII's have resumed NET selling in small quantity.
Prices continue to close above most key averages.
"Flat Correction" was back in the contention & the direction is now "mixed" in the ST.
Holding above 7271-85 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 Tuesday, the last fall retrace provided a trade at open (from 7483 to 7269).
(Channel at 7271 and last critical hour low at 7285)
Hence, Holding above "7271-85" is stated above.
Last fall for retrace to have started from 7373...(Critical resistance at 21 hr sma)
Last rise for retrace to have started from 7275...(Critical support at 3-hr low)

18 comments:

Anandha said...

Ilango sir, Good Morning. As per EW labels, now c is progressing. If a=c then c seems to be having target price of 7070 approximately. Do you see that c gets truncated ? What is the probable % of c gets truncated.

Anandha

San said...

Good Morning Ilango Sir and Friends

Reliance chart and Gold Triangle breakdown: CLICK Here

marina s rao said...

GM Master & Blogmate.

Wish all peace & prosperity.

D.S.SASAN said...

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

Have A Happy Day.

herry said...

dear sir todays also bhel result day so your viwe..plz..?

venkatapathy l said...

Namaste Ilango Sir and blog friends

LV

RougeTrader said...

Good Mrng Master & JN family

Num Char said...

Good Morning Sir and JN Team !

Have a fun-tastic trading day .

Anandha Kumar said...

Ilango sir, Good Morning. As per EW labels, now c is progressing. If a=c then c seems to be having target price of 7070 approximately. Do you see that c gets truncated ? What is the probable % of c gets truncated.

Anandha

Asha said...

Good morning Ilango Sir and all the blogmates!

Guru Krishnan said...

Very Good Morning Master and friends.. have a great day!!!

Ilango said...

A bear flag is developing in Hour chart for the past 10 hours since the low of 7269.

Weakness would be visible "below 7285 & keeping below 7357"

Ilango said...

What is the probable % of c gets truncated ?

-Absolutely no idea and no one could give an answer to it.

We realise the truncation only after the confirmation of a reversal. All the rest are guess works.

Hitendra said...

Any view on SBI? It has corrected a lot in last 2-3 days.

Hitendra said...
This comment has been removed by the author.
Raghavendra said...

@ Hitendra,

SBI supports are from 2540 - 2560 followed by 2435 to 2455 and then 2330 - 2300.

Prakash said...

OI of 7300CE increasing gradually since morning

Post a Comment