Wednesday, May 7, 2014

Nifty Pre-Market View.

Nifty fell from 6870 to 6657 in a 5 wave form.
It then rose to 6738("i"/ "a") swiftly, followed by a sideways move("ii"/ "b"), boring & full of deceptions;
Short term, hence, poised for a rise to 6748-55 zone or more, provided "6680" is held.
I would treat this as an intra week rise as long as it is limited to 6790 or 6827.
(Alternatively, considering the fall as "abc", the rise could get higher but the subsequentl fall, if there is any , would not break 6650.)
Remember: This is only a small corrective phase;
If 5933 to 6870 is (1)st wave, whi ch is 937 points...I'll leave the (3)rd to your imagination.
What will spoil this party ? - a weekly close below WLEma or a break of 6550 approx)


marina s rao said...

GM Master & Blogmates.

Wish all profitable trading day.

Going 2 vote in a short while.

suresh said...
This comment has been removed by the author.
Pattern Trading said...

Good morning master
Does this rise resembles like a flag to u ?

venkatapathy l said...

Namaste Ilango Sir and blog friends


deepak pinto said...

Pleasent morning sir and everyone

Prabhanshu Raman said...

GM Sir and Friends,

Patterns in PNB, Nifty & BHEL:

PT, to me seems like bear flag, perfectly moving up in channel

Nilesh Patil said...

Good Morning Master & Friends,

@Pattern trading,
this is an Horn pattern

sara said...

What will spoil this party ? - a weekly close below WLEma or a break of 6550 approx) or 6650?

Pattern Trading said...

@ prabhanshu :)

@ new thing for me .. Thanks .. is it bullish or bearish pattern

amber said...

Guru ji charan vandan and everyone good morning

Prabhanshu Raman said...

PT, you must be kidding with me.... i learnt lot of from you...
bearish if break 6657, 1st tgt 6571, SL at 6701


Good Morning Sir and Warriors

@Prabhanshu Raman

Read the pre market and imagine the 3rd ... Had a wonderful rally tiil date .. a huge range awaits now 6000 - 7200

Pattern Trading said...

@ Nilesh sir ..

What is horn pattern

Pattern Trading said...

@ prabhanshu if it breaks 6650 has pattern will activate :)

I echo ur view

deepak pinto said...

This bearish corrective leg has taken uncharecterstically longer time. Making shallow corrective more likely

Prakash said...

gudmorking master and all frnds

anand said...

Morning Sir,
Now 6690 has changed to 6680 as support in the write-up.
Seems I am confusing 2 time frames - Hourly is poised to rise while daily trend indicator is down for 50 DMA target (6550).
In such a scenario with intraday moves fo 50-60 points - and whipiing both longs and shorts, what could be the right way - apart from sitting out till teh breakdown or breakout occurs. You have guided us earlier but mixed signals are a "real-life" problem as well. :-)

Sujatha said...

GM sir nd friends :)

Aggressive ST - protection of low will give 744/53/57/62. good downside support aggressive (bouncing area) - 6726/15/6694. Valid upto 2 PM.

dharmu mishra said...

respected llango sir
is there a triangle formation in hrly chart
with small range to b traded until it breaks triangle

Yashpal Goswami said...

any body can share view of axisbank

Ilango said...

@ anand,

Corrective phases ahead of a crucial event, like the exit poll, is likely to be frustrating. They even produce whipsaws to shake off weak hands.

We have always maintained that the only way to deal with a sideways market is to trade the supports and resistances.. Alternatively, one cvould choose to trade only in the direction of the main trend.

Week trend is down but without momentum.
Day trend is down without momentum.

It is a sideways market with two broad ranges , one for week and one for day. We suggested a correction in week t/f of 200 to 250 points which has been done but without the "time factor"; hence, the grind.

Ilango said...

@ dharmu mishra,

Yes., an ascending triangle and it broke down yesterday; but fall is missing so far.

anand said...

Thanks Sir !
Students need lessons again and again - until they get hard wired in their brains.
The time correction is not a regular item you comment on..... will try to catch that part.

Parimal said...

Dear Mr Yashpal Goswami
AxisBank: price is at breakout point built over multi-years, precisely Oct2010. on weekly chart price is stuck at the resistance point.
BankNifty: weekly chart is similar to AxisBank. multi-year resistance comes at 13400. breakout at this level will be a sectoral breakout. Nifty did this, it may be the turn of BN now.

Ilango said...

New Post Done.

dharmu mishra said...

respected llango sir
thanks for your valueable input

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