Friday, May 30, 2014

Nifty, sell on rises, closes at the lower end of day's range..


Buy and Sell Nifty said...
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Buy and Sell Nifty said...

Illango Sir,
Is there no adjusted low for today's freak low of 7118.45 ? It is included in the technicals ?

anand said...

End of Day , Week and Month,
Good evening sir and friends.!!
This time “Sell in May and go away” was reversed – Thanks to Elliot wave supported by Modi wave 
Months closed 500 points up, from 6700 levels at the end of April and trend remains up.
Week has been affected by closing below WHEMA of 7280 (Today’s upper resistance level – not crossed in dual attempts. Week and month effects didn’t fail – they were there holding any fast falls.
For the day :
Another feature of day was a freak low of 7118 in Nifty spot (which must be ignored for technical as Master guided in the day) and day low was 7216 only.
Another rarely seen highlight was erosion of futures premium on day 1 of the series opening. At one point in last 20 minutes, the spot and futures were at same level near 7230. And we see NS closing only 5 points down and NF by 30 pts. CE writers and shorts were smiling.
Today’s low was below yesterday’ completing an impulse from 7338 levels and then a corrective flat (?) was going one which didn’t past 7280 (WHEMA) and As Master signaled closing at or below 7230=> we can see lower levels. Freaks foretell future ? shall we see 7118 (Near 7131 the 16th May low and first target as per EW) in next week?
Shriram was smiling on his shoulders with his HnS working. Wolves were silent with +WW identified by our experts were not working – near lows of 7216 some expert tried to identify another +WW but masters “remained silent” since the pattern was not clear. Good point for learners – not to jump the gun!
2nd day of closing below DLEMA- weakness persist ? For 10SAR Followers also the confirmation for shorts came today EOD.
Now supports for next week 7118/31 but before that 7180 (23% of the rise from 6933-7564). Thus below 7131, larger correction sets in with 38% of this rise as a major target /support at 6950 or before that 6990/7000 WLEMA? Lets see.
Master has already given some larger targets in this correction.
On resistance side : 7270 / 7305 (JNSAR) is enough for us to tell that correction is over ? (Let Master guide on this part if the pullback gets over before a major target – this time also – benefitting by larger uptrend? No idea.
Now for the anti-correction stance : FIIs bought a whopping 3,000 Cr Net in cash. Must be some portfolio reshuffling or a major purchase (Buy value : 17,000 Cr ; Sell Value: 14,000 Cr !!!)
HDFC Bank freak low at 730 was the cause in BN and NS fall ? No idea. Some ET/CNBC guy will unearth for you. Don’t bother.
In FnO, FIIs was net buyers of 211 Cr of Index futures and still premium was eroding ? But stock futures were short for 840 Cr ?
Sanjayji will enlighten us.
7200CE added 480K with OI of 14 Lacs (Highest on CE ATM side) but 7200 PE added similar 480K for OI of 23.66 Lacs. Even 7000 and 7100 PE OI are at 35 Lacs and 22 Lacs respectively. Supports and bullish next week ? or smart money hedged the cash purchases ? Will come to know next week or Monday morning itself!
( @Sujhathaji must have bought all this for Monday gap up… :P … should have told us to reverse. Blogmates know whom to blame for shorts reversal …..hehehehe)
Ok- quite a long post – I might invite sanctions for word limits 
Good night every one… ! Waiting for Master’s weekend gem !
Jai ho...!!

San said...

Good Morning Ilango Sir and Friends

SBI Weekend update: CLICK Here

kalyani said...

on 5/10/2012 freak low happened on nifty at 4888 which nifty never again visited. so this time also yesterdays low of 7118 , we may not see again. hdfc , hdfc bank , ultratech caused this low by dropping 8-9 % . in one way C wave correction completed at 7118 :)

Rasendra Zala said...
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Rasendra Zala said...

Respected Sir, NS after forming a lifetime high, may be in the phase of forming a triangle correction, +ww target may be d-leg of triangle and point-5 is freak low(7118)....time tell !!

Prakash said...

@ Anand
Thanks for the post. Could you please seniors post a detailed summary as Anand posted today? It will surely help to understand what happened in this market for novice like me.
Thank you.

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