Monday, June 16, 2014

Nifty Pre-Market View.

FII's are net buying consistently during this month except a day.
BUT prices, in the short term, have closed below two key ST averages.
"Impulsive 3rd wave" seems to be underway with minor corrections, the current one being "ii"nd sub-wave as long as prices stay above the cluster zone of 7361-7433;
The ST direction is "Down" till prices continue to close below these two key averages (21 or 34 hr smas). Aggressively Holding below 7598, Conservatively Holding below 7616, correction continues....
The strategy that has worked consistently well with low risk-high reward ratio is "Initiating a trade at 50%-61.8% retrace with 80% as SL". Adapt to it. 
7485-7498, the gap area & 7448 are two key supports
and
7589-98 & 7615 are two key resistances today.

21 comments:

San said...

Good Morning Ilango Sir and Friends

NIFTY chart analysis: CLICK Here

Harsh Mehta said...

Sir there were so many reasons to close longs and go short.. One must follow.. I said in comments that I don't sense any impulse.. Immediately I closed my previous day long.. Waited for 5 mins to see if DHEMA is holding or not. As soon as I saw it try 3-4 times but getting knocked off, I went short with tight SL. Booked at lower but again saw SAR was cleared, so went short again and again. At EOD squared off my shorts as .618 level was reached and market may do anything from here on.

One must apply one's brains even if a teacher educates you. Its not the fault of teacher if a few fail and others pass. My silent learning of your blog has given me confidence to trade on my own. I come to your blog daily to seek your guidance.

Thank you Sir. God bless you.

Suraj said...

Good Morning Ilango Sir and Friends

J.R.Julius said...

Good Morning Sir & Blog-Mates, Have a Happy & Prosperous Day. ♥
-
Cámáríllá Key Levels - Nifty Spot
H4@7626 ↑
H3@7584 ↓
L3@7500 ↑
L4@7458 ↓

venkatapathy l said...

Namaste Ilango Sir and blog friends

LV

Suraj said...

Sir gave ample warnings about a fall if NS goes below certain numbers like 7636/10 or DHEMA and many more. If we could not act, at least we should not blame him. Instead we should be careful to take action at the appropriate time/number. Positive energy should spread instead of negative. Just my 2 cents, nothing else.

Nilesh Patil said...


Good Morning Master & Friends

Sonu said...

Good Morning Master and Friends!

Ganesh IC said...

Good Morning Sir & JN Family

Squander Star said...

Good Morning Master & Friends

Hitendra said...

BN green numbers 14935 almost achieved ...

Hitendra said...

Banks selling off really fast , 200 points down now.

marina s rao said...

GM Master & Blogmates.

Wish all peace, health & wealth.

Prakash said...

gudmorning master and all fnrds

Ilango said...

7485-7498- into the gap area....

Hitendra said...

Sir - What is the significance of the gap area

Sunil Minz said...

GM master last wave down stars from 7553 or anywhere else sir?

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