Tuesday, June 17, 2014

Nifty Pre-Market View.

FII's have sold in small quantity.
And 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 7563, Conservatively Holding below 7605, 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
7554-63 & 7580 are two key resistances today.
A classic display of resistances turning supports unfolding in the hour chart below; accordingly, if 7490 breaks, the reliable next support could be around 7450.

20 comments:

J.R.Julius said...

Good Morning Sir & Blog-Mates,
Have a Happy & Prosperous Day. ♥
-
Cámáríllá Key Levels - Nifty Spot
H4@7567 ↑
H3@7550 ↓
L3@7517 ↑
L4@7500 ↓

J.R.Julius said...
This comment has been removed by the author.
chandiok said...

"@ Julius you are kind!

marina s rao said...

GM Master & Blogmates.

Wish all Long life, peace, Health & Wealth.

Sudhakar said...

Good Morning Ilango sir

Please update Jnsar values for Nifty50 stocks, Midcap50 stocks and BN's TT for 17-06-2014 in Stock Wealth.

Thanks and Regards

Ilango said...

@ Sudhakar,

Thank you; it was still in draft.

Posted.

Ganesh IC said...

Good Morning Sir & JN Family

Sonu said...

GM Master and All!

Have a profitable day...

arvindkering said...

Sir
Kindly update lvls for BN
Thanks
Arvind

Sonu said...

Fight on for 7500 strike from the very beginning of the day:
http://www.niftytrader.in/nifty/nifty-live-change-in-oi/

Manish said...

Goodmorning master and all friends,

Have a Great trading session today !! BN would be the weak link....for logical reasons.

Squander Star said...

Good Morning Master & JN Family

Ilango said...

@ arvindkering,

It is updated. See the post before "JNSAR for stocks for 17th June"

J.R.Julius said...

Price Action:
Yesterday NR7 & Doji.
Breakout@ 7549 +
Breakdown@ 7486 -

Prabhanshu Raman said...

GM Sir and Friends

Small IHNS in Nifty 5 mins spot. BO above 7552 (aprx), T1 7583, T2 7605, SL 7536

Prabhanshu Raman said...

Here it is:

http://prntscr.com/3tlsxd

Prabhanshu Raman said...

Also, if resisted at 7552 (aprx), then -WW may form and then trigger later on. See red lines:

http://prntscr.com/3tltea

venkatapathy l said...

Namaste Ilango Sir and blog friends

LV

Manish said...

Hi Prabhanshu

Could you post your BHEL +ww you mentioned yesterday ?

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