FII's are buying interspersed with a day or two of selling during this month, typical of consolidation.
Prices, in the short term, have closed below two key ST averages.
"Consolidating 2nd wave" seems to be underway within a broad channel, as long as prices stay above the cluster zone of 7322-44;
The ST direction is "Sideways" till prices continue to close between DHEma & DLEma and continue to close below these two key averages (21 or 34 hr smas).
Aggressively Holding below 7554, Conservatively Holding below 7580, 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.
Note how prices are consolidating in a broader channel and remaining in the "upper zone", having positive bias. Once they break this middle line, the bias would turn negative.(It broke down & closed below it yesterday)
Momentum would return above this channel.
Consolidation continuing for "investors" for the next big upmove as long as "7300" is protected.
7548-7554, pivot, averags & 7577 are two key resistances now
and
7477-84 & 7445 are two key supports today.
18 comments:
sir ji, GM.
If u could please elaborate on following nos: cluster zone.aggressive and cosevative holds . <7571 correction to continue
and res and supp nos
Good Morning Master and Friends.. have a great day ahead!! ...
Namaste Ilango Sir and blog friends
LV
can any one confirm , whether 34hr and 21hr both are at 7554. I get the level of 7558.86 for 21 hr and 7553.18 for 34 hr sma , in sharekhan TT, whereas TT shows both at 7554 , hence asking
Thanks
Good Morning Dear Sir,Bros.& Sis's,
Have A Happy Day.
Good Morning Ilango Sir and Friends
@ chetas,
You are right.
But I post the likely numbers of the next hour, i.e., for 10.00AM.
Sir,
Thanks for the clarification
@ suresh,
Please read through the following topics and take your time to understand them; then, you will be able to use these numbers:
Applied Technical Analysis
JNSAR- a SAR Method
Tech.Table Reading
Trading with Discipline
Market Wisdom
For Beginners
Supports and Resistances
Pivot points for trading
Trending & Sideways market Trading
Trend following & Tech. Table reading..
Trend following - the most basic of all.
Trendlines-the most basic of all
Namaste Sir and all,
Tatamotors HOUR CONTRACTING TIRANGLE Chart CLICK HERE
Tata Motors DAY DIAMOND PATTERN CLICK HERE
Tatamotors Week Wolfe Wave CLICK HERE
TATAMOTORS DAY CHART CLICK HERE
Holding 423-424 Week LEMA is the Key for any Upmove.
7529 7536 ... is 50%-61.8% retrace of the last fall from …… 7560 to 7497
80% is - 7547
If weakness is to return, it should be around 7529 7536
Strength gets confirmed above 7536 OR 7547
Good Morning Ilango!
It seems the labeling has changed in the above chart and we are still in 'b". Also deduced that 'c' of 'a' is truncated indicating buying pressure. could you throw some light on this
Thank you!
Market seems strong not breaking yesterday's low. Can agressive buyers start buying at this level anticipating JNSAR likely to be triggered either today or tomorrow?
@ ravi,
How do we know - JNSAR is like to be triggered either today or tomorrow ?
New Post Done.
GM llango sir
C started from 7662 and has to be impulsive 5 waves and 3rd should not be the shortest are we now in fifth from 7558 please guide
@Raghavendra sir,
Global markets are doing well, FIIs are still buying, expiry week, and longterm & medium term trend is UP, consolidation is on. Thats why i feel there may not be much downside from here. However, since I following JNSAR only i am short. Just wanted to check with all seniors can we jump the gun.
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