Monday, June 23, 2014

Nifty Pre-Market View.

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 
7477-84 & 7445 are two key supports today.


suresh said...

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

Guru Krishnan said...

Good Morning Master and Friends.. have a great day ahead!! ...

venkatapathy l said...

Namaste Ilango Sir and blog friends


chetas said...

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


D.S.SASAN said...

Good Morning Dear Sir,Bros.& Sis's,

Have A Happy Day.

Suraj said...

Good Morning Ilango Sir and Friends

Ilango said...

@ chetas,

You are right.

But I post the likely numbers of the next hour, i.e., for 10.00AM.

chetas said...


Thanks for the clarification

Ilango said...

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

chandiok said...

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!

ravi said...

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?

Raghavendra said...

@ ravi,

How do we know - JNSAR is like to be triggered either today or tomorrow ?

Sunil Minz said...

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

ravi said...

@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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