Tuesday, June 24, 2014

Nifty Pre-Market View.

FII's are selling for the last 3 days in small qty., typical of consolidation. 
Prices, in the short term, have closed below two key ST averages. 
"Consolidating 2nd wave" seems to be underway(or done almost at 7410-33) 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 7536, Conservatively Holding below 7562, 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 broke the middle line, reaching the next support zone of 7410-33.(also the day channel support for the day @7412, also WEma)
Keeping below 7543-54, 34 Hrsma & Wk.pivot, prices could head towards 7410-33 zone to complete the correction.
Strength above last cluster res.@7562, also JNSAR & 2-Day High.

19 comments:

Guru Krishnan said...

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

Master when Price move > 7536 can this be taken as 2 completed or only above 7555-80 zone??

D.S.SASAN said...

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

Have A Happy Day.

Parminder said...

Master ilango and friends, good morning to all
regards

MrVermar said...

Good morning Master....

Just for education purposes...

Infosys daily chart making an evening start pattern... other IT Stocks breaking down yesterday.

Sectorial rotation again???? Obviously needs a follow up.

Am i right in identifying the pattern?

Squander Star said...

Good Morning Master and Friends

Stockathon said...

Good Morning Sir and Friends...

Squander Star said...

Bank nifty is trading above it WK Pivot &34 hr sma... hope nifty follows the suit too

J.R.Julius said...

Good Morning Sir & Blog-Mates, Have a Happy & Prosperous Day. ♥
-
Cámáríllá Key Levels - Nifty Spot
H4@7545 ↑
H3@7519 ↓

L3@7468 ↑
L4@7442 ↓

Stockathon said...

80% @ 7536 for retrace of 7560 to 7442 surpassed.

Now waiting for JNSAR to trigger Longs @ 7562

or CAM H3 @ 7519 to trigger/add Shorts again.

Share & Be Sure said...

Nifty swiftyly in ND's Sell zone

shriram said...

GM Master & JN Family,

All power to the WW !!

Have a gr8 trading day

Bharat Kumar said...

@ Chetna - RCom update pls!

vishnu said...

Respected Master,
Very Good Morning

Chetna Jethi said...

@Bharat,,,,bhai jaan,,, ab kya update,,,148 ka stoploss hai,,bhar lo......

Bharat Kumar said...

@ Chetna - lol. ok. thanks!

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