Tuesday, June 3, 2014

Nifty Pre-Market View.

Prices, in the short term, have closed above all key averages.
"Flat Correction" seems to be completed; the direction is now "biased UP" in the ST till prices continue to close above these key averages.
However, there is a channel resistance around 7446, approx. (80%)
Holding above 7225 at the open, taking support at DLEma, ST bounce continued towards 7360-94, 50%-61.8% of last fall.
Holding below 7450, correction would resume....
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. 
On Monday too such trade point emerged at open, the last rise (from 7219 to 7279) was retraced to 61.8% at 7242(7240) and market rose and reached DHEma plus 30 points at 7369(7371).
RBI event, if favourable, would impel prices higher. If not, prices could reverse from the above channel resistances discussed on the back of overbought hour t/a. Hence, look out for price action at channel top.

21 comments:

DNSHUKLA said...

Good Mng Sir and Friends.

marina s rao said...

GM Master & Blogmates.

Wish All Peace & Prosperity.

venkatapathy l said...

Namaste Ilango Sir and blog friends

L V

vishnu said...

Respected Sir & Blogmates,
Namaskar & Very Good Morning

Prabhanshu Raman said...

GM Sir and Friends.
Sir, 5 completed at 7368.50 or 3 from 7216?
Last rise should be taken from 7240?

Amit Agarwal said...

I was holding a short call yesterday below 7284. Had to hedge it.

Ilango said...

@ Prabhanshu Raman,

Last rise may be taken from 7240 and it might get concluded in the opening hour/ session.

80% & channel resistances are relevant in the opening session.

Also, look at BN chart for more clues as today is "its" day. It has run up ahead of it.

Asha said...

Good morning Ilango Sir and all the blog mates!

anmpatel said...

Master and friends, good morning

today's HA open level is 7291.2

all the best to all friends.

Suraj said...

Good Morning Ilango Sir and Friends

J.R.Julius said...

Good Morning Sir & Blog-Mates,
Have a Happy & Prosperous Day. ♥
-
Camarilla Keylevels - Nifty Spot
H4@7434 ↑
H3@7398 ↓
L3@7327 ↑

L4@7291 ↓

kishan s said...

Good morning to Mr.ilango and fellow traders

Prakash said...

gudmoring master and all frnds

Num Char said...

Good morning Sir and JN Team !!

Ganesh IC said...

Good Morning Sir & JN Family

Magesh Waran said...

Good morning illango sir and blog mets

prakash said...

Gopinath Munde passes away @ delhi in a road accident RIP..

Prakash said...

BNF in Discount? indicates anything?

Kiran said...

Volatile hour is here.

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