Wednesday, June 4, 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 7325, day pivot, at the open, ST bounce continued towards 7408-28, pre-mkt's resistances. Holding below 7450, correction could 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 Tuesday too such trade point emerged in the 02nd session, the last rise (from 7342 to 7425) was retraced to 61.8% at 7374 and market rose by 45 points to 7420.
Key averages are far below which could result in a grinding session if held below 7450.
7339-42 & 7374-87 are two key supports today.

21 comments:

Raghavendra said...

Good morning Ilango sir - should we read the line as " holding 7375, day pivot at the open "

DNSHUKLA said...

Good Mng Sir and Friends.

marina s rao said...

GM Mater & Blogmates.

Wish All peace & prosperity.

venkatapathy l said...

Namaste Ilango Sir and blog friends

LV

Anandha said...

Ilango sir,

In short term,There is a trend line resistance at 7445 with hourly over bought conditions. Daily chart says MACD and RSI shows -ve divergence if prices close higher today which may result is price resisting at trend line resistance. Also weekly, chart shows bearish engulfing last week.If tomorrow or today, price closed below Hourly high EMA can we initiate shorts ?

Prakash said...

Good morning Master

@Raghavendra
It was yesterday s premarket view.

raghava said...

Good Morning Master.

Prakash said...

gudmoring master and all frnds

Ganesh IC said...

Good Morning Sir & JN Family

Amit Agarwal said...

Need formula for JNSAR calculation in spreadsheet.

Rasendra Zala said...

Good Morning to Ilango Sir and friends.

sometimesbullsometimesbear said...

@Amit Agarwal...Good Morning......

aaaam khana hai ya gutli fixed deposit mein rakhna hai...?????

BTW I also need the formula for the American Drone......:):)

Have a great trading day all.......:):)

vishnu said...

Respected Sir ,
Namaskar

shriram said...

GM Master & JN Family,

Gotta Dance with the market, gotta stick n move, wid min. damage to the body capital...

Float like a Butterfly & Sting like a Bee, them hands cant catch, what the eyes cant see !

have a gr8 trading day :-)

Prabhanshu Raman said...
This comment has been removed by the author.
Prabhanshu Raman said...

Sorry, wrong identification of -WW, so deleted my comment.

Guru Krishnan said...

@STB lol .. DRONE hahahaahaaaa

Ilango said...

Rising wedge seen in prices from "7342 lows till now"-Chart will be updated in "Nifty Intraday update-I".

satheesh said...

Namaste Sir and all,

Tatamotors from the support of 50 DMA @ 417-418 - has reached the 10 DMA @ 429.5 @ Bearflag resistance and Hour channel resistance. Breakout above 429 and to sustain breakout EOD close must be above 10 DMA.

kizar khan said...

Hi satheesh sir, thanks for update plz update tatamotors chart into your blog

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