Friday, June 6, 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(21 or 34 hr smas).
Also, prices have broken past the channel resistance around 7425.
Holding above 7408, uptrend 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. 
7377-84 & 7408-16 are two key supports today.
Flowing with the market: Since Nifty reached the channel top " 7433", correction/ reversal was expected as per the pattern/ EW forms and this led us to keep two options in mind and to be vigilant; accordingly, when prices fell from 7415 to 7361(DEma), we kept the retrace ready as well as looked for the "abc" sub-waves. "a" did a 21 points to 6382 and "b" fell to 6367.65 and we anticipated "c" to complete around 6389 and reverse but it did not show weakness; hence, we alerted "sustaining 6389 is strength" and Nifty moved near 100 points on conquering 21 hrsma, a critical average.
Describing a market "too high" is an opinion; and describing a strongly trending market as "overbought" using indicators that serves well in a sideways market is like "using a wrong tool".
Market does not care about our opinions; our tools; it has a mind of its own.
Only following and "following with an objective mind" would keep you in the right track.
"No truck", "No excitement" will sustain your success in this journey.

26 comments:

Pattern Trading said...

Good morning master ..

"Market does not care about our opinions; our tools; it has a mind of its own.
Only following and "following with an objective mind" would keep you in the right track.
"No truck", "No excitement" will sustain your success in this journey."

Great words to keep in dairy .....

Everyday is a new learning for me here... Hope and pray this sucessfull journey continues for many many years to come ..

J.R.Julius said...

Good Morning Sir & Blog-Mates,
Have a Happy & Prosperous Day. ♥
-
Cámáríllá Key Levels - Nifty Spot
Breakout@7542 ↑
Resistance@7508 ↓
Support@7440 ↑

Breakdown@7406 ↓

vksoni said...

Good morning ilango sir and blogmates

venkatapathy l said...

Namaste Ilango Sir and blog friends

LV

Suraj said...

Good Morning Ilango Sir and Friends

Sonu said...

Good Morning Master and Friends!

Wish you all a profitable day...

anmpatel said...

Good Morning Master and Friends..
Today's HA open level is 7402.8.

amber said...

Guru ji charan vandan and everyone good morning

Prakash said...

gudmorning master and all fnrds

Ilango said...

Bullish:
7498 7486 ... is 38%-50% retrace of the last rise from …… 7437 to 7535

80% is - 7457

If strength to return again, it should be around 7498 7486

Weakness gets confirmed Below 7486 OR 7457

anmpatel said...

BN trading above the downtrending TL...aage aage dekhte hai hota hia kya....

vishnu said...

Respected Master,
Namaskar

Sonu said...

Bulls with full confidence or over-confidence?
http://www.niftytrader.in/nifty/nifty-live-change-in-oi/

Chetna Jethi said...

Good morning, everyone!1

@Prabhanshu,,, shukar hai RCOM ko hosh aayi

Raghavendra said...

Faster retracement of the last fall from 7504 to 7216 is in place.

Fall from 7504 to 7216 took 4 days. Rise from 7216 to 7504+ took 3 days + change.

Forum Login said...

Ilango sir
Let Your golden words will be engraved on thw hearts and minds of those poor souls who keeps wondering (Including mine) why this market is not correcting /shouldn't it after such a huge run up ??

Chetna Jethi said...

http://prntscr.com/3q3ug6 rcom hourly

http://prntscr.com/3q3uut rcom 4 hour possible EW count

NI3 said...

@Chetna ji couldnt find attachement in here
thanks

Ganesh IC said...

Good Morning Sir & JN Family

shriram said...

GM Master & JN Family,

Cmin : 7495 is done & exceeded.. Copt =A comes to 7578 NS...

OTM CEs seem v v cocky & are unfazed by this rise... need to keep an eye on them

Have a gr8 Trading day !

Sonu said...

ONGC seems to be the breakout stock of the day
http://www.niftytrader.in/nse-stocks-volume/

Chetna Jethi said...

@NI3 copy and paste only link.. here is the one


http://prntscr.com/3q3uut


http://prntscr.com/3q3ug6

Raghavendra said...

Dear All,

Observations on BN as of 10 AM closing.

BN meets the trend line resistance ( similar to Nifty line yesterday ) at the high of 15413.
10 AM closing below Dev DHEMA : 15360 and above HHEMA 15347

NI3 said...

@Chetna
sorry was coping entire line i guess to open,,,,,,that's what it was not opening

DNSHUKLA said...

Good Afternoon Sir.

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