Friday, July 18, 2014

Nifty Intraday Update-II


31 comments:

Ilango said...

Pre-Market support: 7594-7609:- Low made at open:7596.

Pre-Market Resistance: 7661-76:- High done now: 7674.

If sustains the retrace of the last rise from 7627, more highs likely... If not, correction for the 5 wave unfolds or for the rise from 7596....

saz said...

@Ilanago sir,
thanks for the reply, thats way too high to go for short sl, i'm holding long with sl at 7547(34hr) which is roughly JNSAR(-20)..

Prithvi Raulji said...

@Master,

In Tony's Charts of BSE Sensex

He mentioned Big'C' @ 26200,

So is there caution for long ???

Pls

Okay said...

@Master

The 'B' wave possibility ruled out?
A) 7655-7595
B) 7595-7673
C) 7673-75XX

Ilango said...

@ okay,

No. It remains.

As stated earlier, the fall from 7809 to 7422 was a 3-wave structure.

It could do a Flat.

Or correction done at 7442 and next phase of upmove is unfolding. Either way, the direction is "UP" presently, till prices stay above 21/ 34 Hr smas or till a -ve div appears.

Ilango said...

The fall from 7674 to 7644 is of a 5 wave structure; caution here.

Keep an eye on "7668". Weakness below it; strength above it.

Prabhanshu Raman said...

Sir, fall subdividing??

Bharat Kumar said...

@ Ilango Sir - your views about TISCO pls! it did a .38 from 560. Can we say, that holding 548, newer highs still pending?

Prithvi Raulji said...

@ Master,

If Going below 7600 ,than 4th wave possibility Contd ..or We are now in final (v)

Ilango said...

@ Bharat Kumar,

I concur with your views. Holding approx. 548, more highs possible.

Ilango said...

@ Prabhanshu Raman,

Often, the correctives do a "running correction, especially in the (iv) to confuse the followers.

7653 7658 ... is 50%-61.8% retrace of the last fall from …… 7674 to 7632

80% is - 7666

If weakness is to return, it should be around 7653 7658

Strength gets confirmed above 7658 OR 7666

Ilango said...

Last hour, 1.00PM, hour candle is an "inverted hammer pattern". Follow up needed this hour.

Bharat Kumar said...

@ Ilango Sir - Thank you!

Ilango said...

Correction:

Last hour, 1.00PM, hour candle is an "Shooting Star". Follow up needed this hour.

Guru Krish (Trading Nirvana) said...

Very Comfortably placed PE 76k.... still no sign of CE writers even 77K CE is lacking it... 7750 CE looks like some resistance... lets see if price can crack 77K today...

DR.SGM said...

Dear sir,for me it looks 5th of 3rd is unfolding,pls clarify any negating point to my view.thank you.

DR.SGM said...

Sir,the other view would be the 5th of C wave.pls give ur valuable view.thank you.

Gani said...

@illango sir... what does that mean.. shooting star... nifty will go up or down... learning stage

Ilango said...

@ DR.SGM,

T/F & numbers please.

Ilango said...

@ Gani,

Shooting star forms after a sustained upmove and it is a first sign of topping pattern but it must be followed by weak close in the next period, here "hour", this hour. If not, the pattern loses relevance.

However, one must keep in mind the "lurking selling pressure" and remain alert.

cooldent said...

sir

7632-7662 is a 3 or 5?

Ilango said...

@ cooldent ,

3.

The alt. bullishness is from 7642.80, waves sub-dividing...

cooldent said...

Wow

Thanks sir :)

DR.SGM said...

7422-7524-1st, 7524-7459-2nd,7459-7569 as 3.1,7569-7532 as 3.2,7532-7655 as3.3,7655-7595 as 3.4,7595-76xx as 3.5. its in 30 minute tf.

Ilango said...

@ DR.SGM,

Yes. That is possible. And technicals too favour it...

Guru Krish (Trading Nirvana) said...

Looks like, this fall was used by 77k CE writers, ... absolutely noting in it now...

DR.SGM said...

Sir,in 5 minute tf,the fall from 7524 went into the territory of 1st wave.hence the view of abc [B].

keniya said...

Dear sir,

Devloping WHEMA number is correct ??? i.e. 7683

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