Wednesday, July 23, 2014

Nifty Pre-Market View.

FII's have been buying again for the last 5 days, after 3 days of minor selling- a resumption of the major uptrend. 
Prices, in the short term, have closed above the two key ST averages. (As long as prices close above these, technicals remain strong; only a close/sustaining below it would reverse the ST trend
The ST direction is "biased UP"(Remaining OverBought in Hour T/f for long suggests of bullish undercurrents), as long as prices stay above 7718 & close above these two key averages (21 or 34 hr smas). 
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
Aggressively Holding above 7721(2-Hr Low), Conservatively Holding above 7680(DEma), uptrend continues....
Aggressively Holding below 7718(3 Hour Low), Conservatively Holding below 7674(last pivot low), correction could resume....
(EW wise, 7459 to 7722 , a 5 done and another 5 unfolded from 7674 to 7756 and yet another 5 is unfolding from 7718, always holding around a retrace of either 38% or 50%)


24 comments:

Guru Krish (Trading Nirvana) said...

Good Morning Master --
Aggressively Holding above 7721(2-Hr Low), Conservatively Holding above 7680(DEma), uptrend continues....

Aggressively Holding below 7718(3 Hour Low), Conservatively Holding below 7674(last pivot low), correction could resume....

What would be the resistance now in the top, can we take R2 as initial resistance???

venkatapathy l said...

Namaste Ilango Sir and blog friends

LV

Parminder said...

master ilango and friends,
good morning to all
regards

NEVER GIVE UP said...

Good Morning Sir & All Friends.

DNSHUKLA said...

Good mng Sir and Friends.

amber said...

Guru ji charan vandan

Rasendra Zala said...

Good Morning yo Ilango Sir and Friends.
Have a good day.

Crorepathi said...

Come on Nifty Come on, BN will power new highs!

prakashbkc said...

prabhansu sir ,

any view on tata steel It is not moving with market

Madhu Deego said...

Good Morning Sir and Friends

Guru Krish (Trading Nirvana) said...

Huge Intra Additions seen in 68k PE..

Guru Krish (Trading Nirvana) said...

ERR --- 78k PE 77k PE out of reach now....

Prakash said...

gudmorning master and all frnds

Ilango said...

@ Guru Krish (Trading Nirvana) ,

7812-18 is the immediate resistances from Pivot tables. A part booking here is alright.

Trailing may be done using last rise retrace from 7718 to 78xx..

Last high was 7809 and I believe, prices would make substantial higher high above 7809.. Nevertheless, manage the trades with a trailing number as stated above.

Guru Krish (Trading Nirvana) said...

@Crorepathi JAI HO!! Looks like now the target will be R-7872 :) with new lifetime high :) support is placed at 7726..

Guru Krish (Trading Nirvana) said...

@Master -- JAI HO thank you thank you thank you for everything :)

herry said...

dear ilango sir can given me INFY viwe plz..?

Crorepathi said...

Guru Jai Ho Master.

Sir,
This weekend put a post on celebrating life, as your last weekend has put many people in silent mode! , lolz

Guru Krish (Trading Nirvana) said...

Looks like Bulls want a hourly close above 78k ... look at the correction, complete sideways :P

Ganesh IC said...

Good Morning Sir & JN Family

Prabhanshu Raman said...

@ Prakashbkc, TS may be correcting for the rise from 492 till 572. We observed rising wedge in hour chart and sell triggered at 567 keeping SL at 570.70 with tgts as 552 (aprx) and 537..

prakashbkc said...

thanx Praqbhansu sir

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