Thursday, July 24, 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 7753 & 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 7772-78(50%-61.8% of last rise), Conservatively Holding above 7719(DEma/ Dev.34Hr Sma), uptrend continues....
Aggressively Holding below 7827(HL4), Conservatively Holding below 7842(R2), correction could resume....
(EW wise, initial retrace of either 38% or 50% gave way to 61.8% retrace, early signs of selling pressure emerging - sub-waves leave little room to speculate; look for the channel support to decide decisively, also 34 Hr Sma...)


16 comments:

venkatapathy l said...

Namaste Ilango Sir and blog friends

LV

SUBASH M said...

good morning sir,

vksoni said...

Good morning ilango sir and blogmates,
early signs of selling pressure emerging - sub-waves leave little room to speculate...
look like some kind of 4th unfolding.

marina s rao said...
This comment has been removed by the author.
marina s rao said...

GM Master & Blogmates.

Wish all Long life, Health, Peace & Wealth.

prakashbkc said...

Prabhansu sir,
thanx for update on tata steel I have long on tata steel ytoday at555 any target for this ?

Prakash said...

gudmorning master and all frnds

raghava said...

Exactly taken support @7772.

Prabhanshu Raman said...

GM Sir and Friends.
Prakashbkc, small falling wedge formed yday and broke out at 553. Keeping SL at 551, tgts 556 and 563

Ganesh IC said...

Good Morning Sir & JN Family

prakashbkc said...

thanx Prabhanshu sir as it breaks 563 then any upside target ?

D.S.SASAN said...

Good Morning Dear Sir, Bros. & Sis's,

Have A Happy Day.

Prabhanshu Raman said...

prakashbkc, patternwise...tgts are done...I cant say post that...limited knowledge

idfc: on daily chart, -ww is formed and day close below 158.05 will trigger it with 1-4 line tgts at 120. SL wud be a day close above 1-3-5 line (158.05) post trigger. Yday it already closed below it, need another day's confirmation

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