Monday, July 7, 2014

Nifty Pre-Market View.

FII's have been buying big(last 5 days) after the consolidation with in the major uptrend. (A fact worth keeping a part of the trading plan)
Prices, in the short term, have been closing above two key ST averages. (As long as prices close above these, technicals remain strong; after a close below it, follow up is impt; if not, trend would reassert)
The ST direction is "biased UP", as long as prices stay above 7697-7707 & close above these two key averages (21 or 34 hr smas).(When prices dropped to 7662 on Friday @ 1.00 PM, the 34 hr sma stood at 7662).
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.(7673 was the 61.8% retrace of the last rise from 7623 to 7755 on Friday & Nifty made a low @ 7662 & rose by 100 approx)
Aggressively Holding above 7698(2-Hr low), Conservatively Holding above 7689(DEma), uptrend continues....

14 comments:

Prabhanshu Raman said...

GM Sir and friends.
Idfc and rcom charts: click here

NEVER GIVE UP said...

Good Morning Sir & All Frineds.

Prabhanshu Raman said...

Sir, ihns in 1hr chart?
Neckline: 7679-7755
Shlder: 7590-7661
Head: 7442
Bo above 7760 (aprx),
T1 7854
T2 8050 (aprx)

venkatapathy l said...

Namaste Ilango Sir and blog friends

LV

D.S.SASAN said...

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

Have A Happy Day.

Ganesh IC said...

Good Morning Sir & JN Family

Prakash said...

gudmorning master and all fnrds

Sonu said...

GM Master and All!

Num Char said...

Good morning sir and Jn Team !!!
Happy budget week every one !

Since morning resisting at R1 .

Sonu said...

@Ilango Sir,

From EW angle: 5 waves seems completed at day's high or another high pending to complete a 5er?

Sonu said...

OI supports the view that top is somewhere near. Either already done or will be done close to 7820 levels.
http://www.niftytrader.in/live-nifty-open-interest/

Guru Krishnan said...

GOod Morning Master and friends.. have a great day...

MID POINT is 7723 (R-7974 S-7471) PCR 0.63.. May be a flat day...

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