Friday, July 11, 2014

Nifty PreMarket View.

FII's have been buying for the last 9 days after the consolidation within the major uptrend.
Prices, however in the short term, have closed below two key ST averages. (As long as prices close below these, technicals remain weak; only a close above it would reverse the ST trend)
The ST direction is "biased Down"(but oversold  & attempting a bounce), as long as prices stay below 7651-7663 & close below 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 below 7625(DEma), Conservatively Holding below 7679(JNSAR/ Wk.Pivot), downtrend continues....
Aggressively Holding above 7537(last hour low), Conservatively Holding above 7495(34 DEma), minor rally likely....
Since both Nifty & BN shows a 5 wave structure from 7809(15593) to 7479(14622) and a sharp rebound was seen on budget day(a-wave), prices have started to trade((a) of b done) within the broad range set on budget day...(the treacherous "b" wave).
For Bullish ST ( bias up as long as 7537 & 7495 are held, and prices clear each resistances stated above...
In either cases, there will be choppiness to be taken advantage of...

9 comments:

marina s rao said...

GM All.

Wish all Long life, Health, Peace & Wealth.

ajaya Kumar said...
This comment has been removed by the author.
ajaya Kumar said...

Good morning all.
Professionals are follows Technical s and rules.
Armatures and enthusiasts are follow the sentiments often caught by the wind raised to sky and then buried in the sand.
Is yesterdays Doji is a trend reversal ?

venkatapathy l said...

Namaste Ilango Sir and blog friends

LV

Manish said...

Goodmorning master and all friends,

@ master : Nobody can explain EW better than you.Hats off !!!

Hitendra said...

BN extremely volatile yet again ... already a 200 points swing.

Ganesh IC said...

Good Morning Sir & JN Family

Prakash said...

gudmorning master and all fnrds

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