Monday, July 14, 2014

Nifty PreMarket View.

FII's have started to sell after 9 days of buying- a 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 7522-33 & 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 7536(3-Hr Low), Conservatively Holding below 7570(DEma), downtrend continues....
Aggressively Holding above 7425(WLEma), Conservatively Holding above 7385-95(MHEma/50DSma), minor rally likely....

17 comments:

NEVER GIVE UP said...

Good Morning Sir & All Friends.

onkar said...

Pranam llango Sir and All Family Members

vksoni said...

Good morning ilango sir and blogmates

D.S.SASAN said...

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

Have A Happy Day.

vishnu said...

Respected Sir,
Sadar Pranam

marina s rao said...

GM All.

Wish all Long life, Health, Peace & Wealth.

hari said...

Gm Master & Blogmates

Ilango said...

Prices reached Pre-Mkt's support at 7425-33(7431)

deepak pinto said...

We now have clean retrace of the last 5 wave up move from 7441 in shorter time than formed

Magesh Waran said...

goodmorning illango sir & blog mets

Hitendra said...

BN not able to go above 21 sma in 2 mins chart ...

chetas said...

@ deepak

thanks for pointing out

Prabhanshu Raman said...

Sir, low made 7426, also falling wedge can be seen in 5/15/30 mins chart...oversold as well....minor bounce on cards now?

Stockathon said...

Good Morning Sir & Friends...

Ilango said...

@ Prabhanshu Raman,

7444 7440 ... is 50%-61.8% retrace of the last rise from …… 7427 to 7460

80% is - 7434

If strength to return again, it should be around 7444 7440

Weakness gets confirmed Below 7440 OR 7434

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