Wednesday, July 16, 2014

Nifty PreMarket View.

FII's have been selling, but in small qty, after 9 days of buying- a consolidation within the major uptrend.
Prices, in the short term, have closed above one of 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"(attempted bounce gathering mild strength), as long as prices stay above 7482-93 & 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 7518(WEma), Conservatively Holding above 7482(DLEma), rally continues....
Aggressively Holding below 7487(21HrSma), Conservatively Holding below 7472(2-Hr Low), downtrend continues....


19 comments:

Dharmendra Devarajulu said...

Dear Sir,

Thanks for all these glorious years which made traders life successful

Guru Krish (Trading Nirvana) said...

Good Morning Master and friends .. have a great day ahead!!

@master -- Aggressively Holding below 7487(21HrSma), Conservatively Holding below 7472(2-Hr Low), downtrend continues... What will be the immediate resistance zone? since price is already above all the four number you have mentioned... (7518-7482) (7487-7472)

venkatapathy l said...

Namaste Ilango Sir and blog friends

LV

Ilango said...

@ Guru Krish (Trading Nirvana),

7610 to WHEma initially..

onkar said...

Good Morning "Master" and friends ..

D.S.SASAN said...

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

Have A Happy Day.

Ganesh IC said...

Good Morning Sir & JN Family

vishnu said...

Respected Sir,
Namaskar

Bharat Kumar said...

@ Prabhanshu - Any update about RCom...? Concerned because its not exactly acting like a stock in the 3(iii) wave! No Swiftness!

Raghavendra said...

@ Bharat,

Referring to Day chart.

To my eyes - RCOM is still in 2nd wave . Likely that "C" DOWN is going on to 105 to 86 levels.

Shriram / Prabhanshu may provide additional views on the same.

dharmu mishra said...

respectd shriram sir
few days back you commented on expected banknifty rally as per your study
is it valid now if so what should be the support level for it

The_Unprejudiced_Observer said...

@ Ilango ji,

Belated Happy Anniversay of 'Sharing and Caring" !!

Bharat Kumar said...

@Raghavendra - Thanks! :-)

Guru Krish (Trading Nirvana) said...

Just 4 NF premium ?? and today is 16th of July more half way to go :)

Bharat Kumar said...

@ Raghavendra - Are you referring to the 2nd sub wave within the 3rd wave, OR the 2nd big wave itself?Cause if RCom is in its 2nd sub wave, even a "C" down here should not breach 113.5, 'if' the 3rd has started from there...

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