@ Num Char ,A simple view would be a 5 done from 7709 to 7560. But there is no technicals that suggest of a reversal possibility "yet".Hence, we look for a possible waves sub-dividing. Accordingly we have taken the last fall from 7658 to 7560. Prices so far has retraced the min. 23.6% at 7584. Let us wait & see.
@ Trader Junkie,Possible.But from price chart above "7594-96" & DLEma are the two key resistances.
Don't you think that with weak global clues, gap down resistance at 7592 may be difficult to cross?
GM Master, IN nifty Is ?Flat correction going on for downmove?
@ Prana Swaminathan,What the market would do - I do not know and I shouldn't think too.What the prices are showing, I should consider.Prices may get resisted at 7582, 61.8% OR prices get resisted below "Gap down Open @ 7592", or prices would attempt & fail at earlier support-turned resistances now at 7594-96 or at DLEma - all these are possibilities.We pick a "low risk-high reward" one based on our method or strategy and must stick to that.Whenever prices move far away from "averages", there is a tendency to "catch up" by either a sharp bounce or a shallow-time consuming correction.Today'sd global cues are of no use to a trader as "Nifty was already down - week, day & Hour" - a trend follower would have benefited anyway. But if global cues were positive, then it would have offered a selling opportunity.Presently, it offered a part profit booking.
Thanks Sir !Looking into the ABC quantitatively according to top chart ,A-> 7841 -7595 = 246 B->7595 - 7752 = 157 (61.8 of A)C-> 7752 - 75XX a-> 7752-7638 =114 b-> 7638 -7709 = 71 (61.8 of a) c-> 7709 - 7560 = 149 (138 % of a till now )A=C can take it down towards 7510-7515 zone .
Has anybody noticed, NF low at 7582.50 bang on 0.618% ?
Ilango sir all levels u refer are nifty spot levels?
Hi ItradeForprofitDaily what is 0.618%?
@Kumar K,Look at the Retracement levels in TT
ilango sir,after a couple of days , today pcr has gone below zero intraday, though support still exists at 7600 pe,
sorry below one
hello & good morning sir & blogmates7560 imp turning level on closing basis.
Prabhanshu Raman - Any view on TISCO today?
Does anybody know what time are the results of SBI and M&M?
below 7560 we are expecting a swift move.niftyspace4u.blogspot.in
Itradekahi pe nigahe kahi pe nishana?7582 spot is 0.618spot low made 7560
@ ramanSbi results , normaly comes around 1.30 and management talk around 3 , saying it from my memory
@ITFPD61.8 for NF if calculated based on NF high and low will be different, as Nf low was 7445 in july
sir,what is the possibility that market touches 6700-6800 (200 DMA) in next 3 months.
Open High - Tisco, Bhel, Tata power, Asian paintsOpen Low- TCS, MCD
@ Ashutosh Agarwal ,Immediate reliable support if breaks below 7515-35 is around 7422-7442.We should, then, consider other possibilities if technicals demand for "7300 or 7215"."7131", the low made after "Exit poll result gap up" is being considered as a major demand point. There should be buying interest coming in before that.Let us take it one at a time.Firstly-7515-35.Next -7422-42Next- I need to work on this one.
some divergence slowly emerging with 5 mins showing that. Maybe the vth wave is now done ! Sir ?
Just for information :Though NS made new low, the no. of stocks in Green / neutral increased from 2 stocks (HCL&TCS) to 7 stcosk-, but all of them are defensive TCS, HCL, Pharma, ITC and bhartiSo money moving to defensives...
@ Trader Junkie ,It resembles an irregular correction with its "b" making a new low and "c" unfolding, to be followed by more lows "as long as prices get resisted at "7594-7615"
New Post Done.