Monday, August 4, 2014

Nifty Pre-Market View.

FII's have started to sell for the last 3 days, after 9 days of buying- a resumption of consolidation within the major uptrend. 
Prices, in the short term, have closed below the two key ST averages. (As long as prices close below these, technicals remain weak; only a close/sustaining above it would reverse the ST trend
The ST direction is "biased DOWN", as long as prices stay below 7721 & 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 7656-70(50%-61.8%, DLEma,Wk.Pivot, 20DSma), Conservatively Holding below 7721(61.8%), downtrend continues....
Aggressively Holding above 7628(WEma), mild strength possible....
The 4th wave debate has been explained with the chart below..



13 comments:

venkatapathy l said...

Namaste Ilango Sir and blog friends

LV

D.S.SASAN said...

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

Have A Happy Day.

SUBASH M said...

good morning master...

DNSHUKLA said...

Good Mng Sir and Friends.

Stockathon said...

Good Morning Sir & Friends...

Unknown said...

GM Sir n friends. Anyone seeing a WW + pattern on Reliance forming ?????

Ganesh IC said...

Good Morning Sir & JN Family

vishnu said...

Respected Master and blogmates Good Morning

PAT said...

Good morning Sir and Friends.

Suraj said...

Good Morning Ilango Sir and Friends

Unknown said...

BNF to find support around 15267 - 15250 level which is its 25SMA. below this probable MAYHEM

Unknown said...

WW++ pattern if at all on Reliance Future shud b completed around 983 level

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