Tuesday, August 5, 2014

Nifty Pre-Market View.

Nifty, after a close below DLEma, failed to follow up and closed above DLEma and thus got back into the "Trading mode"...
FII's have started to buy again, after 3 days of selling- a 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 7697(DEma), Conservatively Holding below 7715(34 Hr Sma), downtrend continues....
Aggressively Holding above 7657(DLEma), mild strength possible....
EW: In the ST, two scenarios seen: 
Holding the retrace(7659) of last rise from 7636, new upmove unfolds, supported by OS day;
OR
Holding below 7721, prices resume the downmove.

12 comments:

venkatapathy l said...

Namaste Ilango Sir and blog friends

LV

Prabhanshu Raman said...

GM Sir and Friends. Watch out for +ww trade today

Prabhanshu Raman said...

Shri....where are you man??

vksoni said...

Good morning ilango sir and blogmates

SJkolkata said...

Prabhanshu,
I missed probably ur WW.
What's the trigger point?
Thanks and regards

Prabhanshu Raman said...

Sir, do we need to see retrace for the rise from 7636 to 7714 (instead of 7695)?

Prabhanshu Raman said...

@SJK:
Prabhanshu Raman said...
Another bullish pattern in making in nifty. If close is above 7701 for 2 15mins..then +ww will trigger with 1-4 tgt line at 7850+
August 5, 2014 at 12:23 AM

SJkolkata said...

Thanks Prabhanshu.

Ilango said...

7675 7666 ... is 50%-61.8% retrace of the last rise from …… 7636 to 7714

80% is - 7652

If strength to return again, it should be around 7675 7666

Weakness gets confirmed Below 7666 OR 7652

Magesh Waran said...

good morning illango sir & blog mets

Suraj said...

Good Morning Ilango Sir and Friends

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