Wednesday, August 6, 2014

Nifty Pre-Market View.

Nifty, in "Trading mode", moved to DHEma(7747) while holding DLEma less 30pts(7621)...
The upmove from 7638 paused at 7673.70, did a shallow correction upto 7663(not breaking 7648) moved higher to 7752(short of 80% at 7758).
Hence, we look for a correction for that rise from 7663 to 7752, preferably till 7718, below which 7702 or 7697. Holding above 7697, uptrend continues...
If breaks 7697(or 7680), "the entire upmove would be an abc of X" and the next part of downmove could start with confirmation of breaking 7661.
It is a trader's market once you have started to see 3's & 4's.
Day technicals are vulnerable with trend indicator still below its trigger and so is Relative Strength Index.
A cluster of resistances are seen in the chart below from 7755 to 7810.

18 comments:

NEVER GIVE UP said...

Good Morning Sir & All Friends.

Rasendra Zala said...

Good Morning Ilango Sir and Friends.
What is the meaning of " It is a trader's market once you have started to see 3's & 4's "

vksoni said...

Good morning ilango sir and blogmates..

D.S.SASAN said...

Good Morning Dear Sir, Bros. & Sis's

Have A Happy Day.

venkatapathy l said...

Namaste Ilango Sir and blog friends

LV

The_Unprejudiced_Observer said...

@ rasendra zala,
Please read 'Always start trading with this' on the right bar of this blog. You will get amazing clarity.

Sonu said...

Good Morning Master and all!

The_Unprejudiced_Observer said...

For the start, 3's and 4's indicate Elliot wave.
Now what are Elliott waves? Please go through the section

Ilango said...

Hence, we look for a correction for that rise from 7663 to 7752, preferably till "7718"....

Strength gets confirmed above 7739-45;

weakness below 7725.

Nilesh Patil said...

Good Morning Master & Friends

prakashbkc said...

GM Prabhansu sir,
Any view on tata steel ?

Ganesh IC said...

Good Morning Sir & JN Family

sudharsan said...

Good morning Master and friends...Master last week we closed below wk5dema and has generated a sell on the rise....is it still active ??? Pls guide

mridul deka said...

goodmorning @Illango sir n mates

If a = 7809 to 7422

b = 7422 to 7841

c= 7841 to 7445,7358 (if a=c=387 , after d break down 7661 can we expect)

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