Friday, August 8, 2014

Nifty Pre-Market View.

Nifty, in "Trading mode", the lower most range for the day as per "Trading mode"is DLEma less 30 which is 7630-7600. Breaking & sustaining below it would bring the downward momentum.
Nifty has closed below the key ST (20)avg:7671.
Nifty has its key MT(50)avg:7609.
Hour T/A have turned down & prices are heading towards WLEma-7535.
Hence, we look for a fall towards , preferably till 7535.. Holding below 7695, downtrend continues...
It is a trader's market once you have started to see 3's & 4's.
Day technicals continue to be vulnerable with trend indicator moving down below its trigger and poised to move into negative territory and so is Relative Strength Index.
The broadening top pattern is at a crucial midpoint (wherein lies 50 dsma too) from where it has the potential to reverse. Hence, one should be alert, also being last day of the week, for a reversal possibility, though all the T/F trend is "Down", namely week, day & Hour..
Gaurav Sehgal sent last night "Albertson" chart which resembles Nifty, having a broadening top, breaking down below and then recovering...Today's global cues seem to tilt it towards Down..

22 comments:

deepak pinto said...

Subtle differences exist in the two broad tops
The e wave is different in terms of price
The post e wave plunge is not sharp in nifty
Etc

Nilesh Patil said...

Good morning master & friends

venkatapathy l said...

Namaste Ilango Sir and blog friends

LV

D.S.SASAN said...

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

Have A Happy WEEKLY Day.

vksoni said...

Good morning ilango sir and blogmates
7559-7565 quantitative support

Sonu said...

GM Master and All!

Prabhanshu Raman said...

Sir, with the gap down opening, can we say positive divergence in hour chart. Is it valid or we need more confirmation for positive divergence?

DNSHUKLA said...

Good Mng Sir and Friends.

Stockathon said...

Good Morning Sir & Friends...

Rasendra Zala said...

Good morning Ilango Sir and Friends.

Ganesh IC said...

Good Morning Sir & JN Family

Ilango said...

Bearish:
7610 7621 ... is 50%-61.8% retrace of the last fall from …… 7658 to 7561

80% is - 7639

If weakness is to return, it should be around 7610 7621

Strength gets confirmed above 7621 OR 7639

cooldent said...

Sir
Retracement from 7658 and 15010?

Ilango said...

@ Prabhanshu Raman,

Only if the Hour oscillators turn up & trigger while prices hold WLEma & reverse, could you consider a +ve div.

Yesterday's sharp upmove from 7639 to 7709, though turned the hour indicator up, it did not trigger and by the next hour the indicator turned down with a sharp price reversal. Often such indicator reversal below the trigger leads to sharper price moves just as we see in a fast fall set up where in averages behaves similar to indicators.

Trigger, thus, plays an important role.

Ilango said...

@ cooldent,

You're right. I have given the maximum retrace.

Jayesh Parmar said...

what about SBI, result today

Num Char said...

Good morning Sir and JN Team ,

Sir , from y'day high of 7709 to 7660 , can we say 5 done in shorter time frame if opening low is protected .

sudharsan said...

Good Morning Master and friends... Master request for views on SBIN

deepak pinto said...

some degree of 3 in a corrective down is unfolding is what it looks like

Trader Junkie said...

since we broke the 61% retrace at 7582, seems like this level can act as a resistance now and can fall from here as well ! Sir ?

Post a Comment