Wednesday, September 24, 2014

Nifty Pre-Market View.

Prices broke down below 21 hr sma after 12.00PM at 8119 & 8114 - 3 hr low and fell more than 100 points.
The "break down" point during overbought zone in uptrend below 21/ 34 Hr sma proved rewarding to the followers.
FII's have net sold in the last four days, & big yesterday with a rising VIX...
Week has been in overbought zone with continuing -ve divergences and hour reversed from the overbought zone & heading down again along with the day which has also reversed from the OB zone - the number quite relevant is "DLEma" (presently 8025, also WEma & the DLEma would change based on day's low)
Prices got resisted at the mid channel/ cluster resistances at 8157-61 and fallen to channel bottom.
Prices suggest of:
a) a major correction is underway from 8180 with "A" wave completed at 7925 & "B" done at 8160 .
b) the 4th wave unfolding  for the rise from 7422.(Break of 7841 would negate this view)
Bearish scenario opened below "8055"..
Bullish scenario open only above 8105 & 8160.
The cluster resistance at 8157-61 proved the "undoing for Bulls in ST".
For intraday, weakness continues below 8071, 2- hr High..
Major support exist at 7856-62/ 50 dsma.

8 comments:

gauresh59 said...

Many Many congrats to all Indian Scientists
For
Successful Mars Orbiter Mission

Vande Matram.......!!!!!

Nilesh Patil said...
This comment has been removed by the author.
Nilesh Patil said...

Good Morning Master & Friends

marina s rao said...

Namasthe Master & Blogmates.

Wish all Long life, Good Health, Peace & Wealth.

venkatapathy l said...

Namaste Ilango Sir and blog friends

LV

Crorepathi said...
This comment has been removed by the author.
krish pm said...

Master,

In Premaket view,

For intraday, weakness continues below 8071, 2- hr low..

Is it 2 Hr High 8071

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