Thursday, September 25, 2014

Nifty Pre-Market View.

Last Week's candle - Hanging man.
The "break out" point, if any, during corrective phase in uptrend is above 21/ 34 Hr sma-8065-85 & this changes with each passing hour & gets updated in the "Hour Chart".
FII's have net sold in the last five days, & big on last two days with a rising VIX...
Week has been in overbought zone with continuing -ve divergences and hour is heading to oversold zone & the day is heading down from the OB zone.
The number quite relevant is "DEma" -8048 & 8069, Wk.Pivot.
Prices have broken down below the channel bottom.
Prices suggest of:
a) a major correction is underway for the rise from 5933 to 8180 with "A" wave completed at 7925 & "B" done at 8160 .
b) the 4th wave unfolding  for the rise from 7422 & may have completed at 7950.(Break of 7841 would negate this view)
c) The rise from 7540 to 8180 is undergoing a correction & likely to hold above 7856-62/ 50 dsma.
Bearish scenario opened below "8055"..
Bullish scenario open only above 8080 & 8160.
For intraday, mild strength above 8025, 2- hr High..
Major support exist at 7856-62/ 50 dsma.


marina s rao said...

Namasthe Master & Blogmates.

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

venkatapathy l said...

Namaste Ilango Sir and blog friends


venkatapathy l said...
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Good Morning Sir & All Friends.

amber said...

Guru ji charan vandan

Rasendra Zala said...

Good Morning to Ilango Sir and Friends.

Sai kadam said...

Good Morning to Ilango Sir

Ganesh IC said...

Good Morning Sir & JN Family

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