Friday, September 26, 2014

Nifty Pre-Market View.

Last Week's candle - Hanging man making its presence & having a follow  up from OB zone.
FII's have net sold in the last Six days, & big on last three days with a rising VIX...
Week has been in overbought zone with continuing -ve divergences and hour has reached oversold zone & the day is heading into the OS zone.
The number quite relevant is "WLEma" -7892 & 7885, 50dsma.
Prices are reversing from the weekly channel top towards 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 & was expected to bottom around 7852-62/ 50 dsma (Break of 7841 would negate this view; BN negated this view on 24th itself.)
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 8060 & 8105.
For intraday, mild strength above 7938, last- hr High/ Day's Pivot or sustaining 7885, 50dsma..
Major support exist at 7856-62/ 50 dsma, break & close below it would lead to deeper correction.

15 comments:

venkatapathy l said...

Namaste Ilango Sir and blog friends

LV

Anandha said...

If nifty not finding support in this range on weekly, we may not even see strong pull back. Nifty heading towards 76XX - 74XX levels. Manage margins and trade short side.

http://prntscr.com/4qdk7l

marina s rao said...

Namasthe Master & Blogmates.

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

marina s rao said...

Master,

In Trade Table Max. gained needs correction as : 8049 - 7877 = + 172 not + 182 as mentioned.

Plz check.

Badri said...

Goodmorning Ilangoji and friends. NSE holidays next week.

02-Oct-2014 Thursday Mahatma Gandhi Jayanti
03-Oct-2014 Friday Dasera
06-Oct-2014 Monday Bakri ID

Sony XT said...

Looks kind of Panic Selling in Bank Nifty

Ilango said...

@ marina s rao ,

Thank you. Corrected.

Magesh Waran said...

good morning illango sir & blog mets

UNKNOWN said...

ILANGO SIR PLZ UPDATE ABOVE WHAT LEVEL STRENGTH GET CONFIRMED

UNKNOWN said...

64 POINTS KA PREMIUM KABHI LIFE MEIN NAHI DEKHA, BUT I DO NOT KNOW THAT WHETHER THIS IS BULISH OR BEARISH

Prakash Tamilnadu said...

NF OI at 16.3M in starting day of the new series. does it denote the strong prevailing trend?

Post a Comment