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.
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.
13 comments:
Namaste Ilango Sir and blog friends
LV
gm master
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.
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Master,
In Trade Table Max. gained needs correction as : 8049 - 7877 = + 172 not + 182 as mentioned.
Plz check.
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
Looks kind of Panic Selling in Bank Nifty
GM Sir & friends
@ marina s rao ,
Thank you. Corrected.
good morning illango sir & blog mets
ILANGO SIR PLZ UPDATE ABOVE WHAT LEVEL STRENGTH GET CONFIRMED
64 POINTS KA PREMIUM KABHI LIFE MEIN NAHI DEKHA, BUT I DO NOT KNOW THAT WHETHER THIS IS BULISH OR BEARISH
ILANGO SIR?
NF OI at 16.3M in starting day of the new series. does it denote the strong prevailing trend?
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