Friday, October 17, 2014

Nifty Intraday Update-II


Prabhanshu Raman said...

Sir, by another low i understood.. ie 5 waves from 7927 will be done if another low is done. For this prices shd not go above 7825 ie i wave from 7927.
what is the importance of 7791

Prabhanshu Raman said...

Sir, in 2nd chart, if we join 7925-7842, this trendline has given support at 7729 and 7724. Keeping this alt trendline in place, falling wedge scenario will remain in contention?

chetas said...

nifty making effort to get back in to the broken falling wedge/ triangle, for bears, 38% retrace at 7779/ day pivot ( NF 7818) acting as stiff resitance.

prabha - 7791 is the day pivot

Ilango said...

@ Prabhanshu Raman,

"7791" was stated if waves are to sub-divide which is generally not possible when prices are way below critical averages.

Yes. Falling wedge can still be in contention.

Ilango said...

If 7724 to 7777 is followed by an irregular flat, it is considered bullish. And prices must hold 7758 approx..

Prabhanshu Raman said...

Thank You Sir.
Thanks Chetas..

Sanjay Jaiswal said...

Dear Ilango Sir & Blogmates,

OI Table Update at 11:00AM, Pivot-7818, S1-7717, R1-7879, VWAP-7787

The stated Relief Rally is on, though resistance for the day getting stronger around 7900 Level, Reversal only on a close above 7856 NF…

Thanks & Regards

Ilango said...

1.00PM TT & Chart Updated.

Ilango said...

"Irregular Flat" was observed and it suggests "Bullishness"..

Now, manage trades with "last rise from 7753.10".

Prabhanshu Raman said...

+ww triggered at 7766 in 15mins. 1-4tgt line comes at 8000+. Sl as usual a close below 7766 in 15mins

gs said...

thanks prabhanshu

mridul deka said...

Illango sir,

Is this view still opened ?

Now, the retrace to be considered would be for "7868 to 7724"

7796 7813 ... is 50%-61.8% retrace of the last fall from …… 7868 to 7724

80% is - 7839

If weakness is to return, it should be around 7796 7813

Strength gets confirmed above 7813 OR 7839
October 17, 2014 at 11:31 AM

Sunil Minz said...

NF fall from 7935 to 7757 has exactly retraced to 38% to 7828
and rise from 7757 to 7828 38% retracement is 7802 we can use this level for intraday trade

chetas said...

Friends :

S&P 500, is showing a short term bullish Ascending triangle/ IH&S , targeting 1920, thats a 3.5% up move , any one carrying short based on global cues should be careful. Tonight Fed chairmen is speaking( unofficial ) and possible hint of QE continuing.

I think it would better to make money in diwali going long :)

Ilango said...

@ mridul deka,

I have shown using 3 studies, namely EW+TA+Supports & Resistances, to understand first the direction and then to initiate trades to make money.

If this rise is an "abc", it would get resisted at Resistances and the fall would resume.

If this rise is a more substantial one, it would move past the levels mentioned.

Ilango said...

Each day of this week, "Supports - Resistances" would have fetched a keen & unbiased trader who follow simple strategies a minimum of 50 to 100 points every day.

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