Thursday, October 16, 2014

Prices under pressure till below 50 & 20 Smas in the short term..

Prices restricted within the "DLEma less 30" @7825 & moved higher to DHEma & reversed down & have closed above DLEma;
if manages to move above 7906, 2 Hr High, short term prices would move towards the cluster resistances of 7928, week high & 7972, last week high..
Day trend has paused with a close above DLEma..
As the chart below suggests, prices are most likely to reach the weekly channel bottom..
ST strength remains weak below Wk.pivot(7883) initially & returns above it & more above the critical MT average 50dsma(7920).
Hour chart suggests of "Contracting triangle" with prices oscillating between these two ranges while technicals getting weaker by each day..
Critical supports are 7821 & 7785.

20 comments:

D.S.SASAN said...

Good Morning Dear Sir, Bros. & Sis's,

Have A Happy Day.

Aru said...

GM morning to master and all.

@Master. What is the rational between time period of each Elliott wave. Impulse wave will take longer time or correction will take longer time than previous corresponding impulse cycle time period. Please clarify.

Regards
Aru

Nilesh Patil said...

Good Morning Master & Friends

venkatapathy l said...

Namaste Ilango Sir and blog friends

LV

vikupal said...

Good Morning Master & Friends

Rasendra Zala said...

Good Morning to Ilango Sir and Friends.

Ganesh IC said...

Good Morning Sir & JN Family

Sourav Kundu said...

I cannot believe my eyes.... Dow was crazy for the whole day and look at Nifty... as if nothing happened!!

brijsolution said...

Gm Sir,, & Friends,,

Really .. From last few days Nifty testing our PASSION,,

Sonu said...

GM Master and All!
Google finance working for anyone?

gs said...

@sourav @brij seems like index management going on whats your view?

gs said...

google finance not updating

Ashof Michael said...

@sonu... not working for me. :-(

brijsolution said...

Not much idea,,

But one thing is sure on chart that below 7800-7750.. trend will be changed..

& it will continue for at least few weeks..

So here many will be trap if break that above mention level..

& investor have to wait for at least 2015..

& if this above level hold then continue fill that 5th will be start soon as sir mentioned in chart..

brijsolution said...

Sir & Friends.. what is a view for CAIRN ..

Is it good level to buy here ?

As 275-270 good support on monthly chart.

Ilango said...

@ Aru,

Normally corrections take longer than the impulsive moves. It is not a rule. Impatient markets would do lesser time corrections.

Sonu said...

OI and PCR don;t indicate of a false upmove so far. Lets keep a close watch. Highest addition in 7800PEs..
http://www.niftytrader.in/nifty-live-change-in-oi/

Sonu said...

Anyone knows of a google finance substitute?

Prabhanshu Raman said...

GM Sir and Friends.

Till the time google finance start working, use yahoo finance:
https://in.finance.yahoo.com/echarts?s=%5ENSEI#symbol=%5ENSEI;range=1d

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