Thursday, June 26, 2014

Nifty, in sell on rise mode, unable to close above "Key averages", succumbed to "supply glut"..

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty Pre-Market View.

If you can't follow the market after choosing a particular method/ study with discipline, do not label it a myth as in sour grapes. The tendency of most has always been to find the "blame" outside when it actually resides in "self" just as "most people look for GOD outside when He resides in us".
Life is all about seeking knowledge and taking risks.
"There is the risk you cannot afford to take and there is the risk you cannot afford not to take"-Peter Drucker. 
"It is not because things are difficult that we do not dare. It is because we don't dare that things are difficult" - Roman Philosopher Seneca.
You live your life the way you choose to and reap its rewards and face its consequences. No one can force it on you unless you allow it. Take some time to reflect on it. All the things that happened in your life are because of your choices...choices that you made today or much earlier...
Why then this constant conflict, complaining, whining ? If you can not get on with it, "allow" other sincere, earnest ones to carry on with their journey by stepping aside "graciously".....
I repeat , Get Rich Slowly & Quietly.....
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FII's have increased the buying with a large qty., typical of consolidation with in the major uptrend.
Prices, in the short term, have closed above two key ST averages.
"Consolidating 2nd wave" seems to be done at 7442, requiring "holding of key retrace points at 7500-18; The ST direction is "biased up" till prices continue to close above DEma & these two key averages (21 or 34 hr smas).
Aggressively Holding above 7537, Conservatively Holding above 7500(due to settlement concerns), rally continues....(There is some similarities in the "7433 to 7361" consolidation to the current one!!!
The strategy that has worked consistently well with low risk-high reward ratio is "Initiating a trade at 50%-61.8% retrace with 80% as SL".