Monday, September 29, 2014

Weekly weakness persisted at weekly pivot.

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

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 Seven days, & big on last four days with a rising VIX...
Week has turned down in overbought zone after -ve divergences.
The number quite relevant is "WEma & WHEma" -8005 & 8104, this changes based on this week's high.
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 and "C" is unfolding .
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 & it just got saved by a point last week)
c) The rise from 7540 to 8180 is undergoing a correction as long as it holds above 7856-62/ 50 dsma.
Bearish scenario opened below "8055"..
Bullish scenario open only above 8025 & 8105.
For intraday, mild strength if holds above 7903-17, or sustaining 7895, 50dsma..
Major support exist at 7856-62break & close below it would lead to next phase of deeper correction.
(Start your independent walk on this trading journey... you must rely on your own first instinct/ intuition/ observation more than anything else...Hopefully, you'll meet a better companion along the way once again...)