More detailed Technical analysis may be read here:
NIFTY TA(20)
Elliot's Impulse waves.(Part-5)
IMPULSE WAVES :- The Basics Waves that move the market in the direction of its main trend either up or down are called Impulse waves. 1....
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5010-5039 supply zone proved a ST resistance. 5002 proved a break down point. 4945 to 4982 proved a corrective rise, monitored with an ... -
Will not be available to intra update . Suggest one of our readers to update on DHEma-HHEma-HCEma & HLEma for possible support points fo...
8 comments:
Sir,
thanks for the TT. your 5960 will come if at all global cues are not weak.
Can you kindly confirm whether nifty formed engulfing line which is a bullish signal.
thanks n advance. Happy Long week end.
regards
on Dec 8,2010 nifty opened gap down(gap in 5957-5977 range),now on monday if nifty opens gap up abv 5960 and does not cover the gap will form an island reversal pattern which is bullish in nature.
Also,nifty was trading making a triangle pattern since nov8,2010 for 648 points,breakout abv 5957 may give target of 5957+648=6605
& more if ns breaks abv 6070-90 range then double bottom pattern will be activated for trgts of 6450 near levels(6070+380=6450)
6070-5690=380 points(height of double bottom pattern)
If nifty does not open gap up or if opens gap up and gap is filled then will face strong resistance in 6008-6020 range and above that 6070-90 range and supports exist at 5845-5755-5690
Dear Ilango ji missed your intra update III yesterday .I was cluless after 12:30 pm .Surprisingly it shot up towards end of the session.
Sir,
Last hour closing value is 5948.75. Hr JNSAR will also change.
Master,
Is it possible that C.iv is developing as a triangle with d-leg developing now and today b of d got completed and c of d unfolding? That would mean another downmove from about 6090 levels before the rally of C.V. Or perhaps C ended at 6338 and now the 2nd wave is on way with c of 2 unfolding? Then also, this upmove could get arrested at 6100 levels and the dreaded 3 would come. Your opinion and rectification would be most valuable.
In which wave are we presently of the triangle (abcde) which appears to be forming in IVth wave.
Its neither up nor down , its ranged between 5840-6090.
In wave terms this up move could be labeled D
any extension from these levels will give confirmation...
santa rally yet to start.6200 level certain before expiry.short term readings are positive.
buy any small dip.even intra.
"SS"
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