When market held 6110 twice in the opening session, the rally then on was quite feeble with the short term indicators trending down. Once 6110 was breached, it fell steadily. The overstretched market gave ample indications of a correction/ fall from Monday .. how much we did not know but the clue was with the BankNifty which has been the main driver of the run from 5349 to 6339. And it was a matter of hours before the main index caught up with that. Trying to take a long trade in a falling market makes you forget to take the "Short trade" once you pocket few points or stopped out.
Believe in your method and once it is triggered, stay with the trade. When JNSAR triggered towards the end with oversold intra, the prudent thing to do would be to sell one lot immediately and another on a small retracement. The last JNSAR buy was @ 5920 which went upto 6209.(289+). Go with this JNSAR too. If you dread of a loss, you are not then entitled to greedy profits.
More detailed Technical Analysis here:NIFTY TA(06); BANKNIFTY TA(06)
15 comments:
Wish you very very Happy and healthy birthday to you sir.
V.Ramesh
Happy Birthday to you Sir.
I'm so glad you were born, because you brighten lives of many traders.
Hope god give you strength to continue this service for many years to come.
Thank you sir.
Wish you Many more Happy Returns of the Day.
God bless you for all your selfless efforts of teachings.
Regards,
Veer
wishing you a Happy Birthday, praying for your well being
Many many happy returns of the day.
@ mynac - thanks for your valuable views. u r proving that "experienced tension-less trader". i thought ulta..JNSAR nearly protected 6080 + fibo retracement done from 5982 (that too the same area) it has done 50% retracement 6064 and bounced back.
Now my home work says below that 23.6%. (6021) Oops..and y i in "long' another reason is nowadays opening gap up problem, not much opportunity for intradayers (closing in support and bouncing back) hence took in advance :P. once again thanks for ur OI guidance. pls. keep posting.
Dear Sujatha,
My favorite thumb rule:latest NF top(6210)- 2.5%(155)= 6055 or in the worst NF Top(6210)- 3%(186)=6024.
In real sense it has no meaning,because it is not based on any concrete formula etc, but if the market is in uptrend then many times it is worked for me.You may say it "Desi Trader's Formula"
Coincidentally highest O.I. in 6000 PE,& most of the roll over bet.6020-6100 and NF O.I. on lighter side so this time too I will watch it with out any reason.
Dear Ilango & SAN Sirs,
wish you both a very happy birth day & many many returns of the days.
It looks like people who born on 05th December will do research in Stock markets!!!!!!!!!!!!
happy birthday ilango and san !
Abhirami Andhadhiyil padiyadhupol anaithu selvangalum petru peruvazhvu vazha andha thirusooliyidam prarthikeran....vazhga valamudan.
mynac - thank u. 6060 (L4 of cam) 6024 FIBO supp.1 :) coincidentally. (future levels) hourly indicators showing weakness :( so i hv prepared for both the sides. let us see. 5 days consecutive rise.. so "pause" is good for upmove i feel, but breaking of some impt. level means is a worry for longs. very borderly close for JNSAR, hr low /day low ema levels..
thanks for replying in the night too :)
sir we did see a rise in VIX as well as in nifty in september as marked in your charts,but yes most of the time relation seems to be inverse
@ Illango sir,
Many Many happy returns of the day.
A very HAPPY BIRTHDAY TO YOU !!!
Your life is a gift to all here and those
around you....which is still being unwrapped
as you have an unending depth of attitude
to serve out of compassion,step by step
helping us to stand on our feet.
May
Wish you many many more happy returns of the day
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