Wednesday, August 31, 2011
Tuesday, August 30, 2011
Nifty Intraday Update-I
Always look for support numbers developing in the TT. Also keep updating the Fibonacci retracement table for possible supports.
Nifty PreMarket View.
"Pick out the numbers from the TT that are likely targets for the day - 5015-R2; 5023-WEma..
Being the last day of the month, Bulls might want to do the "least they can attempt" is to try & close above next month's pivot-5064(developing & approx).
Being the last day of the month, Bulls might want to do the "least they can attempt" is to try & close above next month's pivot-5064(developing & approx).
For supports, DHEma, if gaps up & WEma-4908.
Try & Keep the "emotions out" & keep looking ahead, having firmly present in what is happening NOW.
Monday, August 29, 2011
Nifty PreMarket View
Trend is down in all time frames. There is a bullish "Falling wedge" bottom formation for the short term if 4650 is held today.
JNSAR is down and so do most classic TA parameters but most of them in Oversold area and a few with +ve div.
EW study suggests the last of the lows is likely around 4600-50 for the short term(If not done already) to complete the "iii"rd wave to be followed by a "Range trading for 2-3 weeks" (Not a major reversal yet).
RIL shows an "Inverted Hammer pattern" in its weekly chart but the same requires follow up confirmation.
For the day, if Nifty stays below & resisted around 4780-4810, it would again seek a newer low(4690-700).
JNSAR is down and so do most classic TA parameters but most of them in Oversold area and a few with +ve div.
EW study suggests the last of the lows is likely around 4600-50 for the short term(If not done already) to complete the "iii"rd wave to be followed by a "Range trading for 2-3 weeks" (Not a major reversal yet).
RIL shows an "Inverted Hammer pattern" in its weekly chart but the same requires follow up confirmation.
For the day, if Nifty stays below & resisted around 4780-4810, it would again seek a newer low(4690-700).
Saturday, August 27, 2011
Every time I'm in trouble, the stranger appears
It was one of those cold winter nights in San Francisco, the kind where the rain hurts, and your breath forms huge cotton balls that bounce on the pavement.
I was driving an eyesore that could only be referred to as a "car" by someone who was either a shameless liar or a good friend. Technically, the vehicle was totalled when I bought it from an unscrupulous neighbour, because it needed an engine overhaul that would have cost more than the car itself. I added a quart of oil before every journey. Most of it would leak out along the way. I tried to imagine I was driving a huge magical snail; that way I didn't mind the slow speeds and the slime trail it left.
The car's outer paint had transformed into a hideous mixture of rust and "something brown." The engine sounded like a lawnmower with tuberculosis. If anyone ever wondered what the inside of an automobile seat looked like, my car had the answers. It was a difficult car to drive because you had to keep your fingers and toes crossed to keep the engine running.
I was driving an eyesore that could only be referred to as a "car" by someone who was either a shameless liar or a good friend. Technically, the vehicle was totalled when I bought it from an unscrupulous neighbour, because it needed an engine overhaul that would have cost more than the car itself. I added a quart of oil before every journey. Most of it would leak out along the way. I tried to imagine I was driving a huge magical snail; that way I didn't mind the slow speeds and the slime trail it left.
The car's outer paint had transformed into a hideous mixture of rust and "something brown." The engine sounded like a lawnmower with tuberculosis. If anyone ever wondered what the inside of an automobile seat looked like, my car had the answers. It was a difficult car to drive because you had to keep your fingers and toes crossed to keep the engine running.
Friday, August 26, 2011
Nifty breaks the major Medium term low of 4786.
Month & week technicals continue to overwhelm the short term bounces while Nifty is seeking lower levels.
JustNifty TA(29th)
JustNifty TA(29th)
Nifty PreMarket View
I have given three charts of 3-diff. T/F to understand the short term behaviour within med.term & Long Term. Notice how 4796 to 4966 rally was completed with ST getting its oversold status adjusting but medium & Long term remaining down and since 4966 highs, the Short term once again down and merging with MT & LT.
We'll look for Short(Hour) & Medium term(Day) turning up together for reasonable gains.
Though a suggestion to buy near 4720-75 is mentioned, it needs to be carefully considered only if any bottoming patterns are visible or divergences appear as trend is down in all time frames.
Though a suggestion to buy near 4720-75 is mentioned, it needs to be carefully considered only if any bottoming patterns are visible or divergences appear as trend is down in all time frames.
Thursday, August 25, 2011
Wednesday, August 24, 2011
Nifty PreMarket View
VIX based range is "4820(R2) - 4962(yesterday's high).
The chart shows a likely path to (5)th wave by holding below 4930-50 zone and then a break of 4875. BUT if that does not happen, change your trading plan and keep 20points SL on your trade. High "VIX" will have high volatility.
So far our market has used the +ve global markets to sell off. Today being the settlement day, it is the OI that would decide. ANd they are evenly poised at 5000CE & 4800PE.
The chart shows a likely path to (5)th wave by holding below 4930-50 zone and then a break of 4875. BUT if that does not happen, change your trading plan and keep 20points SL on your trade. High "VIX" will have high volatility.
So far our market has used the +ve global markets to sell off. Today being the settlement day, it is the OI that would decide. ANd they are evenly poised at 5000CE & 4800PE.
Subscribe to:
Posts (Atom)
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....
-
Trading strategy that works wonders besides the supports & Resistance is " Retracement strategy ": The strategy that has wor... -
5010-5039 supply zone proved a ST resistance. 5002 proved a break down point. 4945 to 4982 proved a corrective rise, monitored with an ... -
If the steady FIIs inflow reflects in the prices, 5405 should be protected going ahead and market may encounter minor corrections and keep m...