Nifty, holding 6235, makes a new high with Month TA turning "full green".

Congratulations to "salildali" for calling Expiry close @ 6300 at 1:39PM with the valid reason being " as call writers will not let it close above it".
Congratulations to "VK Soni" for his untiring efforts.
And a Big thank you to all participants.

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty Pre-Market View.

Prices completed a "5" from 6079 @ 6254 in the opening session.And a correction followed, having the characteristics of an irregular flat (makes one to believe the trending has resumed).
A correction to a maximum of 6185(Trail) goes with the characteristics of the wave waiting for a break-out.
It could do so with a shallower correction too @ 6212-23.
Resistances would be from the earlier high of 6252-69  beyond  which new high possibility increases for the coming days...(Not today !)

Nifty inching towards its lifetime high of 6339.

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty Pre-Market View.

JustNifty TA file @ Just Nifty Google group had an Hour chart with an alternative channel. Prices broke that channel briefly and moved up sharply similar to its move from 6117 to 6252.
That shows two scenarios:
A 5th wave unfolding from 5701 low.
A (i)st wave of 3.3 unfolding from 5119 low.
For the day:
From the lows of 6079,  the sub-wave "v" unfolding from 6202.
(i) of v done at 6228(26 pts);
(ii) of v done @ 6219 and
(iii) of v would unfold at Open. (6219+26 to 40)=6245-6259 or more... and then a correction for
(iv), not touching (i) top @ 6228 and then
(v) of v from 6079 lows ending above (iii) highs to be followed by a correction starting for the entire rise from 6079 to XXXX. (All these should happen in the opening session)
This is the plan; if market behaves differently, draw up another plan.

Nifty,(finding cluster support @ 6050-6100) keeping above Week Pivot, strengthened to W.R1.

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty Pre-Market View.

Prices have been correcting since "closing below DHEma" four days ago and have reached the earlier cluster supports in NF @ 6100 as well as DLEma less 20 @ 6094. Hour TA shows oversold readings but without divergences.
Hence, if the bounce is able to overcome resistances-1 @ 6135-44(50%-61.8% of last fall), and the resistances-2 @ 6160-71(80%, 21 Hr sma & Wk.pivot), prices would head higher; if not retreat lower.
The high or the low made around the RBI announcement @ 11.00AM could play a critical role.

Nifty, keeping below Week Pivot, weakened to W.S1.

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty Pre-Market View.

You may be missing something wonderful....

A short time ago, I witnessed an event that showed me how being wrapped up in my own little world has kept me from being fully aware of the bigger world picture around me.

I was driving to a business appointment and, as usual, I was planning in my mind what I was going to say. I came to a very busy intersection where the stoplight had just turned red. "All right," I thought to myself, "I can beat the next light if I race ahead of the pack."
My mind and car were in auto pilot, ready to go when suddenly my trance was broken by an unforgettable sight.

Nifty, on completing a down-5, did an intraday correction towards 5-dsma & fell..

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty Pre-Market View.

6252-6226: i
6226-6239: ii
6239-6143: iii
6143-6174: iv (Tentative)
6174-xxxx: v (6104-24-MHEma-WHEma)
Caution: Waves could sub-divide; hence, continue to monitor the "last fall retraces".
Critical number for the day is "6124"-WHEma, a close below which would trigger a "Sell on Rise" in week T/F.
If closes above "6124", it would continue to be "corrections in day T/f", probably for the last rise from 6033-6252.
Current fall emanates from -ve div in both Hour & Day while the week remains in OB zone only.

Nifty, on completing "5", sells off, as in a reversal...correction...

Nifty Intraday Update-III

Nifty Intraday Update-II

Nifty Intraday Update-I

Nifty Pre-Market View.

If (4), it breaks the trendline & reverses @ around "6115-27".
 If falls below 6115, it could be:
"B" completed and "C" towards 5900 or lower possible.
"1st" wave from 5701 completed and the "2"nd wave correcting the rise from 5701 to 6220 unfolding.
-------------------------------------------------
For the opening session, if prices hold above the 61.8% or 80% of the rise from 6117(presently @ 6142-30), (5)th wave continues.
If breaks below 61.8% or 80% of the rise from 6117(presently @ 6142-30), "B" wave or 2nd wave gains prominence.

Nifty, undergoing correction, found support @ the Channel bottom..(for the (5)th..? if holds wk.pivot)

Nifty Intraday Update-II