Friday, November 25, 2011
Nifty seem to be pausing for more downsides...(4665-80%)
Till a weekly confirmation comes, the bounces will be short lived. Week is yet to reach oversold zone. If Monday, market moves higher, that would give a good selling opportunity. A fifth wave down would provide a short term buying opportunity. This is the present observation. "iv"th waves are tricky in a fast falling market.
17 comments:
hi
namaste to master & all seniors,
i m very new to this i used read comment of seniors here to learn about market
jiggs sir ,
what is weekly BB, Daily BB kindly explain in short ?
the move from 4628 looks like a zigzag, internals of zigzag should have 5-3-5 waves. As of now we have done with a 5 wave and a 3 wave. so expect a 5 wave upmove to start on monday.
http://2.bp.blogspot.com/-L0NucMyzi4g/Ts9toRcHTeI/AAAAAAAAASg/7V5pLJI4Uuk/s1600/nifty25post.png
Sensex registered the lowest closing of last 3 days.. wondering if there is an insight into this..
also, an inside day again today..
yes it is inside day whatever i read in TA if either side
low top broken then trade gather momentum in that direction....
plz correct
Ilango sir ,
Today I was able to plot hourly data on excel chart and
plot moving averages and trendlines in excel :)
I was trying to do that from past some days now .
Now I can have my own Hourly chart to look at .Chart nexus
provides EOD chart , I cannot access Hourly chart in there.
I have to still figure out how to plot rsi and macd as well
below that same chart .
Thanks for this blog , which has motivated me to do that.
Best Regards
Smita
yes Prakash..u r right.. and welcome to JN
as for BB weekly and daily.. it means bollinger band weekly and daily..its settings depends on user to user...
changed my 'handle' again! :)
thanx AshishAg for clearing my doubts about BB
I going thru Master Applied technical Analysis.
I need Masre's & seniors , urs advice in this journey
It was an interesting trading-day yesterday, a day after expiry. From FNO data it looks that still sellers are not that much happy, they are trying to press nifty further down, but it shall not be very easy task for them too.
Huge writing @ 4800 CE indicating stiff resistance and though very good writing evidence @ 48 to 4500 PE. FII relentless cash selling pressure and Nifty close below even DLEMA is threatening sign for Bulls. For Monday trading, Global cues shall have much more importance than direction. Probably it would be need of the hour for Bulls, because today final Nifty O.I. is 2.19 CR. & out of 2.19 CR.1.42CR rollover is above 4800, and today Nifty closed almost @ 4700, means at present Bulls are in pain….yet Global markets are not supportive. So Bulls will have to try very much hard to defend themselves. Red TA file is headache for them and its just one general observation that whenever this kind of situation is there, Nifty O.I. around 2.15-25 CR. becomes threat because when sellers intentionally start to sell @ lower level, they can add up to 50lac O.I. easily and can easily press Nifty 100-150 points more down.
From Monday onwards if we shall witness writing evidence in 4700 CE, which is not there yesterday, and if Nifty shall start to trade around 4670-80 told by many experts as crucial support there, then unexpectedly we may see new low…because though Bulls have tried very much hard in last 4 trading days to cross 4800 they are restricted well below …
Nifty-week 5D chart still suggests that “Picture abhi baki hai “...So let us see, whether sellers shall show “that” picture in next “week” or at present it shall be clear that “yehi aur itana hi Picture tha” ?What ever the end shall be, but we have already booked our seats… No ??? So,Let us see…
As the month end is approaching, lets take month end view.If you observe the attached monthly chart, Nifty was closing above the Trendline( first one) for the last three months. So, if Bulls were able to protect 4700, probably we will have a closing above 4900 approx for this month end.
If yu refer my propreitary Trade Indicator, Nifty is trading above the downward trendline and also we see a rising histo. This scenerio also give some hope for some short term rally
mynac - butterflies flying in the stomach :P in 15 min chart 4641/39 is double bottom looks like for me :( hourly given breakout (by renu mam) u r looking the big picture :D
Dear Sujatha,
As you and almost everyone know it that I am not much sound “technical” trader. But from FNO data whatever I felt I have tried to share. Here also, I am not suggesting any new bottom but, prior to this too; we have seen this kind of unexpected down side wild moves due to creation of FNO data. So only, not ignoring the possibility. Yesterday also, though there was huge writing in 4700 PE, sellers, very easily pressed Nifty below 4700 & forced Nifty to close below DLEMA, which is not a good sign for “IMMEDIATE” upside from here. On the contrary, due to only “yesterday close”,4800 CE writing suggests that if, unnecessarily Bulls shall try hard to cross 4800 in a hurry, probably, greater resistance would be there, is my understanding at present. Monthly close above 4775 would be relief for Bulls, is the least expectation at present. It shall be very interesting to see from here onwards that, whether FII shall slow down there selling or not? And whether DII, shall continue to pour huge money or not? So let us see from Monday onwards…..
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