The 14RSI has triggerred a sell and if the 20DMA 4967 and Day Hema 4972 does not support, then a SELL can be initiated.
If the monthly Low EMA of 4930 which also happens to be the 38.2% retr for the rise from 4728 -5045, supports then a BUY is to be initiated with 4880 Day Lema as Positional SL.
Important DAY parameters:
| CHECK LIST-DAY | |||
| CLOSE | 4974 | ||
| PIVOT | 4994 | 5EMA | 4921 |
| HI EMA | 4972 | 10EMA | 4917 |
| LOW EMA | 4884 | 13EMA | 4924 |
| 5 SMA | 4873 | 26EMA | 4967 |
| 20DMA | 4967 | prev HI | 5045 |
| 50DMA | 5046 | prev LOW | 4964 |
| 100Hr MA | 4937 | 50Hr MA | 4896 |
| 200Hr MA | 4975 |
Huge support is present between 4910 -4940. Similarly the range 4965-4995 also provides to be a good resistance.
Such ranges provide good trading oppurtunities between various parameters. So the likely trading OPPURTUNITY for INTRADAY would be,
| BUY | SELL | ||||
| 4910 | 4925 | 4930 | 4960 | 4970 | 4990 |
Breakout on either side would decide further moves.
TRADE TABLE :
| Trade Table | ||||
| Current pattern | O-X | A | B | C |
| Bearish Shark Day TF | 5169-4758 | 5034 | 4728 | 5045 |
| Trade initiated | ||||
| NIL | Retr of BC (NS) | |||
| 38.20% | 4927.00 | |||
| 44.70% | 4906.00 | |||
| 50.00% | 4889.00 | |||
| 61.80% | 4851.00 | |||
| Short below 4960 20DMA/Day Hema with SL close abv 4980. | ||||
| If 4930 -Mon LEMA holds then go Long with SL 4900-4890 | ||||
| Important TA parameters for retracements | ||
| Month Lema | 38.20% | 4924.00 |
| 13 DMA | 44.70% | 4903.00 |
| Day Lema | 50.00% | 4886.00 |
| week Pivot | 61.80% | 4849.00 |
| If NS trades above 4980 then next upsides for C | ||
| 88.6% of 5034-4728 | 4999 | |
| 100% of 5034-4729 | 5034 | |
| 113% of 5034-4728 | 5073 | |
| 127% of 5034-4729 | 5116 |
Intraday Update 10.45 AM:
Shorted at 5040NS i.e., 5050NF with SL close above 5060 NS.
Intraday Update 1.00PM
Nifty has exactly stopped its fall at today's day HEMA at 4997. wait and watch if more downsides or gaining support!!!
Intraday Update:
Stoploss for shorts triggered .
EOD update:
IMPORTANT LESSON REMEMBERED TODAY:
When NS trades firmly above the shorting ranges - (as per Trade table today sell below 4990) "DO NOT SHORT". Those ranges would become the support levels and with those levels as SL continue with a BUY!!! DO NOT SUCCUMB TO outside news. All news are factored in Price Moves.
5 comments:
yeah absolutely me too have atleast 4848 for short term some impt fibo retracement level.
Let us see. INFY & IIP dust should settle down
Sujatha,
GM. As per my observations till the 50 DMA is not crossed at 5050 NS there will be a rangebound corrections between 4930 Mon Lema and 5050. Only when this range is resolved move on either side is possible. Below 4930 I have much lower tgts and above 5060-70 I have tgts upto 5170-5225.
Lets wait for range to resolve. Till then sell near resistance and buy near supports. TRADING TIME
Good Evening Satheesh,
request you to draw a crab W pattern from 5700 to 4720 is 1st leg and then from 4741 to ----?
I watch ur crab patterns. They r working superb.
Regards
Nilesh
Nilesh,
Thanks for your interest.From 5740 onwards as you say it is in weekly timeframe. Though I draw those paterns I have not presented it in the blog as it would give extreme targets - which might give a bias while watching the markets. So I stick on to Day/Hour/5min TF.
For your interest's sake I shall post it by tomorrow.
Thanks Satheesh.
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