NIFTY FIFTY

[AMITBE]

The 200 DMA tryst at 2913-1915 area is all but done, and we are in some tentative levels now.
One cannot say for how long the Nifty would play around here, and how far higher, if at all, the move may test.
For the record, 2991 is the 20 DMA.
2984 is the 20 EMA.
2883 is the 13 EMA.

This morning I had also mentioned 2865-2877 as being important levels.

These are a few important levels to keep in mind at this time, in case a trading range should develop in the very short term.

For now 2898-2886 forms an important support.
To the up a crossover at 2920-2926 could lead to test 2944.

Should one look for a dream move again, 2968 comes up, and if things get anywhere close to this, 2975 wouldn't be far.

The string is 2949-2952-2955-2958-2961 for now.
Only if 2944 cam be maintained.

This is the potential, from my data.

 

[amitt29]

I hope I did not offend AMITBE or anybody else if I posted here.If i did I am sorry.
OK

 

[AMITBE]

I hope I did not offend AMITBE or anybody else if I posted here.If i did I am sorry.
OK

What're you talking about amitt29?
Anyone who has a perspective on the Nifty should be posting here freely...and you're always welcome.

 

[ravi1967]

hai amitbeji, in the fight between the bulls(one side of our mind) and bears(other side of our mind), i think our purse is getting lighter and the broker's purse is getting heavier!!!
bye
ravi

 

[AMITBE]

hai amitbeji, in the fight between the bulls(one side of our mind) and bears(other side of our mind), i think our purse is getting lighter and the broker's purse is getting heavier!!!
bye
ravi

Hi Ravi...somewhere between the two sides of the mind, lies one's clear outlook for the market which is based on tried and tested systems.
Perhaps one should desist from straying away from this outlook while in the midst of all the heat and sweat of trading?
The purse would be under one's command then surely!

As for the day, someone took home a heafty weekend spending packet right at the end.
ONGC was dumped as if off a cliff, causing an abrupt shaving off a hundred points on the Nifty.
That was a neat bull-trap with big money being taken off the longs.
Then later the quick short-scalpers shelled out quicker as the Nifty was rallied again.

It seems the Nifty touched the various important levels:

The 200 DMA tryst at 2913-1915 area is all but done, and we are in some tentative levels now.
One cannot say for how long the Nifty would play around here, and how far higher, if at all, the move may test.
For the record, 2991 is the 20 DMA.
2984 is the 20 EMA.
2883 is the 13 EMA.

This morning I had also mentioned 2865-2877 as being important levels.

These are a few important levels to keep in mind at this time, in case a trading range should develop in the very short term.

For now 2898-2886 forms an important support.
To the up a crossover at 2920-2926 could lead to test 2944.

Should one look for a dream move again, 2968 comes up, and if things get anywhere close to this, 2975 wouldn't be far.

The string is 2949-2952-2955-2958-2961 for now.
Only if 2944 cam be maintained.

This is the potential, from my data.

The day's high of course climbed right to the top of the string mentioned above at 2961, and towards the end there is a neat double bottom at 2865
The end came with the last traded price at 2913 being the 200 DMA.
Closing was around the support band at 2898-2886.

Notice the action at 2913 200 DMA levels on the chart.
All very orderly to say the least, though a tad above the 200 DMA levels would have been nicer.
On the weekly close there a tad bit pullback of about 25 points...a small mercy.
Interesting times coming up ahead.

Have a nice one all.

 

[Czar]

Sir a long legged doji on weekly chart ?

 

[pkjha30]

Sir a long legged doji on weekly chart ?

Hi cryptic czar

Do tell us what it means

Pankaj

 

[pkjha30]

A "long-legged" doji is a far more dramatic candle. It says that prices moved far higher on the day, but then profit taking kicked in. Typically, a very large upper shadow is left.

A Long-Legged Doji occurs when the open and close price from a candle are the same, the high is significantly higher than the open, and the low is significantly lower than the open. Has it happened???



A close below the midpoint of the candle shows a lot of weakness. When the long-legged doji occurs outside a Bollinger band , you should be extremely vigilant for the possibility of a reversal. A subsequent sell signal given by an indicator such as stochastics is typically a very reliable warning that a correction will occur.

I think czar you are hinting at the possibility of reversal. Hmmmmm May be.
Pankaj

 

[amitt29]

What he means is normalcy returns.

 

[ravi1967]

hai pankajji, this week has been highly volatile.Can we take this weeks chart's trends and predict?. maybe other external factors need to be considered.i was watching an interview telecast in Bloomberg,this evening, where a senior analyst of Morgan Stanley predicting that Dow and Nasdaq have yet to reach the bottom, and this bull run was temporary. But he added that ASIA has reached its bottom, with heavy slides and now looking up. He mentioned about Japan, saying that Nikkei recovery was supported by earnings outlook.Does'nt that mean that India is also in the same boat, with recovery in sight?.hope we are in the recovery mood!!!
bye
ravi