NIFTY FIFTY
- Thread starter AMITBE
- Start date
- Status
There was nothing in the air nor in the charts that gave a clue of the hard sell that began late afternoon and later spread panic. Every pertinent guage was on the side of winning, be it technical, fundamental, financial or economical, whether international or national.
The furious turnaround is just going to remain one of those mysteries, or quirks of the market and market operators. And opinions will be apleanty.
If I may sneak in mine, tracking the Nifty close all day, yes there was selling pressure once 2727 was charged but not taken, and several charges followed in a choppy kind of spell where the steam ran out each time around 2724. So it was not going to be an easy day for progress beyond 2720s, yet there was no call for a panic sellout either. My conclusion is of some operator activity selling heavily in index and derivative counters, seeking an opportunity at the lack of buying support at higher levels made visible by the volatility and choppiness at those levels. Panic, which is a function of memory and fear combined, would set in easily.
The question now is where to from here.
It's impossible to say.
The generally accepted cautious comments from the analysists is that this 'could' be the start of a corrective phase.
Maybe not, looking at the numbers, and I'll stick my neck out here and say, yes a mild pullback perhaps but no deep cuts yet, as of this morning. I'm daring to stick my neck out as I'm amongst my own here at the forum and know I'd be pardoned a mistake. We're learning, right? Then why fear mistakes!
2652 close is at a mark of strength, with 2643 and 2634 close behind. These are positions of good support.
If things go wrong, we'll look for deeper levels.
To the up it's important to take 2661-2679-2688, and we'll look for higher levels if we get there.
The furious turnaround is just going to remain one of those mysteries, or quirks of the market and market operators. And opinions will be apleanty.
If I may sneak in mine, tracking the Nifty close all day, yes there was selling pressure once 2727 was charged but not taken, and several charges followed in a choppy kind of spell where the steam ran out each time around 2724. So it was not going to be an easy day for progress beyond 2720s, yet there was no call for a panic sellout either. My conclusion is of some operator activity selling heavily in index and derivative counters, seeking an opportunity at the lack of buying support at higher levels made visible by the volatility and choppiness at those levels. Panic, which is a function of memory and fear combined, would set in easily.
The question now is where to from here.
It's impossible to say.
The generally accepted cautious comments from the analysists is that this 'could' be the start of a corrective phase.
Maybe not, looking at the numbers, and I'll stick my neck out here and say, yes a mild pullback perhaps but no deep cuts yet, as of this morning. I'm daring to stick my neck out as I'm amongst my own here at the forum and know I'd be pardoned a mistake. We're learning, right? Then why fear mistakes!
2652 close is at a mark of strength, with 2643 and 2634 close behind. These are positions of good support.
If things go wrong, we'll look for deeper levels.
To the up it's important to take 2661-2679-2688, and we'll look for higher levels if we get there.
AMITBE said:
There was nothing in the air nor in the charts that gave a clue of the hard sell that began late afternoon and later spread panic. Every pertinent guage was on the side of winning, be it technical, fundamental, financial or economical, whether international or national.
The furious turnaround is just going to remain one of those mysteries, or quirks of the market and market operators. And opinions will be apleanty.
If I may sneak in mine, tracking the Nifty close all day, yes there was selling pressure once 2727 was charged but not taken, and several charges followed in a choppy kind of spell where the steam ran out each time around 2724. So it was not going to be an easy day for progress beyond 2720s, yet there was no call for a panic sellout either. My conclusion is of some operator activity selling heavily in index and derivative counters, seeking an opportunity at the lack of buying support at higher levels made visible by the volatility and choppiness at those levels. Panic, which is a function of memory and fear combined, would set in easily.
The question now is where to from here.
It's impossible to say.
The generally accepted cautious comments from the analysists is that this 'could' be the start of a corrective phase.
Maybe not, looking at the numbers, and I'll stick my neck out here and say, yes a mild pullback perhaps but no deep cuts yet, as of this morning. I'm daring to stick my neck out as I'm amongst my own here at the forum and know I'd be pardoned a mistake. We're learning, right? Then why fear mistakes!
2652 close is at a mark of strength, with 2643 and 2634 close behind. These are positions of good support.
If things go wrong, we'll look for deeper levels.
To the up it's important to take 2661-2679-2688, and we'll look for higher levels if we get there.
The furious turnaround is just going to remain one of those mysteries, or quirks of the market and market operators. And opinions will be apleanty.
If I may sneak in mine, tracking the Nifty close all day, yes there was selling pressure once 2727 was charged but not taken, and several charges followed in a choppy kind of spell where the steam ran out each time around 2724. So it was not going to be an easy day for progress beyond 2720s, yet there was no call for a panic sellout either. My conclusion is of some operator activity selling heavily in index and derivative counters, seeking an opportunity at the lack of buying support at higher levels made visible by the volatility and choppiness at those levels. Panic, which is a function of memory and fear combined, would set in easily.
The question now is where to from here.
It's impossible to say.
The generally accepted cautious comments from the analysists is that this 'could' be the start of a corrective phase.
Maybe not, looking at the numbers, and I'll stick my neck out here and say, yes a mild pullback perhaps but no deep cuts yet, as of this morning. I'm daring to stick my neck out as I'm amongst my own here at the forum and know I'd be pardoned a mistake. We're learning, right? Then why fear mistakes!
2652 close is at a mark of strength, with 2643 and 2634 close behind. These are positions of good support.
If things go wrong, we'll look for deeper levels.
To the up it's important to take 2661-2679-2688, and we'll look for higher levels if we get there.
Thanks for Regular Update
AMITBE said:
The question now is where to from here.
It's impossible to say.
The generally accepted cautious comments from the analysists is that this 'could' be the start of a corrective phase.
Maybe not, looking at the numbers, and I'll stick my neck out here and say, yes a mild pullback perhaps but no deep cuts yet, as of this morning. I'm daring to stick my neck out as I'm amongst my own here at the forum and know I'd be pardoned a mistake. We're learning, right? Then why fear mistakes!
It's impossible to say.
The generally accepted cautious comments from the analysists is that this 'could' be the start of a corrective phase.
Maybe not, looking at the numbers, and I'll stick my neck out here and say, yes a mild pullback perhaps but no deep cuts yet, as of this morning. I'm daring to stick my neck out as I'm amongst my own here at the forum and know I'd be pardoned a mistake. We're learning, right? Then why fear mistakes!
regards
Karthik
kkrish68 said:
You love this don't you Keep going my friend and thank you for giving us an opportunity to learn along with you. Warm regards Kishore
Keep going my friend and thank you for giving us an opportunity to learn along with you. Warm regards Kishore
Thanks for bringing up the Monday post here Kaka, which about sums up what I have been writing here recently on the magic and mystery of numbers.
Twice in the last three sessions the Nifty has closed at 2698, hovering over 2697 being the level where it would have turned a corner...and a difficult corner it has proven to be yet.
2727 was hit with a severe reaction. 2652 closed Wednesday and 2643 tested yesterday.
This is just about numbers.
But somewhere along the line these numbers need to find resolution. Resolution is same as saying 'over and done with'.
This particular set of numbers has been holding the Nifty captive for some time and it needs to get over it.
Behavioural patterns, as psychologists discover, are broken when the need and the compulsion for them are resolved. The patterns are essential while difficult lessons are being learnt, and become cumpulsive and addictive when growth and progress stop.
Taking it forward from there, even if in abstraction, the Nifty now would have to get past this number orb in one or the other direction.
Either take out 2727-2736 to get into a different zone, or get back below 2634 and relearn things a bit.
Karthik has pointed out the bearish divergence in the Nifty on his favourite indicator, Trix.
I am an ardent student of TA, and find that all that TA deals with is essentially a most cerebral process. Meaning cold data is the basis for analysis and the indicators feed off the data. It's a very evolved and complex science yes, but for now I'm going with my numbers number!
So again the strength has been tested to the down, with a sharp pullback, and yet again things are poised at the trigger at 2697 to retest the highs, and get tested they will.
The numbers have not changed: 2707-2713-2717 are first to be taken for 2727 and beyond.
The support levels are all mentioned in the preceding posts.
- Status
| Thread starter | Similar threads | Forum | Replies | Date |
|---|---|---|---|---|
| M | Nifty option strategy chart in Dhan Optiontrader | Brokers & Trading Platforms | 3 | |
| S | EOD data for Nifty 50 with volume | Introductions | 0 | |
| L | Nifty fifty and stock futures | Swing Trading | 13 | |
| M | Veluri Strategy intraday nifty fifty | Software | 96 | |
| T | Nifty Fifty Only + GOLD SILVER | Data Feeds | 0 |
Similar threads
-
Nifty option strategy chart in Dhan Optiontrader
- Started by MetatraderUser
- Replies: 3
-
-
-
-