Those who have been following my running commentary on Market action in the comments section, would have noted that I mentioned that I did not see any intent on the part of the sellers in the morning session.
Well that changed around 1.30 in the afternoon, when the seller arrived to leave his stamp on the day proceedings, as can be seen in the blue oval I marked on the chart.
The way he managed to reverse the trend of the day, leaves me to think that he is not done yet.
I am seeing levels of 5260-5272 and even 5225-5230, as possibilities if he decides to assert himself.
If we get these levels, it will eventually be good for this upmove.
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18 comments:
Well timing yesterday at 1.30PM post.. Actually i was shorted @ 5324 and thought of closing positions with loss at 5340 level but after reading your comments at around 2PM, Kept position with SL of 5351..
Finally nifty came down to 5315 booked profit from loss position..
Thanks your good work to giving your levels on Ilango blog..
May god bless you..
Thanks,
Ramesh.
GM All.
Ramesh,
Happy that you made the right decision.
:)
Short is right only below VAL.
First bounce from there...Looks to me to be a narrow session in the morning with a bigger move in the 2nd half.
Viren sir 1 question VAL value is for Ns or Nf? I am confused plz sugest .
All we are talking interms of NIFTY SPOT values only..
Correct me if i am wrong..
Thanks,
Ramesh.
Musti, Ram,
The chart is for the Nifty future.All trading values will be for the future unless indicated otherwise.
Narrow range of 16 points in the nifty for the past 90 minutes.Watching VAL as action point.
However if the seller from yesterday afternoon does not return,buyers will take it much higher.
That being said,trade facilitation on the upside is poor as 5334-5344-5351 are proven resistances.
Sell Nifty here at 5314, with SL at 5335.
Let's look at 5298 to begin with.
@viren
whr u c sellers now:)
Manu,
Right here.
Guys, we have to see follow through for this move down.5307 now.
Exit if it gets above 5322-24 now.
back to 5316 again.
Sellers have not been able to press the advantage.Make an exit if it gets above 5324 now.
We'll live to fight another day :)
Nifty at 5299.Take some qty off here at 5299.
Bring SL of remaining to cost.
Finally some follow through..."Return of the seller"
Book out of shorts here at 5289.
I do not see movement below 5285
Wrong about 5285...should have listened to myself:
"I am seeing levels of 5260-5272 and even 5225-5230, as possibilities if he decides to assert himself"
viren,
not able to participate these days due to restriction in office...lot of sites are blocked.
there is talk going on to stop the appreciating rupee due to business lobby..there is a news item around 12.30 noon...
probably the volume players who took position may have decided to download to remain neutral till clarity emerges.
OBV indicator value as come down EOD.
My guess is credit policy may become non event and present correction may well provide good foundation for take off...
i know this is fundamental call...but just thought of sharing my views.
sri
Maybe you are right, and the selling did get a bit overdone..
I hope they do not tinker with the rupee and let it do what it is doing.
From Greenspan to Bernanke, look what happens when you tinker...you cannot call yourself an economic superpower now can you?
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