The action this morning is between 4987 and 5020 levels we have discussed often from early this week.
The gap down open has come in contrast to the close yesterday, quite simply because it is outside of range and value.
This points to the presence of inter-mediate term selling activity which does not give me confidence that 4987 will be held.So Viren's level of 4882 will play out.
I'll keep you posted.
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Update at 11.00 am.
The high low so far is 5019-4988 within one point each of our pivots at 4987 and 5020.
I'm on the sidelines waiting for a resolution.
Though my bias is slightly to the short side I will not hesitate to buy above 5022 for 5044 and 5067.
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Update at 12.10.
Though 4987 has been breached, I have not put out a short alert.
Not confident with the volume action here.
Let the market prove itself .
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At 12.30.
Vindicated. 5012 now.
But the market will have to do a lot more than these 25 points to give me confidence.
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12.44
Long at 4987. SL 4974. target 5020-5044.
High Risk. Intra.
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12.58.
5006 Now.
Still high risk. Bringing Sl to cost.
Will be comfy above 5022.
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1.15
Out of position at 5008
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1.38.
Waited all morning for this move. Missed it.
4955 will be the first port of call.
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New positional shorts initiated between 4955 and 4965. Will add on bounces.
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Intra shorts can book out here around 4925-32 partially.
Viren's pivot level mentioned in the post above is 4887 not 4882.We may get there today.
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14.44
4905 low of day so far. 4887 is what we want. 18 points away now.
Seemed distant in the morning. Not now.
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15: 16
4901 is the low of the day and 14 points away Viren's 4887.
I closed some shorts at 4910 and will look to re-initiate them at higher levels.
Hope you all had a good trading day.
Wednesday, May 19, 2010
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17 comments:
Shai can u explain it in simple words.
Nf goes down below 4987 so one can take short position acordingly?
Musti,
Yes you can short and hold below 4986 with Sl 5022.
Shai this update method is much better rather start a new post
Musti,
Mok suggested it.
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This is your blog. Please provide suggestions to improve.
hello there
kindly mention, the levels referred by u r nifty spot, or futures, please, thanks
Rochak,
All levels on the Nifty are NF. It It is spot I will specify as such.
Dear Shai, May i request you to please give more information on Market Profile which you follow - Some educative material will be very helpful - Best regards Deepak
hi shai, hi guys
isn't this a very unique site ... !
only in this blog we get to see market profile
:)
nice one.
the market seem to play a pattern staying around 4996 5005 5014
thanks shai
Deepak,
Plenty of info on the web. Please google market profile.
Shai I stuck with long not put sl &got busy in other work?
can I average it here?
reverse don't average.
Reverse at yt levels?
shai,
i made use of that below VaL 499x & 200sma 4988 to book at s3. Happened when thought the day would be stale.
thanks for your MP.
regards to viren.
will reenter at 4960, to add to positional short
Musti,
4955-4960 was the level to short again.
hi can u start twitter update for ur calls as they can be checked on time and wont need refreshing .. thanks
Anon,
Will consider.
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