Having a severe net problem today. Uploaded only single chart pic in last 1 hour, so I am not uploading anymore as it's already 4:30 in the morning. So giving you the levels in stead of posting charts.
Trend is still up as long we are holding above 5065 zone. If you look at the pic above you can get the importance of 5065 once again, and wonder how fib projection comes again and again to our way, other way round convergence of these levels with earlier projection levels prove the validity of the place.
Supports: 5092-5065 is clearly the big place to look out/for long. We clearly have chances for newer highs on shorter term itself, as long these 2 place are holding up. Below that Nifty can easily show up 5015/20-4940.
Resistances: 5150-5170/74 remains a tricky band. I will not suggest to go long blindly even if we are still in an uninterrupted uptrend near these levels. Booking intra longs, and short near 5160-5170 zone with a small s/l around 5185 can also be done by aggressive traders as risk-reward ratio is favoring the trade.
Note: Keep eye on Reliance Ind. As discussed on Sunday, 1120 is proving to be BO zone. Yesterday it made a high of 1118.95 before retracing. A good volume break above that can show 1162-1190 in no time.
Hi Satyam,
ReplyDeleteEveryday i follow ur blog in the morning. Now i m in Delhi for my official work and not getting time to post graph nor detail discussion abt market. Anyway, what i think, today is the last day for upmove. and we may see new downward trend will start from tomorrow (4th Dec'09). Actually from a unique study, i got this dt. But it is totally my thought. Do u also think so???
Hello sir,
ReplyDeleteHope you are having a nice trip. Anyway, as far as the Nifty is concerned as you know that my working area is somehow the fibo application on Elliot, extension of the downside breakout can only be caught after a violation of certain level. Till that time I will try to catch the top and short with the license of favorable risk-reward ratio. 5170/75 is really what I looking at. Will surely try shorting there . But also will wait for the violation of 5060/65 odd levels to add upto my shorts positioanlly.
Hi Satyam,
ReplyDeleteYou r absolutely right.. B'coz market only speak the last word.. me too made short at 5184 with SL 5210. But what i told u, based on a specific calculation. We only can follow technical analysis and market trend only...
sir i visit ur site daily and found it realy good analysis .sir I am new in this field and want to learn analysis of chart sir could u plz tell me where i can see chart which u post in ur visit and also help me read chart
ReplyDeletemojib