Looks like you are a fan of Elliot waves.What I gather from my friend is that it needs to come near the 2008 lows to complete the C wave before it resumes its journey upwards.. interesting to see as i believe @ 4500 levels massive buying would come until a freak trade takes that out and then there is mayhem all the way till 3600
Every trader has individual physiology to trade and perceive idea on market..that is why we all differ from each other's point of view.
A successful and a Professional trader sharpen their skills over the time as per individual ability and Understanding earlier mistakes not to repeat again. TA helps a lot in trading success but people dependent too much on it.. invariably loose money... reason can be their belief that their TA never go wrong
If any one want be a above average trader ..
1. Take it seriously as business
2. as in all business trading do require skill
3. The skills to be developed by every individual trader by spending as much time possible
4. Do not barrow knowledge to trade
5. learning through books or by a known guide (a reliable person who is not for money)
6.Market always surprises with it's next move be prepared for the UNKNOWN RESULT define your losses and say yes this it for me (profit)
7.Money management is key to success..protect your capital.. start your early trading days with very very less quantity.. market will be there always ..hold your patience till you are through with your technical skill and balancing your art of controlling emotions .
below are some important points to take note of..
1. Anything can happen.
2. You don't need to know what is going to happen next in order to make money.
3. There is a random distribution between wins and losses for any given set of variables that define an edge.
4. An edge is nothing more than an indication of a higher probability of one thing happening over another.
5. Eveiy moment in the market is unique.
variables means signals from your technical indicator
A successful and a Professional trader sharpen their skills over the time as per individual ability and Understanding earlier mistakes not to repeat again. TA helps a lot in trading success but people dependent too much on it.. invariably loose money... reason can be their belief that their TA never go wrong
If any one want be a above average trader ..
1. Take it seriously as business
2. as in all business trading do require skill
3. The skills to be developed by every individual trader by spending as much time possible
4. Do not barrow knowledge to trade
5. learning through books or by a known guide (a reliable person who is not for money)
6.Market always surprises with it's next move be prepared for the UNKNOWN RESULT define your losses and say yes this it for me (profit)
7.Money management is key to success..protect your capital.. start your early trading days with very very less quantity.. market will be there always ..hold your patience till you are through with your technical skill and balancing your art of controlling emotions .
below are some important points to take note of..
1. Anything can happen.
2. You don't need to know what is going to happen next in order to make money.
3. There is a random distribution between wins and losses for any given set of variables that define an edge.
4. An edge is nothing more than an indication of a higher probability of one thing happening over another.
5. Eveiy moment in the market is unique.
variables means signals from your technical indicator
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Good afternoon Nanda! Overall Banknifty does not look good and I've been bearish on this sector for a while. If there is a deep correction banknifty will sink quite deep and Yes bank will be no exception. My advise would be to book profits and sit on cash , to pick up fundamentally strong stocks at much lower levels. As far as Yes bank is concerned, it should nudge lower to 280 levels in the medium term. On the way down, it has decent support at 305 level.
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yes at this rate of falling 285 is due. Even a little below. 295-303 support was made in hurry so I will not be so sure of its holding power . However it being yesbank one never knows what may happen. It can go to 342 in a day because FA wise it is one of the best B2B bank in the world in its class.
@stock trendy
Hello sir. It looks like you are very much interested in quotes. I have seen a section or thread I don't rememeber called words of wisdom. Please use that space as this thread is on different topic. Thank you.
@stock trendy
Hello sir. It looks like you are very much interested in quotes. I have seen a section or thread I don't rememeber called words of wisdom. Please use that space as this thread is on different topic. Thank you.
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Sensex (17,429.5)
A look at the monthly chart of the Sensex is necessary to show us where we are from a long-term perspective. The index is shackled in a wide-trading band between 15,500 and 18,500 since the beginning of 2012. This move appears to be part of the long-term correction that began from the 21,108 peak. Since the up-moves within this correction are moving close to the 61.8 per cent retracement, this could be a triangle or double three in the making. As is wont with corrective sideways moves, the pattern is not apparent until it is complete.
But the most plausible count now points towards the action getting narrower in the months ahead, probably between 16,000 and 18,000 before the index forms a long-term bottom. The index needs to record a strong close below 15,500 to negate this view.
For the short-term, we have been reiterating that there is a convergence of targets around 18,000 in the Sensex. Reversal from this zone could imply that the move from 15,748 is now complete. But the index will need to record a strong close below 17,000 to confirm this. Subsequent medium-term supports are 16,770 and 16,528.
Short-term resistances for the index will be at 17,734 and 17,973. Targets on sharp move beyond 17,972 would be 18,121 and 18,319.
Nifty (5,258.5)
The Nifty too recorded a long black candle in the weekly chart that completed an evening star pattern. This is a reversal pattern but we need confirmation from next week’s action. Short-term supports for the index are at 5,190 and 5,032. Short-term traders can hold their long positions as long as the index trades above the first support.
Reversal from this level can take the index higher to 5,367 or 5,448 in the short-term. Target on a strong move beyond 5,450 is 5,606.
The area around 5,200 is also a strong medium-term support for the Nifty. Supports on move below this level are 5,111 and 5,032.
Global cues
Global equity markets took a small step lower last week. Absence of any major news development made investors focus on Ben Bernanke’s speech in Jackson Hole towards the weekend. The Federal Reserve Chairman’s promise that he would do all he could to support the market appeased investors. This led to expectation that there could be another round of quantitative easing in the offing.
CBOE VIX moved to 18 as risk aversion rose last week. The Dow declined to the intra-week low of 12,979 before reversing slightly on Friday. We stay with the view that short-term supports stay at 12,800 and 12,500. Short-term trend will reverse only on a close below the first support. But as explained earlier, it is possible that the current decline pulls the index all the way down to 12,500 or even 12,000 as the index moves in to a medium-term consolidation range.
The dollar index declined further and this helped gold move to $1,691 by the end of the week. Gold had short-term resistance at $1,675. Since the metal has moved beyond this hurdle, it can move on to $1,720 or $1,770 in the upcoming weeks. Medium-term trend will turn positive only on strong move beyond $1,770, paving the way for a rally to a new high.
A look at the monthly chart of the Sensex is necessary to show us where we are from a long-term perspective. The index is shackled in a wide-trading band between 15,500 and 18,500 since the beginning of 2012. This move appears to be part of the long-term correction that began from the 21,108 peak. Since the up-moves within this correction are moving close to the 61.8 per cent retracement, this could be a triangle or double three in the making. As is wont with corrective sideways moves, the pattern is not apparent until it is complete.
But the most plausible count now points towards the action getting narrower in the months ahead, probably between 16,000 and 18,000 before the index forms a long-term bottom. The index needs to record a strong close below 15,500 to negate this view.
For the short-term, we have been reiterating that there is a convergence of targets around 18,000 in the Sensex. Reversal from this zone could imply that the move from 15,748 is now complete. But the index will need to record a strong close below 17,000 to confirm this. Subsequent medium-term supports are 16,770 and 16,528.
Short-term resistances for the index will be at 17,734 and 17,973. Targets on sharp move beyond 17,972 would be 18,121 and 18,319.
Nifty (5,258.5)
The Nifty too recorded a long black candle in the weekly chart that completed an evening star pattern. This is a reversal pattern but we need confirmation from next week’s action. Short-term supports for the index are at 5,190 and 5,032. Short-term traders can hold their long positions as long as the index trades above the first support.
Reversal from this level can take the index higher to 5,367 or 5,448 in the short-term. Target on a strong move beyond 5,450 is 5,606.
The area around 5,200 is also a strong medium-term support for the Nifty. Supports on move below this level are 5,111 and 5,032.
Global cues
Global equity markets took a small step lower last week. Absence of any major news development made investors focus on Ben Bernanke’s speech in Jackson Hole towards the weekend. The Federal Reserve Chairman’s promise that he would do all he could to support the market appeased investors. This led to expectation that there could be another round of quantitative easing in the offing.
CBOE VIX moved to 18 as risk aversion rose last week. The Dow declined to the intra-week low of 12,979 before reversing slightly on Friday. We stay with the view that short-term supports stay at 12,800 and 12,500. Short-term trend will reverse only on a close below the first support. But as explained earlier, it is possible that the current decline pulls the index all the way down to 12,500 or even 12,000 as the index moves in to a medium-term consolidation range.
The dollar index declined further and this helped gold move to $1,691 by the end of the week. Gold had short-term resistance at $1,675. Since the metal has moved beyond this hurdle, it can move on to $1,720 or $1,770 in the upcoming weeks. Medium-term trend will turn positive only on strong move beyond $1,770, paving the way for a rally to a new high.
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