Morning Update at 0800hrs for Intraday Market Level
- Thread starter pranayk
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Dear Keerthi
Don't call me senior
I am jus 26 years old and still learning.
The interpretation for the chart is as:
IF ONE HAS A LOOK AT THE CHART ABOVE ONE WILL NOTICE THE COMPLETION OF FIRST SET OF 5 WAVES FROM THE LOW OF 4540 TILL THE HIGH OF 4944,MARKED 1 TO 5 IN BLACK NUMBERS. AFTER A CORRECTION TILL 4860, THE 2ND SET OF 5 WAVES STARTED FROM THE LOWS OF 4860 AND AS MARKED IN THE CHART IN RED. 3 WAVES ARE OVER AT 5080 AND CORRECTIVE 4TH DOWN WAVE HAS STARTED. FROM THE LOW OF 4860 TILL THE HIGH OF 5080, 61% FIBONACCI DOWNWARD RETRACEMENT COMES TILL 4944. IF THIS 4944 IS BREACHED THEN NIFTY SHOULD FIND SUPPORT ABOVE 4925, THE LOW OF 2ND WAVE. HOWEVER IF 4925 IS DECISIVELY BREACHED, THEN ONE CAN BOLDLY SHORT MORE OF NIFTY FUTURES, AS IN THAT CASE ONE CAN EXPECT A BIGGER FALL TOWARDS 4860 LEVELS EARLY NEXT WEEK. BOLD TRADERS MAY FADE THE INITIAL GAP DOWN OPEN TO SHORT AGAIN AFTER THE UPWARD RETRACEMENT DEPENDING ON THE CONDITION OF OTHER ASIAN MARKETS WHICH ARE LIKELY TO BLINDLY FOLLOW DOW.
Don't call me senior
I am jus 26 years old and still learning.
The interpretation for the chart is as:
IF ONE HAS A LOOK AT THE CHART ABOVE ONE WILL NOTICE THE COMPLETION OF FIRST SET OF 5 WAVES FROM THE LOW OF 4540 TILL THE HIGH OF 4944,MARKED 1 TO 5 IN BLACK NUMBERS. AFTER A CORRECTION TILL 4860, THE 2ND SET OF 5 WAVES STARTED FROM THE LOWS OF 4860 AND AS MARKED IN THE CHART IN RED. 3 WAVES ARE OVER AT 5080 AND CORRECTIVE 4TH DOWN WAVE HAS STARTED. FROM THE LOW OF 4860 TILL THE HIGH OF 5080, 61% FIBONACCI DOWNWARD RETRACEMENT COMES TILL 4944. IF THIS 4944 IS BREACHED THEN NIFTY SHOULD FIND SUPPORT ABOVE 4925, THE LOW OF 2ND WAVE. HOWEVER IF 4925 IS DECISIVELY BREACHED, THEN ONE CAN BOLDLY SHORT MORE OF NIFTY FUTURES, AS IN THAT CASE ONE CAN EXPECT A BIGGER FALL TOWARDS 4860 LEVELS EARLY NEXT WEEK. BOLD TRADERS MAY FADE THE INITIAL GAP DOWN OPEN TO SHORT AGAIN AFTER THE UPWARD RETRACEMENT DEPENDING ON THE CONDITION OF OTHER ASIAN MARKETS WHICH ARE LIKELY TO BLINDLY FOLLOW DOW.
Dear Pranay,
The nine monthly Stochastic Oscillator of SNP CNX NIFTY shows the nifty as highly overbought at 97.22, where as the lesser period is not that bad. considering the fact the recovery on the Nifty started in March, can this signal be ignored ? Then what period should be taken for regular reading for short term nifty movement with indicators like MACD, RSI and Stochastic Oscillator of SNP CNX NIFTY.
Regards
Bharath
The nine monthly Stochastic Oscillator of SNP CNX NIFTY shows the nifty as highly overbought at 97.22, where as the lesser period is not that bad. considering the fact the recovery on the Nifty started in March, can this signal be ignored ? Then what period should be taken for regular reading for short term nifty movement with indicators like MACD, RSI and Stochastic Oscillator of SNP CNX NIFTY.
Regards
Bharath
morning update at 8 am 20 nov 09
last night after a big gap down fall, and making a low at 10256 with 168 point -ve at one point, dow recovered by 75 points to close at only 93 points -ve. European markets which had closed when dow was at its worst, closed from 1.7% to 1% down with uk ftse closing down by 1.4%. Brazil was not affected much by the dow fear & closed only .3% down. Asian markets although have not opened that badly, buy the fear of what will happen to dow on friday night may see these dow following markets fall a little more as the day progresses.
For indian markets, either opening will be in line with other asian markets or since indian markets had acted in advance on thursday by falling nearly 1.5%, the fall may be milder to again surprise every one by rising up, only to see end of the day profit booking. In any case , if at all there is a gap down open, then one can safely trade the gap to short above 5030 or 5050 nifty levels if at all nifty reaches these levels. Option traders should be very cautious in holding bought options and if at all they hold then should short higher calls and lower puts. Even if there is a big rise or big fall in the markets, both long & short future position position holders need not panic at all & should shift to december series.
last night after a big gap down fall, and making a low at 10256 with 168 point -ve at one point, dow recovered by 75 points to close at only 93 points -ve. European markets which had closed when dow was at its worst, closed from 1.7% to 1% down with uk ftse closing down by 1.4%. Brazil was not affected much by the dow fear & closed only .3% down. Asian markets although have not opened that badly, buy the fear of what will happen to dow on friday night may see these dow following markets fall a little more as the day progresses.
For indian markets, either opening will be in line with other asian markets or since indian markets had acted in advance on thursday by falling nearly 1.5%, the fall may be milder to again surprise every one by rising up, only to see end of the day profit booking. In any case , if at all there is a gap down open, then one can safely trade the gap to short above 5030 or 5050 nifty levels if at all nifty reaches these levels. Option traders should be very cautious in holding bought options and if at all they hold then should short higher calls and lower puts. Even if there is a big rise or big fall in the markets, both long & short future position position holders need not panic at all & should shift to december series.
Hi Friend,
Learning Option Trading for the last 3months from TJ and different websites and Books. Also following ur Thread silently from the last months.
Recently paper trading to acquire confidence.
Still I think It's not enough .... thats why want the seniors guide/opinion to make my shadow practice session more solid before entering into the game and to learn..."Kulhadi payar banchakar kaise chalana chahiye".
Thanx.
---aid
Learning Option Trading for the last 3months from TJ and different websites and Books. Also following ur Thread silently from the last months.
Recently paper trading to acquire confidence.
Still I think It's not enough .... thats why want the seniors guide/opinion to make my shadow practice session more solid before entering into the game and to learn..."Kulhadi payar banchakar kaise chalana chahiye".
Thanx.
---aid
:annoyed: Please don't ask far months option chain coz I don't have a sheet for it already prepared. Besides, no one trades them and they are highly illiquid. 
http://www.megaupload.com/?d=EMS9M8NV
http://www.megaupload.com/?d=EMS9M8NV
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