NIFTY FIFTY

[AMITBE]

Hi Satya...the tension levels from short and longer term readings are 3400 and 3409, the latter being a more difficult level.
Should the market show strength there is no reason why these should not be taken.

That would bring the action back at 3425, the major level and a turning point discussed last week.

Well...well...the strength made manifest in no uncertain terms by my number readings at close last Friday continues.

Friday evening close was right on top of 3345, a key level discussed earlier.

Today it was the close on the nose of 3425, the major turning point that had got left behind tucked into a gap in the recent past...which has been more than filled now.
This is from my study of course...I've not grown into an Elliott Wave chartist yet!

 

[srisara]

Well...well...the strength made manifest in no uncertain terms by my number readings at close last Friday continues.

Friday evening close was right on top of 3345, a key level discussed earlier.

Today it was the close on the nose of 3425, the major turning point that had got left behind tucked into a gap in the recent past...which has been more than filled now.
This is from my study of course...I've not grown into an Elliott Wave chartist yet!

its good that the recent gaps are being close. For future, def, they will act as support level (needless to say this to Amit )

great going my friend...

Satya

 

[gvnarendra]

hello amitbe,

This fall of the nifty to 3300 was rigth till the monthly pivot.This monthly pivot was not touched since february and was broken only in october correction.Now it has to break the yearly level of 3492 to see some more upside.If it holds below the yearly level it may develop into a flat according to elliot wave theory.So 3300 appears to be the bottom for this corrective wave.

regards,
gvnarendra.

 

[AMITBE]

It seems no matter how crucial a session may appear going into it, there will always be another more critical one that will follow.

While taking nothing away from the show of strength of yesterdays session, the vital follow through is upon the market.
But no, this is not a make or break kind of criticality: Break this market will not in a hurry. And make comes from the reputation India Inc. has attained internationally, the report cards of which are being handed out currently.
So far the trend appears to indicate another dazzling semester.

The criticality of todays session relates to a few factors:
The political crisis relating to Iran, and its fallout on crude prices. This one is taking a toll on the world markets.

The other related factor is that our markets are attempting a recovery from the major scare of last week, where the market movers may likely play one day at a time and book profits at every rise, at this point.

The third factor is from my study of numbers and turning points etc.:
A turning point is deemed to have been turned round, only when at least one adjoining higher major level is also commanded.
Taking it one day and one step at a time then, in this instance 3425 is a major turning point which the Nifty holds for now.
Above this are 3442 and 3459. These will be the primary concern for today, from my perspective.
However, this is not to say if these are lost, all else is too.
Theres more firepower to come yet.
But only for the momentum to be held in the present, these are crucial to hold.

The line to the up is 3427-3432-3437-3442-3445.
Then 3447-3452/54-3459-3462.

Support line is 3422-3417-3414-3411-3407-3404-3401-3398-3395-3392-3389-3384.

Will review again later.

 

[AMITBE]

The third factor is from my study of numbers and turning points etc.:
A turning point is deemed to have been turned round, only when at least one adjoining higher major level is also commanded.
Taking it one day and one step at a time then, in this instance 3425 is a major turning point which the Nifty holds for now.
Above this are 3442 and 3459. These will be the primary concern for today, from my perspective.
However, this is not to say if these are lost, all else is too.
Theres more firepower to come yet.
But only for the momentum to be held in the present, these are crucial to hold.

The line to the up is 3427-3432-3437-3442-3445.
Then 3447-3452/54-3459-3462.

Support line is 3422-3417-3414-3411-3407-3404-3401-3398-3395-3392-3389-3384.

Will review again later.

Oh well...looks like the Nifty just attempted a triple promotion!:
The step-up major levels were given as 3442 and 3459.
Of the next two, which are 3476 and 3493, 3476 has ben tested yet.

There is density seen above 3477
where the line is 3477-3485-3489-3793.

 

[AMITBE]

Oh well...looks like the Nifty just attempted a triple promotion!:
The step-up major levels were given as 3442 and 3459.
Of the next two, which are 3476 and 3493, 3476 has ben tested yet.

There is density seen above 3477
where the line is 3477-3485-3489-3793.

The density line mentioned above extends above 3793 to 3497-3501-3505-3509.
Beyond that it's easier, should the action go that far at all.
3510 is another step-up major level in any case.

 

[AMITBE]

hello amitbe,

This fall of the nifty to 3300 was rigth till the monthly pivot.This monthly pivot was not touched since february and was broken only in october correction.Now it has to break the yearly level of 3492 to see some more upside.If it holds below the yearly level it may develop into a flat according to elliot wave theory.So 3300 appears to be the bottom for this corrective wave.

regards,
gvnarendra.

Hi gvnarendra...thanks for the post.
Yes, it remains to be seen if the Nifty will retrace over a 100 points to trace out a 'flat' corrective move. For that to happen, it first has to test its higher reaches...and it should likely do so it seems.
It may or may not happen in that prescribed manner, but eventually some correction will certainly set in.
It's a wait and watch.

I'm familiar with the broad Elliott principles, but don't practice it.
My own work is going well at this time, and there much ground to cover still.

I'm looking more keenly to see if the Nifty will retrace its step-up major levels which it had recently lost. There were certain important gaps there, left behind in the previous rally, which are being covered now.
Frm yesterday's close at 3425, the step-up levels are 3442-3459-3476-3493-3510-3527-3544-3561.
3544 was tested recently while 3561 and beyond are unchartered yet.
Thanks and regards.

 

[srisara]

kissed 3500+ and just retraced, lets see where the action takes the NIFTY now.

Satya

 

[gvnarendra]

Hi gvnarendra...thanks for the post.
Yes, it remains to be seen if the Nifty will retrace over a 100 points to trace out a 'flat' corrective move. For that to happen, it first has to test its higher reaches...and it should likely do so it seems.
It may or may not happen in that prescribed manner, but eventually some correction will certainly set in.
It's a wait and watch.

I'm familiar with the broad Elliott principles, but don't practice it.
My own work is going well at this time, and there much ground to cover still.

I'm looking more keenly to see if the Nifty will retrace its step-up major levels which it had recently lost. There were certain important gaps there, left behind in the previous rally, which are being covered now.
Frm yesterday's close at 3425, the step-up levels are 3442-3459-3476-3493-3510-3527-3544-3561.
3544 was tested recently while 3561 and beyond are unchartered yet.
Thanks and regards.

hello amitbe,

this is what I believe is happening now using elliot wave count in a short term prospective.

,
gvnarendra.

 

[AMITBE]

hello amitbe,

this is what I believe is happening now using elliot wave count in a short term prospective.

,
gvnarendra.

Near abouts what level are you taking the pullback of 4 to?? 3475 or so?