NIFTY FIFTY

[AMITBE]

No, Nift spot is very weak.
While NF future tested and shot past that 3265 zone, Nifty spot could not even reach its own zone...missed it by a good 20 points.

At this time as NF trades at 3124, this vicious selling too appears like a false move.
A test of 3170-3180 will negate the false move....that is, if this turn out to be one indeed.

It was a false move after all.

 

[AMITBE]

This was written 50 points below but got delayed in posting. All levels valid for either direction:

This looks like an orderly move.

Visibly today, Nifty spot is on a better turf compared to NF.

At this time both are struggling at their PP zones, which in the case of NF is placed around 3150 area.
Should this area be negosiated successfully, NF will need to test 3191 zone, the next higher PP zone...and lose it again.

Whether lose it or not, a mere test and play at that 3191 would validate orderly moves.

Some more important levels to consider (only NF) :

To the up 3152-3174-3182-3204-3212-3220-3228

To the down 3165-3146-3138-3130. 3114-3108 are crucial.

 

[AMITBE]

This was written 50 points below but got delayed in posting. All levels valid for either direction:

This looks like an orderly move.

Visibly today, Nifty spot is on a better turf compared to NF.

At this time both are struggling at their PP zones, which in the case of NF is placed around 3150 area.
Should this area be negosiated successfully, NF will need to test 3191 zone, the next higher PP zone...and lose it again.

Whether lose it or not, a mere test and play at that 3191 would validate orderly moves.

Some more important levels to consider (only NF) :

To the up 3152-3174-3182-3204-3212-3220-3228

To the down 3165-3146-3138-3130. 3114-3108 are crucial.

And, forgot to add, a particularly difficult PP zone lies around 3230 area.
At least a test and play of this would place NF well.
The reason, it would then have successfully surpassed to difficult zones, and they would lie below as possible supports.

 

[AMITBE]

And, forgot to add, a particularly difficult PP zone lies around 3230 area.
At least a test and play of this would place NF well.
The reason, it would then have successfully surpassed to difficult zones, and they would lie below as possible supports.

Something interesting to note:

This is from the post when yesterday the markets surged:

Now, there was some orderly play at 3220 kind of levels, but has been aborted premeturely on account of monitory policy announcements.
How this level behaves is to be seen.

But...in that sudden surge, the next PP zone higher at 3265 was crashed against, all in one go. This zone normally proves to be difficult to overcome in one go.

So, now we have two zones, both mentioned in this post, to track.

Now what's happening is, as far as those two difficult PP zones marked in the two posts above, they are both the same zones, at different levels on account of the vicious drop in NF yesterday.

Then, speaking of orderly moves, today's test of that zone is a second attempt at that zone, yesterday's surge being the first.

What one should hope for is a play around these levels, to validate this move.
Play around is same as consolidation.
These zones also see a lot of accumulation and distribution.

 

[AMITBE]

Something interesting to note:

This is from the post when yesterday the markets surged:



Now what's happening is, as far as those two difficult PP zones marked in the two posts above, they are both the same zones, at different levels on account of the vicious drop in NF yesterday.

Then, speaking of orderly moves, today's test of that zone is a second attempt at that zone, yesterday's surge being the first.

What one should hope for is a play around these levels, to validate this move.
Play around is same as consolidation.
These zones also see a lot of accumulation and distribution.

All quite orderly, as written above, the test of 3230 off, pullback, consolidation etc.

Another aspect of the last two days is the stranglehold that Nift spot has been under, in relation to the Sensex. There is a clear disconnect. Not getting into which stock is dragging which, but that's the way it has panned out. Nifty is ofcourse the tradable milking cow and has been held by whatever positions have been in it. But the Sensex is a clear indicator too.
Will the two fall in synch...they will yes....but which contracts and which expands, one cannot tell now.

NF has just fallen away from an important level of 3265.
Should at all this gets tested again, look to 3272-3278.
Will turn bullish again above 3290, technically this is indicated.

In case of downward pressure, the levels mentioned in the early post today are still valid.

 

[AMITBE]

Something interesting to note:

This is from the post when yesterday the markets surged:



Now what's happening is, as far as those two difficult PP zones marked in the two posts above, they are both the same zones, at different levels on account of the vicious drop in NF yesterday.

Then, speaking of orderly moves, today's test of that zone is a second attempt at that zone, yesterday's surge being the first.

What one should hope for is a play around these levels, to validate this move.
Play around is same as consolidation.
These zones also see a lot of accumulation and distribution.

To see this accumulation/distribution/consolidation at 3230, run a horizontal line at this level, say in 5 min charts. It's quite clear.
Remember I'd written this particular PP zone proves very difficult, and keeps price action captive for quite long from up or down.
A clear breakaway from this zone gives the move.

 

[Saint]

There are many reading this thread and benefitting from it,and therefore the "Sticky" tag.We are all honoured at seeing your posts again,......Great stuff and keep em coming.

Saint

 

[kkseal]

The PP levels are quite amazing Are you using Market Profile by any chance?

Regards

 

[AMITBE]

There are many reading this thread and benefitting from it,and therefore the "Sticky" tag.We are all honoured at seeing your posts again,......Great stuff and keep em coming.

Saint

Thanks Saint...and a pleasure to see you here.

You may have noticed I've not been posting a lot of my random thoughts...but not much point in doing it to make a point of it, is there. They're rather abstract in any case.

Thanks again.

 

[AMITBE]

The PP levels are quite amazing Are you using Market Profile by any chance?

Regards

Hi kkseal...

Thanks.

I once knew a maestro...of music.
He often talked about the necessity of being able to see a musical composition, a Raaga, symphony, whatever...not merely in a frontal manner...you know what I mean...but more importantly from undefined perspectives also. To a truly creative artist this idea is vital, as nothing new comes of repetitiveness: My Teacher saw things this way (created), and I shall continue to see things his way.

But how is this answering your question on Market Profile?

Well, a little humourously, Market Profile reminds me of what that maestro would say. If a piece, a thought, an entity, a composition, stands within the creative mind, more often than not it's going to be a frontal view. That's the way learning is commonly imparted.
But that thought, composition, whatever, must have a profile too? A side-view, a close-up, a long shot? To see things in profile...different profiles...is a great way of seeing, wouldn't you agree? Its vital to the way we crunch data and arrive at decisions, yes?

And to really answer your question, no I don't use Market Profile. I'm merely a breakout...pullback-breakout kind of trader.
Cutting edge stuff doesn't quite go to my head.