NIFTY FIFTY

[AMITBE]

True to form the downwards probe has begun.
Unless we pull out of the 2300s, appearing most unlikely at this point, the trades would be in favour of selling with greater force and deeper levels tested. This is the clear indication for now and from yesterday's close.
We'll leave it at the low levels mentioned above for now.

2342 and 2332 for the record are next supports. 2332 stronger than 2342.

 

[darsh_goswami]

Well Amit ,..
Thanx for another support level buddy but i m not at all in the trend to buy it now ,..
Big n Giants have declared the results ,.. But do u all guys really think that results does effect market so much ?
Even though results were good ,.. Market experienced the fall ,.. Can anyone say Why ?
I m not a chartist who can analys so much from the charts but i m saying once again my intraday target for nifty was 2348 n it was achieved ,.. Still Nifty seems very weak though the diffence between Cash n Futures have been filled up ,.. ( i was tensed due to that in short selling Nov. Nifty Fut @ 2366 levels ,.. LOL )
Then too lets see if there is any rally tomorrow ,..
Once again i feel like to Start Short selling on the higher levels ,..
Seniors ur comments n views please ,..
Regards ,...
Darsh.

 

[AMITBE]

Well Amit ,..
Thanx for another support level buddy but i m not at all in the trend to buy it now ,..
Big n Giants have declared the results ,.. But do u all guys really think that results does effect market so much ?
Even though results were good ,.. Market experienced the fall ,.. Can anyone say Why ?
I m not a chartist who can analys so much from the charts but i m saying once again my intraday target for nifty was 2348 n it was achieved ,.. Still Nifty seems very weak though the diffence between Cash n Futures have been filled up ,.. ( i was tensed due to that in short selling Nov. Nifty Fut @ 2366 levels ,.. LOL )
Then too lets see if there is any rally tomorrow ,..
Once again i feel like to Start Short selling on the higher levels ,..
Seniors ur comments n views please ,..
Regards ,...
Darsh.

Get some charting under your belt, Darsh, to get a better handle on things.
The results didn't help the market today for the selling pressure on account of the expiry today. Tomorrow onwards this pressure will not be there and there should be a fair contest for the bulls. You just may have fallen short of your target by a good margin had there been a little buying support above 2385-2396 and I'm happy it worked out for you. But do keep your senses tuned in and don't go shorting for too long. At least not till 2332 is conclusively broken, and certainly not if 2420 is regained in due course. One of these days the index may just decide to not return from higher levels, and the reason is that fundamentally the market is NOT weak. What is weak is the flow of liquidity at this point. When I say market, I mean the frontline companies in the large, mid, or smallcap segments. This is the real market that draws the punters or investors, or herds that move enmass as herds will always do. The bears are leading the herds for now. Later the bulls will do this. That's just the way it is.
The market is about the companies and their ablity to earn and deliver the goodies alone, and only the valuations will prevail finally. Corrections and rallies and indexes merely swing around the valuations, now this way, now that. A good many counters in each segment with great numbers are stacked up at this point and the players just cannot ignore them for too long.

Good for you in the end...perhaps it does pay to be one amongst the herd.
Regards.

 

[darsh_goswami]

LOL Amit ,..
Hey dont mind ,.. thanx for the advise buddy ,..
Actually I do work with some levels ,.. with strict stoploss,..
Today i put the stoploss on Nifty ( cash ) @ 2412 levels ,.. n it didn't get triggered dear ,.. i had sold once at 2408 levels by keepin stop of 2412. I dont think i was wrong ,..
Will tell u more but currently i have lost my trading system so i will need to reinstall it . Lets see if i can fix it up within 1 or 2 weeks ,.. after that i might show u that IT REALLY WORKS ,..Not taking pride for it but i m satisfied with my trading system ,.. N ya it doesnt work one way ( whether market is bullish/bearish , it works both of the way ) the only thing i need to see is what is the trend of the script. If trend is down on my system n untill n unless i get Green signal to buy i do short selling ,.. once if i get buy , i dont short ,.. i had earned profit in the bullish rally then it was time to profit from Bearish trend ,.. n as being a trader ,.. I dont think i m doing anything wrong dear ,.. Then too ur my senior n i do respect my seniors well ,.. But if i m doing anything wrong ,.. ur guidence is most welcomed sir ,..
N even i also want to learn technical analysis,..
currently searching for Tradestation ( if u have then plz care to write me ) ..
Regards n best wishes ,.. ( sorry if i hurt u anyhow @ AMIT )
Darsh

 

[DORAISENTHIL]

Where Is The Market Heading To ? - Any Panic Ahead In The Market ?

 

[AMITBE]

LOL Amit ,..
Hey dont mind ,.. thanx for the advise buddy ,..
Actually I do work with some levels ,.. with strict stoploss,..
Today i put the stoploss on Nifty ( cash ) @ 2412 levels ,.. n it didn't get triggered dear ,.. i had sold once at 2408 levels by keepin stop of 2412. I dont think i was wrong ,..
Will tell u more but currently i have lost my trading system so i will need to reinstall it . Lets see if i can fix it up within 1 or 2 weeks ,.. after that i might show u that IT REALLY WORKS ,..Not taking pride for it but i m satisfied with my trading system ,.. N ya it doesnt work one way ( whether market is bullish/bearish , it works both of the way ) the only thing i need to see is what is the trend of the script. If trend is down on my system n untill n unless i get Green signal to buy i do short selling ,.. once if i get buy , i dont short ,.. i had earned profit in the bullish rally then it was time to profit from Bearish trend ,.. n as being a trader ,.. I dont think i m doing anything wrong dear ,.. Then too ur my senior n i do respect my seniors well ,.. But if i m doing anything wrong ,.. ur guidence is most welcomed sir ,..
N even i also want to learn technical analysis,..
currently searching for Tradestation ( if u have then plz care to write me ) ..
Regards n best wishes ,.. ( sorry if i hurt u anyhow @ AMIT )
Darsh

Hi Darsh...no you haven't hurt me in any manner at all.
My suggestion is go with the system that has stood by you and don't complicate things with this and that of TA, which itself is never going to be foolproof. The only foolproof thing you have mentioned is stop losses...this will never fail you.
I'm sorry but I don't know where to get Tradestation.
And do cut out the 'senior' and 'sir'. We are equals.
'Buddy' is just fine and 'dear' barely manageable.
Regards.

 

[AMITBE]

If yesterday was a carnage day for the bulls, it may not have been easy for the bears either. The reason, the Nifty was in a confused mode till well past 2.30PM, and was threatning to break above 2389 again. Imagine the state of those who had shorted below this. There must have been losses made on both sides The last half hour of course did all the damage.
A few days ago I had written here that it may just be a good thing to retest 2350 levels again to build a stronger base/bottom to consolidate and stablise. We were discussing this last night in the chat with saint and Karthik amongst others, and the feeling is a strong base now is most essential. If not 2380, then 2350 or even 2330 will do, as long as it works. It's vital at this point.
The expiry has come and gone and we may have to wait a couple of days to get a clearer picture on which way November will go from the price discovery.
On the surface, and even several layers below the surface, the scene is not optimistic at all. If 2332 is broken then in the short term at least we may get deeper towards the 2200s.
The international picture is not looking good either, and the Rupee is showing no signs of a recovery.
Let's just see how things pan out.
The levels, 2332 is now vital. Below, 2324-2318-2312 would all seem weak with perhaps 2318 looking better.
To the up, quickly regaining 2370 would be a booster. The levels further to deal with are 2382-2388-2392-2396.

 

[coljaspal]

Yes, Amit, carnage is the word....and it continues. 2332 also breached, and you feel we are heading closer towards the 2200s?! God help us all....

 

[AMITBE]

Yes, Amit, carnage is the word....and it continues. 2332 also breached, and you feel we are heading closer towards the 2200s?! God help us all....

Hi Colonel...well...god and some greenbucks would be nice.

2318 remains untested though 2321 low yet was close enough.
2342 was never going to be strong as support, but has given a lot of trouble coming up from below. Was tested thrice quite some time ago, and failing here again the Nifty would lose even more steam.
Has consolidated well around 2325-2330 for an attempt to the up.

 

[AMITBE]

Hi Colonel...well...god and some greenbucks would be nice.

2318 remains untested though 2321 low yet was close enough.
2342 was never going to be strong as support, but has given a lot of trouble coming up from below. Was tested thrice quite some time ago, and failing here again the Nifty would lose even more steam.
Has consolidated well around 2325-2330 for an attempt to the up.

Another attempt towards 2340 failed and now fishing even below 2318.
There is no willingness to buy at highs after new bottoms.
2310 has stopped the slide for now.
2306-2303-2294-2292 are further down.
2303 was strong if my memory is not too fuzzy. The rest are more transient.
Had made a double bottom here intraday to close above 2325 on a crisis day.
This should be valid for the next few sessions also.
Today is the last trading day in the week and the first for the November series. Don't suppose many will get adventurous.