For tomorrow 24.11.2009 Pivot 5090 support 5066,5029,5005 resistance 5127,5151,5188 Today RSI(14) at peak 82.82, from tomorrow RSI will start declining, hence if nifty spot closes bellow 5086 then short position can be taken for wednesday and thursday. bellow 5086 strictly avoid taking long positon. today inspite of rise in Sensex its 20 shares were advancing and 10 shares were decling, after 11.30 AM entire day market remained FLAT, again FIIs were netsellers today. Momentam indicator has also started declining ADX has gone bellow 25. these are sign of weakness. ...

intention of FIIs is to sell but as others are helping them free by way of higher prices due to short covering these FIIs will defer their sell move up to expiry end....

That was a good discussion I thought by all of us. Thanks everyone for chipping in. What I feel is, today and tomorrow would be dominated by bulls and then would come the bear attack. As for today, one can go long at the current level of 5070 with a stop 5050 for a target above 5100. Regards, Rudra...

I ask questions since like anyone else using EWT, I can`t be sure. There are 2 possibilities I see: 1. We have completed the 5 wave upmove with the high of 5182 and we are in a 3 wave correction. The first down wave from 5182 to 4539, second upwave from 4539 to XXXX but less than 5182 and the third and final downwave from XXXX to YYYY where YYYY is lower than 4539. I am inclined more towards this view since some other experts also believe the upmove is over. 2. We are in wave 3. Wave 3 being an upwave will complete in 5 subwaves and currently we are in subwave 5 which may take us to 5400-5600 after which the corrective downwave 4 begins which takes us down by anything from below 4500 to all the way down to 3150. Notable thing here is that in both cases I expect the recent low of 4539 to be broken. Not to be too enamoured by technicals only, lets look at the fundamentals too. Nifty is trading at almost 23 PE and one year forward returns from this level have always been negative. HLN says that Nifty will hit 6200 which will make Nifty insanely expensive. I don`t know what will happen but I won`t buy big-time at these prices....

Dear DM.........as per u, we r heading towards 4800 n not 5200. Even patience had said 5200 calls will expire worthless...i was believing the same. But just now i got a call frm my close frnd who handles the system [computer n networking] of one big operator told me something different story. As per him, operators are trying to close nifty above 5200 for this expiry & then to take it down with deep red cut. He strongly advised me to take long position for NOV series n to short DEC series. Today i didnt go anywhere to enjoy holiday but checked many market related sites n blogs. Surprisingly everywhere the atmosphere is gloomy. Many many are believing closing of nifty at around 4800. But as i earlier mentioned MARKET GOES AGAINST MAJORITY! ...

snvaish sir, Few things I have observed for Friday trade. Need your opinion on the same. 1. The surge on Friday surely looked like short covering. But short covering generally happened when good buying lifts the market and short covering lifts it further. These two things should create good volume. But Friday`s volume was not so high. 2. FIIs on Friday net sold 463 crores in cash. Also net sold in Index and Stock Futures in good volume. DIIs net bought just 18 crores. I am really not able to connect these two data with the short covering trade on Friday. Your thoughts on the same please. Thanks, Rudra...

Thank you very much for the kind information and valuable suggessions. I will keep in mind those precausions while selecting the firm for my second account. nagu...

For tomorrow 24.11.2009
Pivot 5090
support 5066,5029,5005
resistance 5127,5151,5188
Today RSI(14) at peak 82.82, from tomorrow RSI will start declining,

hence if nifty spot closes bellow 5086 then short position can be taken for wednesday and thursday. bellow 5086 strictly avoid taking long positon.
today inspite of rise in Sensex its 20 shares were advancing and 10 shares were decling, after 11.30 AM entire day market remained FLAT, again FIIs were netsellers today. Momentam indicator has also started declining ADX has gone bellow 25. these are sign of weakness.
...

Dear totalview
compair such data with the data of 18 th may 09. when FII bought only 53.40 and mutual funds sold 0.50 but nifty jumped 600 points.
In fact in this market big manupulation is going on and nothing can be concluded with past data`s, I expect what might have happened on Friday due to sudden jump.
Many peoples would have shorted and placed stop loss at higher level step by step. Now step by step all the stop loss might have been trigered resulting sudden jump in price, and those who have not put stop loss might have been left uncovered, such traders will have to cover their shorts on Monday if market is not falling.
Now what may happen which I expect that if on Monday FIIs, DIIs don`t remain net sellers then on expectation of fall in the morning traders will make huge short sell, later on when they will find that market is not falling then uncovered shorters till friday and fresh shorters of Monday will be compelled to cover shorts after noon time. I mean market will not fall on monday. because every fall will be picked up by previous shorters. hence ultimate results will be huge short covering.
Technically it also indicates that short covering will take place.
...

Dear pkk07
forget HLN, he has remained failure on 99% times, his level of accuracy is only 1%. you have presented your views and style of pesentation is also good. keep it up. Don`t worry if there is any mistake of calculation. However it is appriciable that atleast you have put up your views amongs us. ...

Dear rudra sinha ji , you are right that FIIs were net seller on friday but it is not necessary that they will remain net seller on monday also. what they will do no body knows hence for precautions live chart is already with you with will show what they are doing. but regarding firmness of the market, lower chart of 843 and 3571 minuts, the nifty is above both lines and even if nifty do not move much high on monday even then it is likly that red line may cross above green line which will create firmness, Speculatores / FIIs always do surprise to all....

Dear pkk07
I observed that you remains questioning every time, it will much appriciable if you put your views also about the targets that what do you think?...

I also expect negative start on Monday due to heavy premiam in future, but if 4932 is not breached on monday then nifty may touch 5250-5300 range till wednesday. hence buy on dips is safe. there is huge shorts build up in the system and entire short covering has not yet happened on Friday, hence big short covering may take place.
For short covering Green line in 3rd, 4th, and 5th chart of following blog must not be breached
h t t p : // pure-profits . blogspot . com/...

Dear Nagu
yes I agree, the electronic cell of token has it`s life of approx two years. my token has already completed more than two years. Now there also one more problem with R Money that they are not responding to any emails or if by the way responding then after one month. The phone of their local branches remains almost busy during trading hours hence no contact can be made with them.
If we with to squire off our F&O positon at the time when token number is not working, then their call and trade centre will also can not help.
Now India Bulls is also going to introduce similar token from 24.11.2009 but their customer care center is very good, the trading software PIB is also very much and reliable / fast. no hang up problem even at time of rush of trade. brokerage is also negotiable. I have both the trading plateform, Though India Bulls is charging little much brokerage but I find trading in India Bulls is more safe than Reliance Money. and in case of any emergency their customer care center gives immdiate help inspite of their large custome base. whereas need of help rarely arises at India Bulls. ...

Dear totalview
compair such data with the data of 18 th may 09. when FII bought only 53.40 and mutual funds sold 0.50 but nifty jumped 600 points.
In fact in this market big manupulation is going on and nothing can be concluded with past data`s, I expect what might have happened on Friday due to sudden jump.
Many peoples would have shorted and placed stop loss at higher level step by step. Now step by step all the stop loss might have been trigered resulting sudden jump in price, and those who have not put stop loss might have been left uncovered, such traders will have to cover their shorts on Monday if market is not falling.
Now what may happen which I expect that if on Monday FIIs, DIIs don`t remain net sellers then on expectation of fall in the morning traders will make huge short sell, later on when they will find that market is not falling then uncovered shorters till friday and fresh shorters of Monday will be compelled to cover shorts after noon time. I mean market will not fall on monday. because every fall will be picked up by previous shorters. hence ultimate results will be huge short covering.
Technically it also indicates that short covering will take place.
...

Do hell with china, we are living in India, hence talk about India, Indian Market trend, Earlier Mr Deepak Kukreja also tried to create China Fear early in Aug and Sept when China was falling, but what happened, Indian Sensex corrected from 17.10.09 and now back on the track. hence let the china go to hell ...

I have my views maximam only for one or two days in advance, for your need please contact HLN, he has views for 50 years in advance. ...

technically you were not wrong, but you should understand that
1)= FIIs, Speculators are are pure cheaters, since monrning they creates such atmosphear as if market will fall, so that all the traders starts shorting, you might have seen that till about 1 Noon there were no sign of recovery, but sudden bounce is the only proof that they are big cheaters and don`t want that any other person should earn except them. Same thing happens when market becomes bullish and suddenly after 2.30 they makes basket selling in such way that no any other traders get any chance to exit from their longs.
You should follow red and green dots called as parabolic sar and MACD signals both simultaniously. when you shorted at 4726 at that time parabolic sar was giving signals of further rise. take care. ...

For tomorrow 06.11.2009
pivot 4718
support 4659,4512,4493
resitance 4824,4883,4990
Views= as I am cautioning about shoring

on 01.11.2009 itself I had advised to cover shorts on 03.11.2009, because I was expecting bounce on 04.11.2009, today also I had advised to cover short during early in the morning after opening of the market.

Now I find that 14 day RSI has started rising from bottom which means fall is over, this may be a begining of long bull phase again may remain continue upto March 10. Hence it is advisible to start building up long term portfolio for holding upto March.
every dip may be used to buy quality stocks. sorry for my earlier views for bearishness upto 13.11.2009, please treat that view as cancelled.
Still you may appriciate or not that atleast timly and well in advance, I have advised to exit from shorts. ...