Good morning all.
5374 is the open of the day and if bearish views are disappointed, it has to be an understatement!
I want to turn your attention back to a previous post: http://vtrender.blogspot.com/2010/07/eod-14th-july.html.
After the high vol downmove on the 14th, we were waiting for a confirmation or follow up action, which incidentally has not happened yet.
Just to refresh it is 5367 EOD or a break of 5355-5411 either side on the hourly, which will confirm or contradict that volume.
The value areas for today are : 5391-5382-5374 for the Nifty.
And 9982-9964-9947 for the Bank nifty.
The Nifty has started trading on the CME from today.
The link to the action is : http://www.cmegroup.com/trading/equity-index/international-index/emini-sandp-cnx-nifty-50-futures_quotes_globex.html.
We will keep an eye on the volumes to see how it will impact the action on the NSE.
Guys, I’ve started this blog as a platform to share and communicate ideas and not as a medium to take a potshot at other people’s views and analysis directly or indirectly.
I want everybody to take a leaf out of Girish Desai’s book and VJ and Mok, Daruma amongst others who foster the development of ideas.
It is human nature to be critical of things we do not understand or agree with.
We cannot be served well in sharing negative views.Instead let’s believe in the sharing of an idea to serve us all better.
Let’s focus on the markets, discuss what we are looking at and look at making money in the markets.
Earlier I put out an alert for a long trade at 5411.
We had held the view that a break of 5411 and an auction above it would denote continuation to the upside.
Have a look at this chart :
From value high, the Nifty future made a very good move to 5415 on very good volumes.
The evidence pointed to a continuation.
However the profile started showing a slowing down immediately ( yellow Oval) with most of the auction being below 5411.
This was a first doubt. I still thought that the market would return to auction above that level, but subsequent action failed.
Hence the exit.