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Thursday, January 29, 2015

Nifty Technicals January 28 2015


We are firmly in wave c of xabc.
Wave c can develop as a diametric or as a triangle. We will have to wait and see.
Wave c has achieved 8968 levels which we were watching.
In the complex wave channel, price has now touched the upper trend line.
Which seems to be a confluence of sorts.
The 23 day cycle is approaching an inversion point. If we have an inversion now. we may have a bottom after 23 days.
We may wait to see the hourly momentum moving up and reaching another top. Only when all three period momentum start down, shall we conclude the present upmove to be over.
In short, the uptrend is maturing. But wait for technical signals before assuming a reversal is in vogue.
Let us not forget, that we are only in the first wave of c, which is a strong up wave. So all reversals should be used to buy in dips or move out of shorts.Only if the complex wave channel breaks in faster time can we conclude that a major reversal has taken place.

19 comments:

Kannan Srinivas said...

My Dear Sureshji

Thanks a ton.

Absolute exhibition of a great class of analysis.

Regards

KS

Unknown said...

thanks for updating and mainly a timely update as today is expiry & this update helps thanks a tonn

Tekkiesuresh said...

Thanks Manoj. I shall do my best to share my views.

Tekkiesuresh said...

Thanks Manoj. I shall do my best to share my views.

Anonymous said...

Sureshji thanks for the update, my query is that for the next 22 days we should be in long position i.e. buy on dips

Tekkiesuresh said...

Yes.Only thing is we wait for a correction.I suspect the market is primed up artificially because the Government wants to unload a lot of Coal India stock.So the moment that event is through we may see the expected correction to the 10 day rise.Please note that the market breadth has been consistently negative..that is more shares declined than what advanced.So the participation has been by selective players in selective stocks.It would be wise on our part to wait for this headwind to pass.Once Govt announces the floor price of Coal India market should find its natural levels.

Tekkiesuresh said...

Dear Kannan,
Thanks a lot.Appreciate your gesture!

Warm Regards

Suresh

Anonymous said...

Geee.... Thanks Sureshji

Saahil said...

Suresh Ji!
Pranam!
So is the much needed correction done? Can we go long here and wait for the possible targets which could be a major top as mentioned in your previous posts. Will be grateful if you could post the possible targets from where one can reverse their positions.

Regards,

Unknown said...

Sureshji,
You have given a pin point accuracy for reversal and today 30th we had a reversal from 8998 and nifty also produced three red candles in hourly chart.
Is this a reversal or some sort of consolidation please share your views.
Regards,
Naveen

Tekkiesuresh said...

Dear friends,
Let us examine later in the weekend, with charts.

Regards

Suresh

lalitlk said...

I shall like to share my blog
http://lalitlk-lalit-lk.blogspot.in/2015/01/nifty-tf-75-minutes-for-period-ending.html.

Why TF75 Minutes.
" Market in India is from 9:15 AM to 15:30 hours (3:30 PM) and of 375 Minutes duration. As such, a TF of 3 minutes cover a day with 125 candles, TF of 5 minutes covers 2 days, TF of 15 minutes cover 6 days & TF of 75 minutes cover in 30 days - all with 150 candles"
Nice to read all your blog so full of typical analysis.
Regards

jay said...

Your target pprojection on aurobindo pharma was achieved today...
Can u pls analyse it again?

Wacky Punter said...

Suresh Sir, Thanks for analyzing Auro Pharma on my request. It proved to be extremely useful.

Tekkiesuresh said...

Thank you for your views, Lalitlk.

Tekkiesuresh said...

Jay, let us do it mid week.

Tekkiesuresh said...

Thanks Wacky Punter. Now that the target has been reached, we will analyse it further this week.

Tekkiesuresh said...

Dear Naveen,
Please see today`s post.

Tekkiesuresh said...

Dear Saahil,
Please see today`s post.