Friday, March 19, 2010

Bank Nifty on a firm ground.

Author: Ilango | Posted at: 7:31 AM | Filed Under: |

7 comments:

satheesh on March 19, 2010 at 9:00 AM said...

Ilango sir Good Morning.

I have a doubt. As per weekly, day and hourly tatasteel seems to be in Over bought condition. Can you explain why a buy call is given?

satheesh on March 19, 2010 at 9:03 AM said...

Also please explain when to go for a sell when the OB conditions are prevalent. What are the other parameters to be watched for initiating a trade based on OB/OS

Ilango on March 19, 2010 at 9:40 AM said...

Hi..Satheesh,

If you have gone thru' the tata Steel file fully, you would have noticed that in the day chart it was correcting towards the channel bottom & halted there @ 602-604 for three days and reversed up. This upmove is labelled as 5th wave (See in weekly chart) and is expected to clear the previous high. Sometimes it may not clear but head closer to it. Accordingly, it has moved up from 604 to 649 so far.
The lead indicator was stochastic and the other trend indicator is macd.

satheesh on March 19, 2010 at 10:00 AM said...

okay sir. Thanks for the explanation. I went thro the file and the mistake I made was that I did not read the chart properly rather just kept the values and did not corelate it with the MACD moving into positive territory. It has proved to be a costly affair as I could not cut the put option. My buy range was Rs.23 I missed cutting it during tuesday as I went out. When I asked you about PE on wednesday it was trading around Rs.4. Quite a loss!!! Is there any way to alter the trade?

Piyush Sharda on March 19, 2010 at 12:47 PM said...
This comment has been removed by the author.
Piyush Sharda on March 19, 2010 at 1:01 PM said...

Some explanation of your views

Sir your view is long bnf @ 9235-9250 sl shud be 9215 short is 9295 -9395 must mean closing long and taking short in this range.. is my interpretation correct.
In unitech it is m,entioned down and bank nifty up what is the difference.

Bank nifty positional sell view at 9350 _9450 means tthat if during day these prices shud be shorted. Sl is given at 9140. ??

Piyush Sharda on March 19, 2010 at 1:02 PM said...

sir it took me 40 min to post this msg pls dont ignore it

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