iCharts Discussions

[rameshraja]

Today Nifty opened firmly taking the Asian Market positive cues and crossed the previous day High of 4916.65 and moved to 4925. Bulls suddenly developed cold feet due to nearing of F & O expiry of this month and bears took advantage of weakness of bulls and hammered the Nifty to as low as 4828, evaporating around 95 points from day’s high.

Would bulls comeback with vengence on Wednesday ( 28.05.2008) ? My sense is it is difficult task for bulls to conquer the market as there are many levels on upside, which will resist their move. Technically, Nifty futures in weekly chart has broken the low of Inside Bar formation and in daily chart the momentum is still below 100 level. RSI has also broken the channel on downside and made it very weak. The only consolation for bulls is 5 day RSI and stochastic which is in oversold region but still they have not turnedup to generate buy signal.

In the given situation, I expect Nifty range for tomorrow as follows:

The probable high for Nifty futures will be 4880 and low could be 4771. Nifty may wobble around the level of 4770 and if it fails to take support around this level, then fall will get accelerated to 4715 .

I as a trader, would tread the market carefully tomorrow and would try shorting around 4880 with SL at 4917 which is the high of Monday for my trade. I will keep continuously booking profit around 4810 and around 4775 level. I would exercise extreme caution around 4770 level and in the event of market not taking support at this level, I will open fresh shorts.

Disclaimer: Technical Analysis is subjective and I may be wrong in my analysis. I would therefore, request you to do analysis at your end and take decision for your trade than taking my view in full faith.

Best Wishes

C T RAMESH RAJA

[mansukh]

thank you for your update sir.. plz keep posting ur views.

[easwaran1947]

beloved friend
Namaste
i welcome you with great love and respect
thanks for your cam piv and r and s
levels
i have seen some
modifications in your
levels
like r5 and s5
normally
the
camarilla there is only
4 r and 4 s
how this arrived
if it is fine with you
i will be glad to get an update
to calculate this levels
thanks once again
great education
mr.raja
keep it up
love
easwaran
bangalore

[pradyehv]

thank you rrsir

[rameshraja]

Dear Mr Easwaran

R5 = High divided by Low multiplied by close.

S5 = High Divided by Low minus 2 multiplied by close.


C T RAMESH RAJA

[easwaran1947]

Beloved mr.rameshraja
thanks for helping me out
in to the mystery of
r5 and s5 of the camarilla
pivot point
i was searching in the web and found one
this is the cracked version of
the camarilla
R5 AND S5
according to the forum
here it is


HL5 = (hi/lo)*close
HL4 = ( ((hi/lo)+0.83)/1.83 ) *close
HL3 = ( ((hi/lo)+2.66)/3.66 ) *close
LL5 = close - (HL5-close)
LL4 = close - (HL4-close)
LL3 = close - (HL3-close)

that should be it

on seeing this new r5
and s5
i just wanted to test this new levels
today CHAMBLFERT
went beyond this level
(82.19) projectee level of r5

and finished higher than this
touching 89.60 then back to
88.50
eod

strange are the ways of the market


broke the r5 level
i feel
this is one of the days for the stocks to
break the rule
may be
petro principle
worked here

can u kindly
elucidate on this point
indeed it is very nice of this
site to hlp fast
thanks
may god bless u all
love
easwaran
bangalore