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NIFTY VIEW - November |
psalm
Black Belt
Joined: 12 Nov 2011
Posts: 5368
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Post: #361  Posted: Fri Nov 16, 2012 3:22 pm Post subject: |
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| stevenmat wrote: | now i see that the 5600 puts which i bought for 56..and sold for 16 has become 68 ... its a day of mourning for me 
i know "dont get emotional about stocks" |
It happens Steven.....you cant do anything about it.....you would have been sitting happily if the market had broken above 5800 or 5900...but sometimes you'll have to cut your position as per your trading strategy....it will help you in the long run...
NOTE: You're really frustrated now, after looking at the correction in the last few days....what will you do if see another gap down opening on monday???...  ........just kiddin...though there is good chance... |
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SP50
Brown Belt
Joined: 26 Nov 2010
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| Post: #362 Posted: Fri Nov 16, 2012 3:30 pm Post subject: |
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| I sold all my puts, |
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psalm
Black Belt
Joined: 12 Nov 2011
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| Post: #363 Posted: Fri Nov 16, 2012 3:33 pm Post subject: |
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| taxmann50 wrote: | | I sold all my puts, |
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stevenmat
White Belt
Joined: 27 Dec 2011
Posts: 478
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| Post: #364 Posted: Fri Nov 16, 2012 3:34 pm Post subject: |
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| psalm wrote: | | stevenmat wrote: | now i see that the 5600 puts which i bought for 56..and sold for 16 has become 68 ... its a day of mourning for me
i know "dont get emotional about stocks" |
It happens Steven.....you cant do anything about it.....you would have been sitting happily if the market had broken above 5800 or 5900...but sometimes you'll have to cut your position as per your trading strategy....it will help you in the long run...
NOTE: You're really frustrated now, after looking at the correction in the last few days....what will you do if see another gap down opening on monday???... ........just kiddin...though there is good chance... |
hehe...now you're rubbing on it... yea even i expect nifty to go to 5432 levels to fill the gap...lets see.. |
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SP50
Brown Belt
Joined: 26 Nov 2010
Posts: 1615
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| Post: #365 Posted: Fri Nov 16, 2012 3:35 pm Post subject: |
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| psalm wrote: | | taxmann50 wrote: | | I sold all my puts, |
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Wish I had bought some 5600 puts on Mahurat day, |
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stevenmat
White Belt
Joined: 27 Dec 2011
Posts: 478
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| Post: #366 Posted: Fri Nov 16, 2012 3:35 pm Post subject: |
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| taxmann50 wrote: | | I sold all my puts, |
you're talking abt that puts that you were holding for some time right....the time when i was also holding them.. |
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SP50
Brown Belt
Joined: 26 Nov 2010
Posts: 1615
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| Post: #367 Posted: Fri Nov 16, 2012 3:37 pm Post subject: |
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| stevenmat wrote: | | taxmann50 wrote: | | I sold all my puts, |
you're talking abt that puts that you were holding for some time right....the time when i was also holding them.. |
No these ones I bought after I covered my Nifty Shorts at 5730, yes been holding them now for sometime, |
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psalm
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Joined: 12 Nov 2011
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| Post: #368 Posted: Fri Nov 16, 2012 3:52 pm Post subject: |
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If the market has plans for an short term bottom....there is good chance for it in the next few days, I feel....if there is selling happening on monday, then there is good chance that there could be a bottom by tuesday or wednesday....normally, some panic selling always ends to some kinda bottom...so, I'm being a bit optimist here.....Having said that one will never be able to tell when the selling will end.....  ...Let's wait and see how the market is gonna perform next week....Happy Weekends....  |
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SP50
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Joined: 26 Nov 2010
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| Post: #369 Posted: Fri Nov 16, 2012 3:52 pm Post subject: |
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| Pre market low of 5550 almost achieved during market hrs... |
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apka
Black Belt
Joined: 13 Dec 2011
Posts: 6137
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| Post: #370 Posted: Fri Nov 16, 2012 3:57 pm Post subject: |
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Breaking News: Bulls dispersed in mass attack by bears
call premium utilised by making nifty fall.. stocks also fell alot. was making sense to remain short. weekly rising trendline broken, now new channel and consolidation would be required to get out of it.
[1] 8 lakh shorts added in nifty fut.
[2] 5600-5900pe shedded OI. Earlier 5600pe had highest OI, now it has 70 lakh OI and so does 5500pe.
[3] 5800ce total OI 95 lakh, 5700ce added 13 lakh shares - total OI 82 lakh. 5500ce added 12 lakh shares - total OI low 23 lakh.
trend is friend, but trend has bent 
next trgts come at 5527 and 5489. |
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SP50
Brown Belt
Joined: 26 Nov 2010
Posts: 1615
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| Post: #371 Posted: Fri Nov 16, 2012 4:22 pm Post subject: |
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| apka wrote: | Breaking News: Bulls dispersed in mass attack by bears
call premium utilised by making nifty fall.. stocks also fell alot. was making sense to remain short. weekly rising trendline broken, now new channel and consolidation would be required to get out of it.
[1] 8 lakh shorts added in nifty fut.
[2] 5600-5900pe shedded OI. Earlier 5600pe had highest OI, now it has 70 lakh OI and so does 5500pe.
[3] 5800ce total OI 95 lakh, 5700ce added 13 lakh shares - total OI 82 lakh. 5500ce added 12 lakh shares - total OI low 23 lakh.
trend is friend, but trend has bent
next trgts come at 5527 and 5489. |
By the look of the nos of new open interest addition in 5500 ce in last 30mins it looks like Nifty may well slide past 5500 to fill the gap created on 14th Sep.
Bulls in Fools paradise then trend will become a bend friend.....  |
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apka
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Joined: 13 Dec 2011
Posts: 6137
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| Post: #372 Posted: Fri Nov 16, 2012 4:38 pm Post subject: |
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| taxmann50 wrote: | | apka wrote: | Breaking News: Bulls dispersed in mass attack by bears
call premium utilised by making nifty fall.. stocks also fell alot. was making sense to remain short. weekly rising trendline broken, now new channel and consolidation would be required to get out of it.
[1] 8 lakh shorts added in nifty fut.
[2] 5600-5900pe shedded OI. Earlier 5600pe had highest OI, now it has 70 lakh OI and so does 5500pe.
[3] 5800ce total OI 95 lakh, 5700ce added 13 lakh shares - total OI 82 lakh. 5500ce added 12 lakh shares - total OI low 23 lakh.
trend is friend, but trend has bent
next trgts come at 5527 and 5489. |
By the look of the nos of new open interest addition in 5500 ce in last 30mins it looks like Nifty may well slide past 5500 to fill the gap created on 14th Sep.
Bulls in Fools paradise then trend will become a bend friend..... |
wait... nifty options data is correct as above, but future position was incorrect. it has updated as EOD -20 lakh shares. So total OI of nov fut has become tiny 150 lakhs.
other day, short covering made fut shed OI, today big time exit in long positions made it fall, hence premium also reduced to near 5 points.
I guess november is going nowhere. |
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vinay28
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Joined: 24 Dec 2010
Posts: 11748
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| Post: #373 Posted: Fri Nov 16, 2012 7:58 pm Post subject: |
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Since June at least, whenever nifty has taken support from this line, it has given a sharp 350-400 point rally in less than 2 weeks. Difficult to judge SL accurately but seems to be about 5500.
Incidentally, today's candle is similar to that on 26th July and 4th June, except for colour of latter candle. |
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SwingTrader
Site Admin
Joined: 11 Aug 2006
Posts: 2903
Location: Hyderabad, India
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| Post: #374 Posted: Fri Nov 16, 2012 8:33 pm Post subject: |
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True, but the key difference is that 4th Jun candle was a strong bullish candle (broke previous support intraday and rallied hard into the close) and 26th Jul one did not break any significant support, it was actually supported by the mid Jun consolidation. Today's candle has broken a significant support and the nearest support now seems to be the gap. Of course, anything can happen...as you said, the trendline support can be very significant.
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Srikanth Kurdukar
@SwingTrader |
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vinay28
Black Belt
Joined: 24 Dec 2010
Posts: 11748
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| Post: #375 Posted: Fri Nov 16, 2012 8:49 pm Post subject: |
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Absolutely ST. What's more, nifty has completed what I call as 3 cycles (EW guys may call it 6 waves) and hence history may not repeat without a sizeable correction, say about 5400-5445, an age old zone of 2009 and the gap matches that.
What I am unable to find out is the TL breakdown level, which should be the SL. I hope you or someone posts that.
Incidentally weekly chart presents the same scenario but the previous candles are bullish. |
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