iCharts Discussions

[daytrader007]

Please have a look at the weekly NF chart. One of the following may be a this swing bottom. Though it is not easy to find bottom or top. This is just for having some idea before hand. And I do not mean this will be long term bottom.

1. 200 Weekly EMA = 3731 or,
2. 200 Weekly MA = 3513

These are NIFTY spot level.

[rameshraja]

Dear Swdas

According to me no level is sacred in stock market. If market wants to takeout a level, it will do that.

C T R

[daytrader007]

Hello RR sir,

Agree with you sir. This is just for an idea for new people like me. I have not told for taking any kind of trade. Just for tracking market. It may not take support from those levels.

Thanks,
Swapan

[daytrader007]

Hello guys!! all say that it is always better to refer SENSEX chart than NIFTY. This is one such example. Please have a look at SENSEX weekly chart. You will find market has bounced exactly from 200 Weekly EMA of SENSEX, when we were following NF for this swing bottom.

Market perhaps made the swing bottom at 12600 Sensex level (200 Weekly EMA).

Regards
Swapan

[naresh1711]

[b] I agree with you on mkts rebounding from 200 week Ema SENSEX levels but ur observation was vee bit late same has been posted by me under Trending Nifty trends am glad to know you are too having same view.

[daytrader007]

Dear naresh1711,

Yes I am able to judge this late as I do not follow Sensex chart very closely. I posted this topic before hand as I was too expecting a temporary bottom in either of these two levels. However, perhaps, it was mistake by tracking it through NIFTY chart. Happy that I am able to catch this better this time, but it was not perfect. Hopefully next it be very perfect.

Regards
Swapan

[jeeva]

From yr bse chart, it seems that it never had support at 200 dma even from 2003.then how can we expect it will happen now?

[shekharkulkarni]

Hello,

Ki bolchi? I think we will get the bottom when you see very small moments in the markets... the momentum losses then you understand the bottom is reached. Physics law of motion should work. Keep a watch on momentum indicators. Ofcourse the technical lines breakout would be the first signal.

One more thing. Rules are broken many a times so we dont stop making rules do we. So levels are meant to be broken and we are not stopping either to make them. If this level does not work something will definitely 400 DMA or something some three year R2 pivot. So some level is definitely there which will act as support. There is a level which will not be broken.

Regards,
Shekhar Kulkarni

[daytrader007]

Probably I have used wrong term "bottom". Though I have mentioned somewhere that it would be a temporary bottom. My main perspective of this thread was to bring awareness that market can reverse from certain important levels. It has nothing to do with finding a bottom for going long. In that sense, if we can judge any movements (up/down) properly it is helpful for both longers or shorters.

Jeeva, I have got very shallow knowledge in TA. Still, since 2003 market is in bull market, therefore you would not find market is touching 200 weekly MA.

[mkdeep]

swdas very keed of u to post foe the new ppl
i learnd alot from ur posting here and on S/B.
i follow ur call with g5t respect
pls pls do post , so v can learn
with respect sir

mkdeep