Just as a cautious businessman avoids investing all his capital in one concern, so wisdom would probably admonish us also not to anticipate all our happiness from one quarter alone. Sigmund Freud
Nifty closed up 4.75 points at 5476.50 while Nifty futures closed at 5467.10, a discount of 9.40 points. FIIs sold in Cash, net sell 607.43 Crore while DIIs bought in Cash, net buy 409.99 Crore. FIIs sold in Index future, index option but bought in Stock future, net sell 1316.70 Crore.
Yesterday we told!
Yes we told Nifty Future will check the level arround 5500 and with the same movement if it forwards they will kiss 5525, and what we saw it kiss 5525 and made high of 5526 that is exactly close.
Nifty future suddenly took reverse position in last 20 -25 mint.
What for Today…?
Today in Nifty future we see trend to move down then
may go below yesterday close 5454.
Then very much possibility to check this level 5422- 5416.
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Motive (Impulse) Waves
Effect of Motive Waves
The most common motive wave is an impulse. Motive waves separated into five waves with certain peculiar and always move in the same direction as the trend of one larger degree. They are straightforward and comparably easy to recognize and clarify.
Within motive waves, wave 2 never retraces more than 100% of wave 1, and wave 4 never retraces more than 100% of wave 3. Wave 3, moreover, always travels beyond the end of wave 1. The goal of an impulse is to make progress, and these rules of formation assure that it will.
Elliott further discovered that in price terms, wave 3 is repeatedly the longest and never the shortest among waves 1, 3 and 5. As long as wave 3 endure a greater percentage movement than either wave 1 or 5, this rule is satisfied. It almost always holds on an arithmetic basis as well. There are two types of motive waves: impulses and diagonal triangles
The most common motive wave is an impulse. In this, wave 4 does not enter the territory of “overlap” wave 1. This rule holds for all non-leveraged cash basis markets. Futures markets, with their extreme leverage, can induce short term price extremes that would not occur in cash markets. Even so, overlapping is frequently confined to daily and intraday price variation and even then is extremely rare. In addition, the actionary subwaves (1, 3 and 5) of an impulse are themselves motive, and subwave 3 is specifically an impulse. Figures 2, 3 and 4 all depict impulses in the 1, 3, 5, A and C wave positions.
It the above four pessage, there are only a few simple guidelines for depict impulses identically. A guideline is so called because it governs all waves to which it applies. Typical, yet not inevitable, peculiarity of waves are called guidelines, which are discussed in an upcoming section. A rule should never be disregarded. In many years of practice with countless patterns, the authors have found but one instance above Subminuette degree when all other rules and guidelines combined to suggest that a rule was broken. Analysts who routinely break any of the rules detailed in this section are practicing some form of analysis other than that guided by the Wave Principle. These rules have great practical utility in correct counting, which we will explore further in discussing extensions.
concentration
A truncated fifth wave does not move beyond the end of the third. It can frequently be verified by noting that the presumed fifth wave contains the necessary five subwaves, as illustrated in Figures3. Truncation gives warning of underlying weakness or strength in the market. In application, a truncated fifth wave will often cut short an expected target. This annoyance is counterbalanced by its clear implications for persistence in the new direction of trend.
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Nifty closed up 63.30 points at 5471.75 while Nifty future closed at 5460.70, a discount of 11.05 points. FIIs sold in Cash, net sell 148.57 Crore while DIIs bought in Cash, net buy 755.87 Crore. FIIs bought in Stock future, Index Option but sold in Index future, net buy 723.22 Crore.!
Friday we update.!
Previous day we told Nifty Future turn it moves upward and level’s Highlighted on chart were 5575-5622 click here.
What for today.?
Nifty Future taken U turn and on Friday made an awesome high of 5467.
Closing quite close to day high at 5464.
Today NF will check the level around 5500 and with the same movement if it forwards they will kiss 5525-5537.
Quite possibility are seen that it will check our first level of 5575.
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Jjewelry traders in the Tex city are facing a serious slump in their gold business owing to the rising price of the yellow metal on one side and the fall in rupee value on the other side. Worried over the declining sale, traders have demanded that excise duty on the precious metal be reduced, to ease imports from other countries, which might help stabilize the rates.
President of the Coimbatore Jewelers Association K Krishnamoorthy said the two major reasons for rise in gold price are the value falling of rupee against the US dollar and the lack of gold metal in the market. “The import of gold was not stopped officially. The excise duty on it was hiked four times in a year. The excise duty in 2012-13 was 4 per cent. It is 10 per cent now. This has let to an increase of 16 per cent in gold price,” said Krishnamoorthy.
“The Central government should reduce the excise duty on gold to the earlier levels of 4 per cent. Only then will the jewelry trade revive,” he added.
“The season from mid-August to Deepawali is the peak period for gold trade. But, the rupee crisis and hike in excise duty has hit the industry at a wrong time,” he complained.
Here is a graph showing up trend for short term, Yes, this is also bounced back. let see tomorrow.