{"id":1171,"date":"2011-11-02T02:17:34","date_gmt":"2011-11-02T02:17:34","guid":{"rendered":"http:\/\/www.cashthechaos.com\/blog\/?p=1171"},"modified":"2014-01-14T22:37:17","modified_gmt":"2014-01-14T22:37:17","slug":"india-pre-market-2nd-november","status":"publish","type":"post","link":"https:\/\/www.cashthechaos.com\/blog\/2011\/11\/02\/india-pre-market-2nd-november\/","title":{"rendered":"India pre-market 2nd November"},"content":{"rendered":"

Nifty(5257.95): Nifty has so far partially filled the gap that was above 5169 and from the early morning SGX Nifty quote does look like there is going to be a further push down. Next significant supports for the short-term supports are at 5190-95 and 5150-40. IF there is a gap down beyond 1% on the Nifty it would be prudent not to short. The best place to buy or sell is always at the first reaction to a move<\/em>. We have seen Nifty drop from 5400 to low 5200's, now we will wait for the reaction come and through and see to it that the dip buyers have spent their energy.<\/p>\n

The most important take away from yesterday's move was from Reliance.<\/p>\n

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Reliance - Daily Charts<\/p><\/div>\n

It was indicated in yesterday's note that Reliance was showing early signs of weakness and here is the confirmation from Mr Market. If the rise from August low was the start of a fresh uptrend Reliance should not have overlapped into 858 but it did and hence the rise is corrective. If your know a bit of Elliot wave you know why but what is important is the implication. Also, notice the October low for Reliance was way above the August low and this strength was the reason why we did not see a breach of 4720 on Nifty. I expect Reliance to trade around 842-848 at open and provide a relief rally. It is this rally we would interested in selling into. Like Reliance's overlap we should also see Nifty overlap into 5215 to eliminate the bullish case (though 5170 would more ideal). Be patient and let the opportunity fall on our lap.<\/p>\n","protected":false},"excerpt":{"rendered":"

Nifty(5257.95): Nifty has so far partially filled the gap that was above 5169 and from the early morning SGX Nifty quote does look like there is going to be a further push down. Next significant supports for the short-term supports are at 5190-95 and 5150-40. IF there is a gap down beyond 1% on the […]<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[42,76],"tags":[],"class_list":["post-1171","post","type-post","status-publish","format-standard","hentry","category-indian-stocks","category-premium-content","category-42-id","category-76-id","post-seq-1","post-parity-odd","meta-position-corners","fix"],"_links":{"self":[{"href":"https:\/\/www.cashthechaos.com\/blog\/wp-json\/wp\/v2\/posts\/1171","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cashthechaos.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cashthechaos.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cashthechaos.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cashthechaos.com\/blog\/wp-json\/wp\/v2\/comments?post=1171"}],"version-history":[{"count":3,"href":"https:\/\/www.cashthechaos.com\/blog\/wp-json\/wp\/v2\/posts\/1171\/revisions"}],"predecessor-version":[{"id":1174,"href":"https:\/\/www.cashthechaos.com\/blog\/wp-json\/wp\/v2\/posts\/1171\/revisions\/1174"}],"wp:attachment":[{"href":"https:\/\/www.cashthechaos.com\/blog\/wp-json\/wp\/v2\/media?parent=1171"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cashthechaos.com\/blog\/wp-json\/wp\/v2\/categories?post=1171"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cashthechaos.com\/blog\/wp-json\/wp\/v2\/tags?post=1171"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}