22 November 2012: Nifty Elliott wave analysis: Nifty is in line with my expectation. It is looking to hit 5650 to 5680 levels. Do not short this market unless signs of weakness come.
You must read previous articles and
watch above chart carefully to understand this article completely.
Today’s outlook: -
I have already informed about this
recovery. I can hope that you are at least not on short side. (If you are short
then you need to wait for long time else burns your money). Derivative data is
suggesting me that this market has ample of short position. Nifty November future
is running with premium of just 5 points which was almost 15 points earlier. I need
to repeat again that this market is still in the range and only band has
shifted lower. At 5550, we were at the lows of the band. Now it may try to make
a peak in the zone of 5650 to 5680. (I am strongly saying, it is just an
expectation, there is no such signs, if comes then I will mention). This market
may face selling from higher levels any day and anytime.
Can I say that everything is rosy
now? Winter session of parliament will begin from today onwards. Market is
expecting a lot from government. Our 545 gentleman may make noise on different –
different topic again and chances are less that they will work. Government has long
list of 25 bills to present on table. Market mood is likely to be determined by
success of UPA government.
Technical support will be at 5600
> 5583 and then only at 5548.
Conclusion for Nifty – I am already
having long position. I will continue to hold. One can expect support at 5600
for trading. On higher side I am expecting a test of 5650 at least. Well, right
now I am scared about winter session of parliament. If bad news has to come
then it will come from New Delhi
S&P 500 – I am saying for
recovery from 1345 and till now we got almost 3% from those levels. Expect
recovery to continue at least till 1400-1405. Study remains same as of yesterday.
Regards,
Praveen Kumar
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