You must read previous articles and
watch above chart carefully to understand this article completely.
Today’s outlook: -
Yesterday was supposed to be the
last best opportunity for nifty to break lower. It has denied even after
massive dip in US
Crossover of 5730 will give us a
move towards 5757 levels. Any traded above 5757 to 5775 will face massive
resistance. I can conclude that use levels above 5757 to short indices and
prefer to press stop loss above 5775. We have a chance to see intraday dip if
such higher levels comes. (Note- above are quotes for Nifty spot). Remember today
is 13th trading day after hitting a high at 5815 levels.
Suppose, if it fail to break 5730
again then it will repeat the same story. I have already plotted seven waves
consolidation. We still need to see the outcome of this consolidation. Charts are
showing that it is taking lows higher. Till now, traders get excited by 50
points of rise and get depressed with 50 points of fall. Fact is that we have
not seen anything great in October month series. This is giving me a hint that
we may end up things on wild note.
I may say some positive crossover
for Indian market but unfortunately I cannot repeat same statement for global
marks. S&P 500 is ending up near 1432. It is near to the support of 1424
but not going to favour bulls to any great extent. My view remains same that
1475 may remains a yearly top. Break below 1424-1418 range will result 2-3%
further dip. S&P 500 may see some decisive fall due to poor corporate
earning. Question is that can we stand against all those odds. No, surely not. It
does not matter how much higher we are moving but fall is unquestionable.
Just think, Greece
Regards,
Praveen Kumar
