01 January 2013: Nifty Elliott wave analysis: Optimism growing over US fiscal cliff. It has not yet finalized yet. Little higher opening is expected on the beginning of year 2013.
You must read previous articles and
watch the given chart carefully to understand this article completely.
Today’s outlook: -
Wishing all of you and your family a
very happy 2013!!!
Optimism over US
We may open higher but activity
might be less. We need to note that deal has yet to be finalized. Movement will
be lot dependant on that also. As per market talk we may expect talks to
continue for today also. Schedule is ending today at 10:30 am as per Indian timing.
We have seen three days of choppy
movement in past three trading sessions. It is in good sharp to break on the
higher side today. One needs to be cautious as we will open on technical
resistances. Technical indicators are suggesting for the rise but those will
not come will great conviction. I like to trade cautious long. Cross over of
5967 will give Nifty an opportunity to hit 6000 + levels.
Many times we have seen 5950-5965
acting as resistance zone where supply emerges. If this happens again then we
will see same old story of struggle at 5900 marks. I cannot eliminate any of
these two options.
No technical indicators are
concerning as long as Nifty is above 5900-5880 zone. In a dull market, it will
be equally hard to talk about even 10-20 intraday points.
Conclusion Nifty: It is looking to give us a higher
opening but those will give a opening in the resistance zone. It has technical resistance
at 5950 to 5965. Volume is expected to be very low and dull as market participants
will be less today. So far it is looking good to welcome 2013 but we need to
see higher levels with optimism.
S&P 500 – It has saved 200 DMA @ 1385 with
good margin and bounced. Technical charts are now suggesting that US
Regards,
Praveen Kumar
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