20 May 2013: Nifty Elliott wave analysis: If it manages to stand above 6200 then one can expect a further rise towards 6240 to 6260 levels. Trading support will be at 6140 and then at 6110.
You must
read previous articles and watch the given chart carefully to understand this
article completely.
For 20 May
2013: -
On 17 May
2013, FII bought INR 867.93 crs and DII sold INR 716.69 crs.
On Friday,
market was moving in a choppy range but it has again moved higher in the last
60 minutes of trade to hit almost 6200 marks. It manages to close on good note
as closing levels came near to the day’s high.
We have seen another massive rally in US market on Friday night. Now US
rally is driving most of the Asian market including Japan. Will US market ever
stop? This is beyond the reach of technical indicators.
Technical
charts are suggesting for few important threshold point. One such is at 6200
which was almost tested on Friday. Now suppose, if it manage to cross above
6200 marks then one can expect a rise towards 6240 to 6260 levels.
Immediate
technical support is expected at 6140 and 6110 levels. This is the market where
every support is working while every resistance is failing. Rating agency
S&P still kept India’s outlook as ‘negative’. Well, I do not believe their
rating as those are highly biased.
Strategy
for Nifty May future – It is a market
moving with higher high. It hit a high at 6209 on Friday. It is looking like to
open above those high. It should try to attend the levels of 6250-6260 levels. We
may see intraday dip from higher levels in second half. So far, from Friday’s
close and today’s opening point, it is looking to move higher. It has a
threshold at 6198 which it has crossed.
S&P
500
– There is no technical study which can able to give real true picture of
S&P 500. It is just moving like there is no end. One should note that
current levels and 200 days moving average have a highest gap right now
comparing to all historical moves. It has digested all possible negative news
and now there seems to be no reasons which can give a fall. Gravity should act
but when will it act? Will the ‘teper’ top come sooner? We have so many questions
and unfortunately there is no answer. Still, a technical support at 1650.
Regards,
Praveen
Kumar
Join the conversation