05 July 2013: Nifty Elliott wave analysis: Nifty closed above 200 DMA again. Now the time has come to take another attempt towards 5900 marks. Key intraday support will be at 5800 levels.
You must
read previous articles and watch the given chart carefully to understand this
article completely.
For 05
July 2013: -
On 04 July
2013, FII bought INR 164.56 crs and DII sold INR 76.21 crs.
Indian
market refuses to give up much in pullback. It is looking like stability in
market is forcing FIIs to turn positive. It must be noted that massive selling
in banking and metal stocks continues even yesterday. As indices are performing
so at some point these has to perform. Bank Nifty is at a place where it was at
5700 of Nifty.
European
market has seen massive rise last night after Mario Draghi’s comments. (He said
that he can give further rate cut. This is more than what you can even dream
specially after a hint for roll back of QE in USA) Asian market is already
opening higher after sharp rise in Europe. Even US market futures are trading
higher. Dow Jones may give a successful cross of crucial 15100 marks tonight. Global
market is looking rosy for fresh wave of rise.
I have
already suggested buying in dip. Technical charts are suggesting for a move
towards 5900 marks I am seeing a good rise once Nifty spot crosses 5906. Once
it crosses 5906 then bulls will take full charge for a move towards 6100-6200
levels. Technical support stand at 5800 levels now. Note that 200 DMA is at
5830 levels.
Now the
time has come for banks and metal to recover from its recent lows which we have
seen yesterday. At some point, traders have to short Banks and Metal.
Strategy
for Nifty July future – SGX JULY NIFTY is now
higher by 38 points. I have used the dip to buy in past two days. Now we will
see opening above 5875 levels. Litmus test will emerge at 5906 levels. If it stands
tall above 5906 then prepare to see a massive rally. I am already long and
prepare to hold long. Let us see if short covering hit anytime now. Are you
scared about 5900-5906? Play some gamble in my way and bet on cross.
S&P
500
– I am keeping this line as it is. “I repeat that that 80% chances are that
S&P 500 has made a top for the year 2013”.
I have
already said that we have great chance of hitting levels near to 1688 (which is
life time high), once recovery starts from 1560. We will see a cross of
1624-1630 by tonight and then US market will lock its belt for 4-5% rise. I see
chances for another life time high in USA by July month.
Regards,
Praveen
Kumar
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