08 October 2013: Nifty Elliott wave analysis: We need to move above 5980 to bet for next leg of rise. We may come near to 5980 now and then a decisive move will start. Bears should be catalyst for rise !!!
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read previous articles and watch the given chart carefully to understand this
article completely.
For 08
October 2013: -
On 07 October
2013, FII Bought INR 494.13 crs and DII Sold INR 267.46 crs
I have
quoted for support to emerge in the zone of 5840 to 5800. We saw a bottom at
5825 and many traders started to deal on short side. It took another fascinating
“U” turn and close very near to green. Bears added catalyst in second half for
rise.
US shut
down are still my prime worry. I have said that Stock market across the globe
has not seen any big impact yet. Indian market came forward to add more
strength. After market hours, RBI governor gave reason to smile. We can expect
a good gap up today.
I have
quoted the importance of 5980 from past few days. I hope to see levels nearer
to 5980 today and then we can take some decisive move. I am positive and want
to be positive rather being contrarian player. Now, those who are shorting will
play major role above 5980. I feel that people will rush to cover their shorts
and rise can be more rapid.
One more
thing, market is eyeing on upcoming quarterly numbers too. Even a small revival
will give Diwali earlier than scheduled dates.
Visit
again to read my intraday updates as I can update about those only during
market hours.
Strategy
for Nifty October future – We have reasons to
expect for the re-test of 6000 levels. Charts are showing that crossover of 6000
levels will put pressure on bears. If short covering comes above 6000 marks
then one can expect the levels of 6030 levels too. We may reach as higher 6100
levels. Thing ten times if you were shorting near 5800 levels. Many traders
have done thing mistake. Remember, making one mistake like this can invite
series of mistakes.
S&P
500
(USA) – I said that as long as 1670
hold we can have some hopes. It is still saving and taking rebound. I tweet for
buying when it was hitting day’s low yesterday. Those are still applicable. Big
question is if it can cross and close above 1692 some time. US shut down still continue
and that is making to worrisome. I can only say, come on, do something. How can
US policy makers act like this? I have already said that it is about politics,
not about economy but it can hurt economy badly. So far, charts are not wrong.
Regards,
Praveen
Kumar
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