11 October 2013: Nifty Elliott wave analysis: Prepare for Big Bang opening. A bounce from 5980 and sustaining means more rise. It may try to settle above 6120 also. Are we going to see new life time high???

You must read previous articles and watch the given chart carefully to understand this article completely.

For 11 October 2013: -

On 10 October 2013, FII Bought INR 614.27 crs and DII Sold INR 460.47 crs

A bounce came exactly from my quoted support of 5980. It is so good. Last hour rise has taken out all possibility of technical correction. We got sweeter bounce in US market last night. S&P 500 has almost covered all its weekly loss in just single day. I have already quoted for this recovery coming but definitely, it was not expecting this bigger rise.

Yesterday, at one time I also booked my long but added just before it closing minutes as sensed a higher opening. Now all eyes will be on Infosys result. Throughout the day it was trading will no strength and suddenly people jump to buy in last 15 minutes? It is showing that well-informed investors bought Infosys before result. It is not a big trend decider as market is on very rosy mood now. I have already said this many times to be on buy side. Now if you are bear then no one can help.

Technical charts are suggesting that rise can extend more and more. I would not be surprised if I see a possible new life time high. If Indian market looks expensive now then it will look more expensive in coming days. If rise can come in Greece after so many troubles then why not in India. Let us see if hot money is coming or not. If Infosys delivers then hope will be great. No point to talk about fundamental. I have already ignored so many downgrades. Remember, investment is just a relative opportunity.

Visit again to read my intraday updates as I can update about those only during market hours.

Strategy for Nifty October future – NIFTY future is going to see massive gap up today after mammoth rally. It can be as big as 100 points. So it may come almost near to 6200 levels. I always say, after big gap up or gap down, technical goes on back foot. If you have long then enjoy. If you do not have then do not jump on market to buy higher levels. It seems that 6100 will act as good trading support after opening.

 S&P 500 (USA) – I said for a possible technical recovery but I am also shocked with this intensity. As this intensified rise is coming so hope is great for the re-test of 1730. I can say that market is getting sweetest possible rise. Technical support will be at 1684 to 1680 levels. We have nothing more to update. If you are bull then just enjoy. If you are bear then I have no words for you.

Regards,

Praveen Kumar