21 November 2013: Nifty Elliott wave analysis: So price correction begins. Nifty can go as low as 6060 levels. Technical resistance will be at 6160 levels. Avoid all possible long deals for few days for caution.
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read previous articles and watch the given chart carefully to understand this
article completely.
For 21
November 2013: -
On 20
November 2013, FII Bought INR 80.40 crs and DII Sold INR 283.81 crs
FIIs were
buying aggressively in past few days and suddenly those dried up yesterday. Buying
today is not a guarantee for buy tomorrow. Most important is that FIIs are
buying heavily near top. This is not unusual and do not misinterpret that it’s
a bullish sign.
S&P
500 took a dip in last hour of trades last night. Problem with Indian market is
that it is known to take wild impulsive dip even in good global cues. Yesterday’s
last 30 minutes dive was one such example. It was justifying on technical chart
too. 6200 was 62% retrenchment. I have already suspected that 6240 will not
tested. So far, it moves the way shown in our road map.
We can expect
technical resistance at 6160 to 6189 levels. In the down side we can expect
support to emerge at 6060. Below 6060, it can support at every 30 points like
6030, 6000 and 5970. Do we have threat to test all? I cannot deny such
situation.
I found
some stocks yesterday for shorting. We need to see that momentum stocks were
negative or weak yesterday. Stocks like Reliance, LT, Tata Steel, RCOM are on
dip or profit taking. It is itself showing sign of weak trend ahead.
Visit
again to read my intraday updates as I can update about those only during
market hours.
Strategy
for Nifty November future – NIFTY future is likely
to open weak today. Immediate resistance will be at 6189-6200. Technical charts
are suggesting for a move towards 6080 to 6050 levels. I can say that traders
should use odd and impulsive rise for shorting only. Do not expect easy day for
recovery. Even if recovery comes then also it will be sold at higher levels.
S&P
500
(USA) – I said to short S&P 500
for a move towards 1770. Here it begins. We saw another dip in last hour of
trades. Technical charts are still justifying for a move towards 1770. If it
breaks 1770 then we can expect for a move towards 1748-1742 levels. On higher
side, it seems that 1803 will remains a top. I can still say that something big
is coming in few days or weeks. Long trades are not good to hold or even to
take risk.
Regards,
Praveen
Kumar
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