06 December 2013: Nifty Elliott wave analysis: Expect choppy trading session today with trading support at 6225. Monday is going to be either wild up or wild down.
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read previous articles and watch the given chart carefully to understand this
article completely.
For 06
December 2013: -
On 05
December 2013, FII Bought INR 1151.51 crs and DII Sold INR 674.02 crs
We saw ‘NaMo’
rally yesterday. Well, is it really as strong as predicted in exit poll? Exit
poll suggests that we have clarity over only MP and Rajasthan where BJP can
form government. Chhattisgarh is a close fight and Delhi is a triangular fight.
I can say
that things are still challenging. We may not as rosy picture as market wants. It
is going to be big risk to go with long or short overnight. We have important
US data also tonight which may give us a cue before fed minutes.
I always
hate gaps on technical charts. It is not easy to take any call right now. One need
to prepare to see wild gap up or gap down on Monday’s trading session. For today’s
trading session 6225 will act key threshold support. If it breaks and sustain below
6225 then we can expect some remarkable profit taking. I can still say that 6140
is most important short term support. It is support which will save Indian
market from any panic sell off. If today’s closing goes below 6200-6190 then it
will reflects odd picture for Monday.
Visit
again to read my intraday updates as I can update about those only during
market hours.
Strategy
for Nifty December future – NIFTY future will open
flat today. First trading support will emerge at 6260 levels. If it breaks and
sustain below 6260 then one can expect a move towards 6230 to 6210. On higher
side 6300 will be stiff trading resistance. We may not find anything great in
the range of 6260 to 6300 levels.
S&P
500
(USA) – I said for a sell-on-rise
market. We saw a dip coming towards 1780 again. It is very likely to see
support near 1780. Any break below 1780 can push it lower further. On higher
side 1793 will act as stiff trading resistance. It cannot be a buy as long as
it is staying below 1793. I still prefer to short this index from higher levels
of resistances. US market will have important nonfarm payroll data today. This is
going to be decisive before upcoming fed meeting on 17-18 December.
Regards,
Praveen
Kumar
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