01 January 2014: Nifty Elliott wave analysis: Wishing all of you a very happy new year. Market will be on Holiday mood. Technical support is at 6260 and resistance will be at 6320-6350.
You must
read previous articles and watch the given chart carefully to understand this
article completely.
For 01
January 2014: -
On 31
December 2013, FII Bought INR 309.70 crs and DII Sold INR 279.89 crs
Wishing
you a very happy new year !!!
Nifty
ended 2013 on stronger looking note on monthly chart. It is not that strong on
daily chart. It is just too dull and boring from past few days. We are just on
same crucial resistance at 6320 and 6350. What has happened in the year 203?
Nifty
gained nearly 7%. It will pinch you as US indices gained nearly 30%. Indian market
remains under performer with scary mid-year fall. US, Europe and many other
Asian indices goes high after higher levels in the year 2013.
For today’s
session also, market will be on Holiday mood. Do not expect any improvement on
volume. I do not think that any major market is open today. Do not put trade by
force. It is better to make holiday from intraday trading.
For today,
technical resistance will be at 6324 and 6350. Below 6280-6260 we can see some
drag towards 6200. I still believe that if fall comes it can be little bigger
in magnitude. It may again slip from higher levels for today also. This study
will be effective once volume hit the market. We may need to wait for next week
for any direction. Only one important data will come today. It will be auto
sales data.
Visit
again to read my intraday updates as I can update about those only during
market hours.
Strategy
for Nifty January future – It may open flat
with thin volume. I can say that there cannot be anything great to trade. It may
be in the range of 15-20 points max for the day. Technical resistance will be
at 6380-6400. Technical support will be at 6250 and 6220. I still say, do not
prefer to trade. Go for Holiday.
S&P
500
(USA) – It has ended year with its
own fashion and tradition of hitting newer all-time high again. I can say that
it is near top but it is also true that it is a rally which runs throughout the
year. Bears got nothing in 2013. It has gained nearly 30%. US market has closed
today on New Year occasion.
Regards,
Praveen
Kumar
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