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