11 February 2014: Nifty Elliott wave analysis: 6075-6095 is still challenging resistance. Trading support can emerge near 6000. Dull days are expected to continue.
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read previous articles and watch the given chart carefully to understand this
article completely.
For 11
February 2014: -
On 10
February 2014, FII Bought INR 455.18 crs and DII Bought INR 294.89 crs
FIIs are
constantly selling cash market. They sold nearly 6000 crs since 24 January
2014. We are 5 days away from the Nifty bottom at 5933 but FIIs has hardly
bought any recovery. Is it concerning now? Yes, it can be. Normal pattern
suggests that till now they should have participated. It seems that money flow
is sensing another bottom to form.
If we
compare the percent recovery in Indian market and US market then we found that
recovery is lesser so far in Indian market. It’s not new. It’s a well-known
pain of Indian market. We can blame just banking sector for their performance. I
am already skeptical about this sector. As long as those remains below
10350-10400 levels we cannot count for any sign of recovery. This is just a
pause.
Banks put
additional pressure on Nifty. Technical charts are still suggesting for still
resistance zone at 6075 to 6095 levels. In the lower side, 6026 to 6000 can act
as good trading support.
We cannot
deny the possibility of indecisive trade today. We were bullish on stocks like
Tata Steel earlier but now few banks and financial stocks are turning weaker. We
may try to find the opportunity to trade on short side on banks and financial
depending on intraday signals.
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our ‘intraday updates’ to get further updates or to take good advantage join
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Strategy
for Nifty February future – I have a view that
I will act on fresh long only if it can bale to surpass 6115. It has failed
again yesterday too. It is now near 6060 levels. This says that it is significantly
away from resistance of 6115. Expect resistance to emerge near 6090 too for
trading. It seems to be a directionless day today. Global cues are also
sluggish. Recovery looks tired now. Failure of 6115 is not a good sign at all. This
can convert in to weakness anytime again. It is just a view so far not a call.
S&P
500
(USA) – I have said for yesterday
that Fibonacci time frame suggests me a dead day today. It came true and Indices
closed almost unchanged. I am still feeling that litmus test of this recovery
is very close which is at 50 DMA. 1809 is the levels where S&P is going to
get stiff resistance. It is beyond the scope of prediction if it can able to
cross. I want this to happen to add fresh long. Suppose if it fails and try to
make a top then it can be a short from 1809. Let us wait for market to react at
1809. This reaction can come either today or tomorrow.
Regards,
Praveen
Kumar
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