RCOM - Republishing chart study described on 28 August 2014. Stock is heading for target like 90-80-70, if I am reading it right !!!!

Do not buy dip. Its my view. Earlier, I have published such study for stocks like JPASSOCIAT too. 

17 September 2014: Stock Chart Analysis for intraday – RCOM, ARVIND and ASHOKLEY

RCOM (106.80)

Buy above 109/SL 108/ Target 111|| Sell below 106.50/ SL 107.50/ Target 105-free fall

ARVIND (305.50)

Buy above 311/SL 308/Target 316-320||Sell below 303/ SL 308/ Target 295-288

ASHOKLEY (39.25) -

Buy above 40.25/SL 39.75/ Target 41-42 ||Sell below 38.90/SL 39.40/Target 38-37

17 September 2014: Nifty Elliott wave analysis: if it does not revive from 7920 then 7850 to 7825 is also possible. If revive then 20 DMA @ 8013 will act as stiff resistance after opening.

You must read previous articles and watch the given chart carefully to understand this article completely.

For 17 September 2014: -

On 16 September 2014, FII Sold INR 828.95 crs and DII Bought INR 461.65 crs

Nifty hit the lowest levels after 28 August 2014. Most miserable part is that it has immediately cracked in a big way below 20 DMA which was at 8010. Now, as of now 20 DMA is at 8013. I have mentioned about H&S target of 7920 which was applicable below 8050 levels.

Now, we got rise in US market last night with a fresh formation of bullish pattern. One more positive close will head US market for another round of rise which will have capacity to surpass 2011 and shoot up by 3-4% more. I still have a condition; confirmation will come on close above 2000.

So, in all, today’s closing will be most crucial for rest of the month or perhaps rest of the year too. This is applicable for Indian market and rest of the global indices too. Guess what can be fed outcome.

For today’s trading session, opening may come in the range of 7970. It should be higher after rise in US market. Technical set up may not change much even after that. Based on chart, if Nifty does not stand tall above 8000 quickly then a fresh dip is very likely. Take a note that 20 DMA which is now at 8013 will act as stiff resistance.

Spoiler for global market can be just one big factor – Currency market. Almost every currency of emerging market is again showing fear on chart against USD. What can be good for US market may not be good for emerging market. I hope that we will get clarity by tonight itself.

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Strategy for Nifty September future – Nifty September future should open in the range of 7990 with some recovery after US market rise. It will have immediate resistance at 8010 and then at 8040+ levels. If it does not make equalizer by today itself again yesterday’s fall then next round of sell off will be likely which can drag Nifty towards 7900 to 7850 too before emerging meaningful support.

S&P 500 (USA) – So far, I named every bounce as weak bounce but yesterday’s bounce is a strong one. Stronger than what it looks. If S&P can climb up from 1979 to 2002 in just a single session then it must be a sign of momentum. If I have to conclude about fed outcome based on charts then I cannot say that it can favour bears. In clear words, above 2000 S&P is bullish again. Crossover of 2011 will lead us to a mammoth rally of further 3-4% higher. I like to be neutral from now onwards till it moves in the range of 1975 to 2013. I will trade same direction if it breaks anyone of these figures.