You must read previous articles and watch the given chart carefully
to understand this article completely.
For 21 October 2014: -
On 20 October 2014, FII Bought INR 1040.08 crs and DII Bought
INR 166.11 crs
It was just a gap up then turned dead. Market men go on
Holiday mood. We have derivative expiry next week. After testing 100 DMA, Nifty
is showing relative strength which was already suggested few days back too. I am
expecting this rise to extend more. Key support is at 7850 to 7825 levels. If I
have to be worried then I should be worry about trading range which may be
smaller compared to past few days.
Elliott minute wave ‘c’ emerges at 7730-7720 levels and now
we have a good chance of hitting a higher wave. This rise can extend up to
7950-8000 levels. I hope that it will maintain support at 7850 to 7825 and then
it can take a final move. I am hoping for optimism on Diwali day which can give
8000 levels too.
For today’s trading session, I am expecting a flat opening. Immediate
support will emerge at 7850. On higher side, we may expect levels of 7925
levels. It may try to generate momentum beyond the range of 7850 to 7925. Let us
see when it breaks.
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Strategy for Nifty October
future – Opening may
come in the range of 7900 and then we may see some long dead hours. Immediate technical
support is at 7880 to 7870 levels. I am waiting for some gap fill which came
yesterday morning. We may have limited opportunity to trade long hence it must
come from lower levels. If not then it will be better to ignore.
S&P 500 (USA) – I have said for 1908 yesterday and
here it comes so close. It is great index. Technically if it manages to close
above 1908 then we may expect levels of 1925 too. Here is some caution. Recovery
goes almost on straight line so if it have to change a direction, this is the
levels. Above 1908, it will deny moves for bears. If it fail at 1908 then we may
see fresh wave for weakness.
