You must read previous articles and watch the given chart
carefully to understand this article completely.
For 27 October 2014: -
On 22 October 2014, FII Bought INR 7.54 crs and DII Bought
INR 375.55 crs
Finally, it goes above 8000 marks on Diwali day. It has given
a fresh hope to bulls. This rise has justified by charts and technical
indicators too. It has broken a pattern of three waves down and something
interesting must be coming.
Elliott minute wave ‘c’ emerges at 7730-7720 levels and now
we have a good chance of hitting a higher wave. Well, now we are in a situation
where we may see a possibility of challenging all-time high. In a clear cut
wave sense, if nifty stand above 8032 then we may see a possibility for 8180 +
levels by this week itself. As long as it is above 7950-7925 levels, we should
not be worried much.
For today’s trading session, we will see technical support at
7980-7990 levels itself. As this run up is already by 300 points so we may see
some choppy activity too before taking fresh move. In may make Nifty less interesting
for some time. If it able to sustain above 8032 then we may see a possibility
of 8080 levels.
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Strategy for Nifty October
future – Most good
trades are spoiled by gap up. If it comes with gap up of 30-40 points again
then we may miss another opportunity for intraday. Logically, it is developing
a target of 8080 if it manages to stand above 8040 levels. Technical support
remains at 8000 levels. I avoided traded due to long weekend.
S&P 500 (USA) – I was expecting a range of 1960 to
1974 from past week itself. We got this range but there is no sign of any
pullback yet. I believe that 1974 may offer some resistance. Now, suppose if it
turn choppy here before fresh move then one must not act. Remember, 1965 came
in straight line after breaking threshold of 1908. Things are fast and furious
hence it is developing a condition of silence.
