You must read previous articles and watch the given chart
carefully to understand this article completely.
For 28 October 2014: -
On 27 October 2014, FII Bought INR 49.14 crs and DII Bought
INR 9.55 crs
If I exclude first five minutes of impulsive trades then we
hardly got anything above 8032 on Nifty. High point of 8064 was also on 78.20%
resistance mark of wave ‘c’ as quoted. We saw closing goes on lowest point of
the day. This is first hint of pause emerging here. Take a note that we have
derivative expiry for October month of trade.
We should try to find out the next possible move from 8000
levels. It is favouring for a possible dip now. Now support, if it form a level
of lower low again today then it may push a confirmation to us. I believe that
7950 to 7925 may offer support in dip. On higher side, 8032 and 8066 may act as
stiff resistance point in any rise.
For today’s trading session, we have a chance of seeing a
consolidation which may be the part of global trend. A short signal for trading
may come once it breaks 7990. We may see level of 7950 as support. We may not
have good trading range today if it does not give up form high.
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Strategy for Nifty October
future – We can
expect technical support at 7990. Once it breaks and sustain below 7990 then
only we can expect some profit taking after this 300 points of rebound. Do not
prefer to trade positive zone for few days. We are on derivative expiry week
and cautious is advised at these levels. Somehow we may not move much from current
levels in hurry.
S&P 500 (USA) – When I said silence in trade for
few days, then also I believe for a test or a level near to 1974. Well, it may
not be condition with compulsion. I must be clear that there is nothing that I can
say for shorting S&P immediately. I will prefer to wait for such signal. Recovery
was too sharp and hence it may go under some time consolidation. Once, I get
signal for price consolidation then only I will act on it. Critical support
point is too far, i.e. 1932.
