29 October 2014: Stock Chart Analysis for intraday – SBIN, RANBAXY and RELINFRA

SBIN (2656.75)

Buy above 2665/SL 2655/ Target 2700|| Sell below 2640/ SL 2652/ Target 2610-2600

RANBAXY (633.75)

Buy above 640/SL 636/Target 648-652||Sell below 629/ SL 633/ Target 628-624

RELINFRA (575.25)

Buy above 580/ SL 576/ Target 590||Sell below 569/ SL 573/ Target 562-555

29 October 2014: Nifty Elliott wave analysis: Above 8032, it is generating target of 8066 to 8100 levels. Strong technical support will come at 8000-7990 levels. Do not be aggressive now at higher levels.

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

For 29 October 2014: -

On 28 October 2014, FII Sold INR 108.00 crs and DII Sold INR 99.66 crs

Nifty has played hide and seek at 8032 levels. We saw good rise in US market last night. This may thrust for some higher opening. It is suggesting for a test at 8066. This is key level. If it is able to sustain above 8066 then we can expect a test of 8100 levels too.

Indian market looks tired against strong strength in global indices. This may be the effect of derivative expiry next week. Technical charts are suggesting that if some top has to form before fall then it can come either by today or by tomorrow. When I am saying this then I have to be fair. I cannot rule out the possibility of new all-time high as long as we are above 8000 Nifty. So just do not be in hurry for shorting index.

For today’s trading session, we will see another gap up. After gap up if it stays above 8066 then we may expect levels above 8100 too. I just do not think that we can see able to see market going higher than 8100 before expiry tomorrow. Technical support after gap up will come at 8040 and then at 7990.

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Strategy for Nifty October future – I was long yesterday and gave up in last few minutes. Here it comes with another gap up. Majority of rise from 7750 has wasted in this odd gap up. Well, rise may be limited of it opens in the range of 8080 levels. I just suggest, do not trade before expiry. It may be wild now.

S&P 500 (USA) – So far, long trades goes great. In fact it’s better than any emerging market. It has not only crossed above 1874 but also manages to close above 1684. This is again showing that some steam may present in the market. Can it again test 2000? 101%, I was not considering this figure when I gave long call from the dip below 1850. As of now, I will consider a small possibility of 2000 before FOMC. I am not in short and there is no such plan.