You must read previous articles and watch the given chart
carefully to understand this article completely.
For 31 October 2014: -
On 30 October 2014, FII Bought INR 1257.49 crs and DII Sold
INR 94.01 crs
Expiry goes on highest point for Nifty. I was expecting
pullback from high with a sense of double top. Due to global strength we may
not able to see immediate pullback. Well, big question is what wave theory is
telling us. Every rise is not bullish based on wave theory and we are on one
such level. We are at all-time high. Technical analysis will say that now there
is no resistance. In reality, in cases optimism used to kill bulls.
I am not short on Nifty future yet but I am expecting
weakness in bank Nifty.
For today’s trading session, opening above 8182 will give us
levels in the zone of 8210 to 8240. Whatever be the top we may see a meaningful
drag from higher levels. Hence, one has to be very cautious at higher levels. Today
is the last trading day of the week and month as well. Technology stocks have
added strength.
Please visit our ‘intraday updates’ to get further updates or
to take good advantage join paid services.
Strategy for Nifty November
future – We may see opening
above 8200 as suggested by SGX Nifty. This may be due to global strength. Even after
all-time high I must add that traders have to be very cautious at higher
levels. Where is resistance? It may come in the range of 8260 to 8300. It is
not easily predictable at all-time high. Please refer to intraday updates too.
S&P 500 (USA) – We have seen a high coming near to
2000 but not crossed. My condition for idea short is still on but it seems that
I need to have wider stop loss. I still believe that we are almost running near
to another short term top. If it is not the top then also buy can be applicable
above 2020. We may have scope for 2050+ if it manages to cross above 2020. Rising
wave pattern is applicable only above 2020.
