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carefully to understand this article completely.
For 10 November 2014: -
On 05 November 2014, FII Bought INR 1030.85 crs and DII Sold
INR 1204.63 crs
We have not seen any great sign of pullback yet. It came in
the last trading session but last hour rise was a neutralizer. So far, Nifty
has seen a high at 8365 last week which will also act as meaningful
psychological resistance. Above which we may add a possibility of further rise
towards 8416 levels. I derived 8416 from a different wave pattern but I will
still stick with it as it’s based on price retrenchment.
Based on wave theory we have resistance at 8416 on Nifty
which is only a meaningful technical resistance to talk about. It does not
matter if top comes at 8350 or over shoot above 8416. Short term chart is
heavily over bought in the absence of any price correction.
For today’s trading session, we may see opening on positive
note again. I believe that higher opening will offer resistance immediately. If
it goes above 8366 then we may see some more rises but it need to sustain tall
above 8366 first. Time for correction has already come now it is the matter of
time before correction. On Friday, we quoted a support of 8290 and we saw a dot
low at that points itself.
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Strategy for Nifty November
future – It may have
another optimistic opening today as indicated by SGX Nifty. It may open in the
range of 8410. Immediate resistance will emerge at 8430. Cross above 8430 may
offer some more rise. For bears, Nifty November future needs to sustain below
8320 first which is too far right now. Time for correction is ‘ON’ and so I will
not prefer to trade long. It is better to be on side line if it remains
positive.
S&P 500 (USA) – I have already quoted for a target
of 2045 on rise. Top can be either at 2045 or may be before that. It may be
named as microphone pattern based on which I was bullish in the zone of 1850. If
that was a support then 2045 will equally a tougher resistance. As of now,
break below 2010 will also confirm the possible dip. It must come by this week
itself.
