You must read previous articles and watch the given chart
carefully to understand this article completely.
For 11 November 2014: -
On 10 November 2014, FII Bought INR 355.30 crs and DII Sold
INR 314.93 crs
From past four trading sessions, Nifty is here and there near
8350 only. It is offering a time correction with this choppy moves but it
denying price correction so far. This makes market dull for trading. I still believe
that it must offer some price correction after 650 points of run up. Reality is
that, none of the global indices wants to correct so far. We have indications
that momentum is getting slower but bulls have good control over the market.
It looks like bank of Japan has changed something to this
market like quantitative easing.
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. Once again it will retrace after higher opening. Key support will
come at 8290 levels. I would be more confident on correction call if it breaks
and close below 8290 levels. Stiff technical resistance will be around 8416.
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Strategy for Nifty November
future – I can say
that one should avoid trade in this kind of choppy moves. This market does not
make sense to deal which moves in small range even after all-time high. As said
yesterday, resistance will come at 8420 to 8430 levels. Unless it breaks below
8320 we cannot be confident for correction either. Very dull days !!!
S&P 500 (USA) – I am surely not expecting the
possibility of trades above 2045. It would be a top of megaphone pattern. A possible
cross above 2045 will create another up wave. That up wave can push for another
100 points on S&P. Will that be possible without any correction from 1805?
It does not make sense. Still, one can try shorting this area of 2038 and keep
stop loss just above 2045. If it works then first target would be 1980.
