You must read previous articles and watch the given chart
carefully to understand this article completely.
For 14 November 2014: -
On 13 November 2014, FII Bought INR 690.61 crs and DII Sold
INR 738.24 crs
So far, 8415.05 is still a top. We saw a mini sell off
yesterday. It is nothing great to observe but just treated as pullback. I was
hoping for a move towards 8290 but it bounces in between. Today is 8th
day of consolidation and last trading day of the week as well. Consolidation and
choppiness is global characteristic now a day.
European market has seen some correction as those are not on
their all-time high. Any market which is near to all-time high has denied price
correction. On chart, we have small rising wedge formation which has broken
with yesterday’s dip. Take a note that Nifty has closed off the day’s low by
last minutes buying. This is confirming that bulls are still willing to buy any
dip.
Based on Elliott 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 8416 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 but this gap up may not sustain. It may be same as of past many
days. Technical charts are suggesting that we still need a break below 8290 to
say for any price correction. I can still say not to buy the rise. On higher
side 8416 is only meaningful resistance. As long as it is above 8290 it may be
in race to test 8416 again and again.
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Strategy for Nifty November
future – It will take
another opening on positive side. It will face resistance at 8420. After 8420
we will get resistance at 8450 only. In the down side it will get support at
8350 and 8320 levels only. I do not think that higher levels can sustain
without any price correction but today is 8th day of consolidation with
Nifty spot still running near 8350.
S&P 500 (USA) – It is irritating now. Neither it
can give you a joy of all time high nor is it falling. Practically, it did
nothing with another 0% close. It has just crossed 2045 to fulfil chart and
then slipped. It may not be a trade as of now with just a waiting mode for next
move. Based on Elliott wave chart, we must see a short term top at 2045 but top
is not confirming yet. Alter view is that cross above 2045 will generate a pop
up target at 2145 by Christmas.
