You must read previous articles and watch the given chart
carefully to understand this article completely.
For 19 November 2014: -
On 18 November 2014, FII Bought INR 101.98 crs and DII Sold
INR 232.42 crs
If you take extreme points then also it was just 47 points of
trading range yesterday. This market is so dull and choppy on rise. Is it not
easy to predict when will these ends. It has just moved by 1% in past 10 trading
sessions. Today is eleventh day.
If 8416 is not a short term top then I have no hint from wave
theory so far for any possible top. We may say that momentum still continues. I
may not surprise if correction denied for very long time. I have already said
that US market may not correct till year end. There should not be anything
unexpected in between.
For today’s trading session, we may see opening on flat note
and then meaningful support may come at 8400. As long as it is above 8400-8390
we may see a move towards 8500 levels. I am expecting another dull and dead
index. One should focus on stock specific
view for trading.
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Strategy for Nifty November
future – We may see
another positive opening. Immediate trading support will come at 8430 and then
at 8400 levels. If Nifty sustain above 8470 then we may see an advance towards
8520-8550 levels. We may not see any immediate threat as long as it is above
8400. If correction comes then it may come in unexpected way now without any
warning. This is beyond the scope of technical predication now.
S&P 500 (USA) – I was out from my shorts on time. It
moved above 2050 and showing the power of bulls. Can wave theory able to give
me any indication of top or a fresh rally? I cannot say anything with great
confidence hence I am avoiding indices. I can just add that it has god trend
long support at 2025 to 2020 levels. So far, it looks to move up only with a
possible target of 2145-2150 by year end if everything goes smooth.
