You must read previous articles and watch the given chart
carefully to understand this article completely.
For 26 November 2014: -
On 25 November 2014, FII Bought INR 1168.94 crs and DII Sold
INR 732.12 crs
Yesterday was first day when Nifty has formed a ‘bearish
engulfing pattern’. Adding more spice, it came just a day away from derivative
expiry. This can definitely make expiry more interesting, wilder and more
volatile. One has to be very cautious in this range of trade. It has raised a significantly
higher possibility of some big price cut.
Technical charts are suggesting that Nifty should take an
intermediate support at 8416. If it breaks 8416 then we can hope for a quick fire
fall towards 8380. Once again, we may go in the same trading range where we
have traded for most part of the month. On higher side 8500 and 8536 will play
as important resistance.
For today’s trading session, we will have intraday trading
support at 8429 to 8416 levels. Expiry can make things wild. If it breaks 8416
then only we can have confirmed and meaningful dip from current levels. Banking
index is also looking weak but we need to see some decisive breakdown.
Please visit our ‘intraday updates’ to get further updates or
to take good advantage join paid services.
Strategy for Nifty November
future – Take
yesterday’s low of 8437 as a critical support. If it sustain below 8437 then we
can see some quick and decisive dip. On higher side 8500 is a key intraday
resistance. Looking on pattern we may have a possibility of 100 points cut
anytime now.
S&P 500 (USA) – Based on Elliott wave chart, I cannot
advocate for meaningful correction as long as it is above 2040. I have few new
words to add here. It seems that 2075 is turning out to be critical reaction
point on higher side. I got first hint for some pullback now. Take this
straight, if it breaks 2064 then I will take it as hint for a move towards 2040
levels. Medium term trend will be up as long as 2040 holds and race for 2145
will continue. Only something ‘unexpected’ can stop rally.
