You must read previous articles and watch the given chart
carefully to understand this article completely.
For 04 December 2014: -
On 03 December 2014, FII Bought INR 391.07 crs and DII Sold
INR 157.23 crs
As expected it has moved higher after taking support near to
8500 levels. As long as it holds above 8500 levels, I like to add a long from
near to this level. If it takes out 8500 for once then only I will be think
about price correction to go near 8400 levels.
There are many short term corrections which has denied by
market so far. A move from 8623 to 8505 is just more than 1% correction which
came. In my weekly analysis, I have said that 8536 to 8500 will act as
immediate trading support. So far, we are just in same zone. Can I expect Nifty
to hit 8600? I see such chance but broadly today’s market may be dull in term
of index. We have just 35 points of range yesterday.
For today’s trading session, opening is expected to be little
higher. If it manages to stay above 8550 then I have a sense to trade long side
for a move towards 8600. In the downside, as said 8500 is a key. Below 8500 we
will see levels of 8450. Be stock specific for today’s trade. Index may not
give you chance to fulfil your appetite.
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Strategy for Nifty December
future – SGX Nifty is
saying for opening above 8590 levels. I will wait for more. If it manages to
stay above 8600 then I will prefer to take on long side. It will be a useless
instrument to trade if it remains in the range of 30-40 points. 8540 is looking
as key support. I will wait for more intraday signal to take positions.
S&P 500 (USA) – So far S&P has moved as the way
I was expecting. Technical charts are suggesting that it can move forward
towards 2100 levels. It looks tired but it is not a compulsion that tired
market cannot move higher. One must note that historically December is known to
be a good month for equity price. I am taking 2050 to 2035 to be a good support
for short term. I am avoiding any position on this index as at least one short
term correction is due so far.
