You must read previous articles and watch the given chart
carefully to understand this article completely.
For 08 December 2014: -
On 05 December 2014, FII Bought INR crs and DII Bought INR 166.05
crs
We are sick and tired of this near 0% move on index but a
trader has no better choice. It’s the prime reason that I suggested you to go
on stocks. Intraday traders are getting hardly 20-30 points tradable moves on
Nifty. We will not see any better change today also if things go in same way. I
quoted past week for 8500 support which got a good respect. This 8500 support
is applicable for this week too. As long as it is above 8500, market will live
with of fresh up wave.
In alter sense; a short term price correction is possible
below 8500 levels of Nifty. Take a note that none of the global market goes
under correction. In fact, technical charts are not justifying for correction
for December month so far. Shorting may be only a stock specific choice. If I
have to worry then I am worried for momentum technical indicators like RSI.
For today’s trading session, opening is expected to be soft
to flat. Once again, I am not hoping anything great if 8500 holds. We traded Nifty
for short side on Friday’s session but that came in very last 20-25 minutes. It
is better to deal with long on stronger stocks of stronger sectors like Auto
and Finance. Key resistance for Nifty is at 8590 and then at 8620+ levels.
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Strategy for Nifty December
future – Once again,
key support for Nifty is at 8570 and then at 8540. On higher side, nothing is
safe until it takes out 8630 successfully. I am not sure how to act. I can either
take long from low or short from high. I am sure that I will go short if it
breaks 8540-8535. I do not think that it can take out easily. Let us see. Wait-watch
and then think to trade.
S&P 500 (USA) – it is almost two months where we
are analysing average daily movement of 3-4 points. It is very dull and boring
but rising constantly. It was just 4 points higher close with another newer
life time high. I still expect 2100 to be in race but how long will it take. Technically,
it still have a very good support it the range of 2050-2035. Well, seeing
almost 0% move I can even conclude that 2060 will also become support in any
fall. I have already expressed my view few weeks back that we may not see any
fall in December. On higher side it can hit 2145 on or before 31st
December. This is megaphone breakout target as well as justified by Elliott
wave extension.
