You must read previous articles and watch the given chart
carefully to understand this article completely.
For 10 December 2014: -
On 09 December 2014, FII Sold INR 221.52 crs and DII Sold INR
345.38 crs
Once again, it has broken key threshold of 8400-8390 and went
for another big sell off day with a low at 8330. One wave sell off was justify
for the target at 8300 which came in striking distance. Do you know that Nifty
goes on monthly low with just two days of sell off? Next good support will come
at 8300 to 8290 levels on Nifty. So far Nifty has corrected nearly 300 points
on Nifty from all-time high. It is one third of the rally. I am seeing a
possible support to emerge at 8300 to 8280 zone.
For today’s trading session, based on Elliott wave chart, a
possible buy may emerge at 8300 to 8280 which I like to test. I am giving one
strong assumption. If Nifty saves 8280 and bounce to give a moderate close then
it may justify for a fresh move higher. If not then Nifty can go as low as 8000
levels too. December is usually not a month for big move in the market. Correction
might be done near 8280 levels itself. There may not be point to short unless
something major happens on global market.
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Strategy for Nifty December
future – As per SGX
Nifty, it looks to open at 8350 levels which will act as immediate trading
support. In that way, gap down will eat a possible 40 points move for shorts. I
take 8350 as last hope for bulls. If they have to show their efforts then it’s
the time now. Else a move towards 8100 will also possible in few weeks’ time. Let
us see how it reacts. Read my intraday updates to get more precise view.
S&P 500 (USA) – Was the bounce so unexpected from
2035? No, definitely no. 2035 was most meaningful support. We saw a low on do
at 2035 and then a 25 points intraday bounce came to close at highest point of
the day. Remember, its December months. Market has added volatility for
intraday but daily chart on closing basis is still looks flat. It hit a low at
2035 to fulfil demand for correction and closed at 2060 to bring market same
levels to make a next move for 2100. I have quoted few days back also that I will
not prefer to buy without correction. I am taking it as the demanded
correction. now, it can move towards 2100.
