You must read previous articles and watch the given chart
carefully to understand this article completely.
For 23 December 2014: -
On 22 December 2014, FII Sold INR 335.24 crs and DII Bought
INR 389.12 crs
We got 50% of recovery of recent fall in just 4th trading
session. This recovery is in line with market expectation and market cycle. Even
after lower crude oil price, I feel that market should go higher. The next
levels that we can talk is 8375 and then a move towards 8500 too.
We are in a derivative expiry week and I volatility will be
essential part as December month was bigger compared to past few month. If dip
comes in volatile move then also we should prefer to buy this dip. We saw
better performance by Bank Nifty in fall and hence some price consolidation
compared to Nifty is always good. Sooner a bigger move on Bank Nifty will also
come which will outperform Nifty. It is the time to expect 20000 on Bank Nifty
in January month.
Based on Elliott wave theory, we should expect 8375 by today
or tomorrow sometime. Technical support will emerge now at 8295-8280 levels
which were resistance earlier.
For today’s trading session, we can see flat opening with positive
biasing. As long as it is above 8300 levels we can expect bias to remains
positive. I hope this to go near 8375 at least before taking any decisive move.
Let us see. If situations remain favourable then I will plan to buy dip.
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Strategy for Nifty December
future – I expect a
flat opening. As long as it is above 8310-8300 we can expect further extension
of rally. The next big target to talk about is 8390-8400 levels. Premium fluctuation
will be very high. So far, it is still a buy. One should prefer to be on buy
side. Use dip to buy with proper stop loss.
S&P 500 (USA) – It went up as expected but it is
still little shy at 2081 resistance marks. It may be just a pause. So far,
charts are still having same words. It is should be strong in to New Year and
it should stay strong till mid of January at least. I am expecting a target
around 2145 levels. If this market has gained its stability then I can say that
even 2060 will also act as strong trading support now.
