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For 29 December 2014: -
On 26 December 2014, FII Bought INR 39.97 crs and DII Bought
INR 417.29 crs
Nifty got a good trading support at 8120 which was saved in a
good way. A 50 points bounce from low and close at day’s high is indicating for
at least one advance. I am not confident for rise in US market but Indian
indices are not as strong. Still, it is looking strong going to New Year.
We may get a good support at 8150 to 8160 levels before
getting a final support at 8120. A contracting wave ‘b’ is suggesting that market
may spend a long time in wave ‘b’. It is equally giving a hint that 8375 will
not take out sooner or easily.
For today’s trading session, I am expecting dull activity with
lower market participation. Usually last week of December used to be dull for
trade. Characteristic of last week of December is that most activity comes
either in first hour or last hour. If this happen then support for the day will
be at 8175 and resistance will be 8250. Market may try to pick only 50% of the
given range.
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Strategy for Nifty January
future – It may open
near 8300 levels but premium is still very high and that a point for caution. As
long as it is above 8270-8280 we should not expect any dip. As of now, in
normal condition I will prefer to look for opportunity to be long only. I would
not surprise to see 8350 in 1-2 days of time.
S&P 500 (USA) – US indices are on joy on New Year. I
still intact on my target of 2145 for this rally and 2100 for December end. We
are going close to the mentioned levels. Technical charts are suggesting for
support at 2080 to 2075 levels. 1% upside may not have any great price
correction. Fibonacci series may have 2125 and 2145 as Fibonacci resistance. I
am expecting long term to short term top by end of January 2015.
