You must read previous articles and watch the given chart
carefully to understand this article completely.
For 31 December 2014: -
On 30 December 2014, FII Bought INR 277.92 crs and DII Bought
INR 160.87 crs
What has happen yesterday? Market was negative throughout the
day with small trading range but finally moved little higher in last hour of
trade. Eventually it has seen a 0% change by close. This is the characteristic of
low volume choppy market which has inherent strength.
Good part was that it has respected the technical support of
8215 levels which was mentioned yesterday. My technical conclusion remains
same. We will get technical support in the range of 8215 to 8200. Once again, I
am repeating that I cannot conclude this choppiness as sign of weakness. It is
just a historical cycle of low volume on year end trade.
For today’s trading session, I am expecting dull activity with
lower market participation but biasing may be on positive side. Cross above
8250 will give a hint for 8280. If it can sustain above 8280 then it may try to
make a move towards 8320 levels. At some point it will turn dull. What can be
that level? This is beyond the scope of analysis. 8250 is a decisive level. I
will not consider for strength if it stand below 8250.
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Strategy for Nifty January
future – It may open
near 8330 levels as indicated by SGX Nifty. It may be misguiding like yesterday
with quick and many impulsive moves here and there. Premium fluctuations need
to be monitored carefully. Yesterday’s low should act as good support which was
at 8280 levels. Opportunity may not be great as traders are on Holiday mood to
welcome 2015.
S&P 500 (USA) – US marketed has seen small profit
taking with a 10 points negative close. I am not expecting much of action for
the day. Technically it is on support for intraday chart. I still expect 2100
figure to emerge on S&P sooner this week or early next week. Choppiness is
just a result of Holiday mood. It has no technical meaning. Historically, first
week of January used to be bullish only.
