30 January 2015: Nifty Elliott wave analysis: 9000 NIFTY may be on hunt today. I still advise caution after 10 days of positive close in a row.

You must read previous articles and watch the given chart carefully to understand this article completely.

For 30 January 2015: -

On 29 January 2015, FII Bought INR 1723.77 crs and DII Sold INR 1680.09 crs

Derivative expiry goes wild only in last 60 minutes of trades with short covering rise. Eventually it goes with 10 positive closes in a row. So big and so massive! It seems that there is nothing called over sold. Nifty is neat to 9000 levels again. I like to see market reaction today if it really comes at 9000 levels.

This market is expensive at these levels as said by fundamental people too. I am advising strong caution at these kinds of levels. Something must come to stop this kind of rally. I always say, “Correction used to hit on come when least people expect about it and most of time reason of correction is also unknown before event”. It’s a dollar liquidity which took market to these levels.

For today’s trading session, 8985 and 9000 are going to be key resistance. What’s if it crosses above 9000? It will just be interesting to see. I have no overnight position and I am ready to take fresh position for February month. I still believe January rally used to result a yearly top in first two month itself.

Please visit our ‘intraday updates’ to get further updates or to take good advantage join paid services.

Strategy for Nifty February future – I still expect a flat start even after rally in US market. As it came higher with lower premium then I believe that people has forwarded shorts. Technical charts are suggesting for resistance to emerge at 9040 and 9070 levels. I may opt to short higher levels. Just like I did two days back.

S&P 500 (USA) – It rebounded again from 1990 support and closed with good gain, again. So what to conclude next? I say it’s the bull’s attempt which is saving market. I say, it used to come and it will come. Especially, if it trades near any crucial supports, like 1990. On higher side it will face resistance at 2040 and then at 2060 levels. A dip is expected and it will come again. Every rise will get sold.