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.
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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.
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