09 February 2015: Nifty Elliott wave analysis: Post poll survey of Delhi election will hit index today. Expect down side target near 8530 sooner now.
You must read previous articles and watch the given chart
carefully to understand this article completely.
For 09 February 2015: -
On 06 February 2015, FII Sold INR 96.45 crs and DII Bought
INR 115.49 crs
I have already warned on Friday in my intraday update that
market is turning weaker. My fear was also in line with expectation. Post poll
survey of Delhi election will give tremendous hit. I must say that it may be
bigger then what ever SGX Nifty is saying. I have talked about the possibility
of 8530 and I will stick with it.
Optimistic people will start talking about upcoming Union
budget as trigger. It is also a fact that Indian corporate has not performed as
god as market prices were saying.
For today’s trading session, expect one and only support
which is at 8530 levels. If it breaks 8530 then damage can be even bigger
towards 8400 levels in coming days. Will that be so brutal or will recovery
come from lower levels? It is looking like January – February top for market
and we are seeing the reactions on lower side now. Hope you have saved
yourself.
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Strategy for Nifty February
future – I have few
put options which I have forwarded from Friday when I quoted that market has
turned weaker again. Now it will take a gap down of over 100 points as
suggested by SGX. Well, just like my all-time strategy, I am not suggesting to
add any fresh trade in gap opening. If it was applied to rise then it is
applied to fall too.
S&P 500 (USA) – I am still bearish. Anything above
2050 is giving a chance to add shorts only. Sooner it is going to hit 1980-1970
levels again. If I am right then target for this month will be somewhere near
to 1900 levels. Do not think to buy unless S&P cross above 2100 levels.
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