10 February 2015: Nifty Elliott wave analysis: Election outcome will put its impression on market. Pure technical say for a move towards 8400 as it is below 8530.
You must read previous articles and watch the given chart
carefully to understand this article completely.
For 10 February 2015: -
On 09 February 2015, FII Sold INR 660.30 crs and DII Bought
INR 469.55 crs
Here comes another most important day in term of Indian
electoral history. We saw Modi wave since May 2014 and today is the day when it
may come to real halt as post poll survey is hinting same. What is good and
what can be bad for Stock Market? Take a note, it is just another event which
can put its impression on market movement but this effect will not last longer.
After today, market will look for upcoming union budget. More
than that, correction will be just a market dynamics which has just came in
line with event. There is nothing else to conclude. Its 8 am and I suggest to
looking for Delhi election outcome for opening minutes.
For today’s trading session, if it comes with gap down then I
suggest to avoid trading for the day. It may not be so easy and traders should
avoid this kind of day. It is just good for only expert traders who can take
quick swings. Technical view point is that break below 8530 may give us 8400 levels
or may be even bigger cut.
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Strategy for Nifty February
future – I still say
that charts are bearish so far. SGX Nifty is showing below 8500 as opening. We may
not get any easy deal and even SGX Nifty may take more chances from current
levels till opening. It is better to read for our intraday update.
S&P 500 (USA) – I am still bearish and this will
remains my words for whole February month. On long term chart also it seems
that there may not be easy cross above 2100 levels. It has again given close
below 2050 levels last night. I like to see a break below 2035 to say for a
newer lower wave to stat. so far, it is just a roller coaster market which is
moving from high to low and then from low to high.
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