12 February 2015: Nifty Elliott wave analysis: One must watch global cues for today and tomorrow. Nifty key support = 8580!!!
You must read previous articles and watch the given chart
carefully to understand this article completely.
For 12 February 2015: -
On 11 February 2015, FII Sold INR 371.27 crs and DII Bought
INR 147.49 crs
Let us consider that 8470 acted as support for once. If this
is true then this bounce has faced resistance at 8650 levels which is perhaps
most stiff resistance for bounce. If Nifty can able to stand tall above 8650
then only we can think for Nifty to go higher from current levels.
If I consider historic cycle before budget then we came to
know that most of the time market denies falling before union budget. This is
perhaps only fact which is saying that market may not give up. It may hang at
these levels. In such case trading may be very dull and boring for rest of
month.
For today’s trading session, one can expect flat to negative
opening. A failure at 8650 to 8670 may give us another round of sell off. I advise
caution for today and tomorrow if market has to react for lower move. If correction
hit further then we can expect for a move towards 100 DMA levels. This is my
actual expectation from February month.
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Strategy for Nifty February
future – Opening may
go negative near to 8650 levels. Intraday support will emerge at 8630. If
trades sustain below 8630 then only we can make a plan to short on fresh basis.
On higher side 8700 will act as resistance. If global cues turn negative then
break down is very much likely.
S&P 500 (USA) – I will not change my words of
correction until S&P crosses above 2100. I am repeating this view from
levels higher above 2050. The best I can say is to avoid the range of 2050 to
2100 for trading. Time and pattern wise, there is something which is troubling
market in a big way and stopping from moving higher on medium term chart. I will
stick with my point. As long as it is below 2100, this may not be a buy.
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