28 February 2015: Nifty Elliott wave analysis: Will it be ‘Make in India rally for 9200’ or a 10% crash coming today?

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

For 28 February 2015: -

On 27 February 2015, FII Bought INR 1957.10 crs and DII Sold INR 491.93 crs

Are you surprised of economic survey report? I am not. Above heavy buy figures by FII were backed by p-notes. I quoted this as informed by news channel reports. Most of the time, p-notes buyers used to buy on confirm news. This happens every year before budget. Their success rate is also not very impressive. Hence, I have nothing to take a cue. It is the time to keep yesterday’s rise behind and keep your eye on union budget.  

A nine month’s old rally comes to the litmus test today. It is going to be very first complete Union Budget of this government. It is time to work for government. Looking on their recent draft on land acquisition ordinance, I have strong doubt. Many of their ministers and party members are involves in illogical agenda and they got media attention. You cannot think about development with old rotten ideas. I have not found anything innovative in past nine months.

Will it please at least Stock Market? Or at least common man?

For today’s trading session, technical charts has no great meaning. Charting suggests that above 8880 we can expect 8950-9000 levels. Maximum strength can give you 9100-9200 levels on Nifty, if market likes budget. If market dislikes it then Nifty will settle first below 8780-8750. Below 8660, we can expect bloodbath. Take this level of 8660 for whole March Month.

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Strategy for Nifty March future – I do expect some positive opening. I take the range of 8900 to 8950 as stiff technical resistance. Cross above 8950 may give you 9000 levels. All these to happen before budget, if it has to happen. After budget Nifty Future can either hit 9200 or it will crash to 8500.  

S&P 500 (USA) – It came very close to 2100 levels. This was very much expected. Even after new life time high, S&P has neither great euphoria nor any strength to sustain. Remember, 2145 is my maximum of expectation. It may see a fall before that also. Immediate technical charts are suggesting that if it sustain below 2096 then we can expect fresh dip. Next week will be interesting and challenging.