31 March 2015: Nifty Elliott wave analysis: A resistance to emerge near 100 DMA which is at 8533 right now.

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

For 31 March 2015: -

On 30 March 2015, FII Sold INR 240.34 crs and DII Bought INR 651.67 crs

Bounce extended as expected and it moved parallel with global recovery. Now a litmus test will emerge at 100 DMA which is right now at 8533 levels. One can expect trading support at 8470 to 8450 levels. This is the levels up to which we can expect life for this recovery.

Today is the last trading session of financial year 2015 – 2016. Historically, this is known to be a dull day. There is high chance to happen this as major past of recovery has done by yesterday only. I still feel that odd 40-50 points of rise on Nifty is still possible but caution advised at higher levels.

For today’s trading session, I am expecting a flat opening. Immediate trading support is at 8470 to 8450. I still like to trade with a buy. One should be cautious at 8535 levels. This is equally true that if it stands tall above 100 DMA then we can expect second round of buying. Can it happen? Can it happen today?

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Strategy for Nifty April future – Rebound continues without any intraday pull back yesterday. Technically, this rebound will continue as long as it holds 8420 to 8400 levels. On higher side we can see a resistance emerging at 8510 to 8520 levels. One has to be cautious at higher levels for once near 100 DMA. If it can sustain above 100 DMA then we can expect a rise, a fresh rise.

S&P 500 (USA) – We got a desired bounce. This bounce took S&P above 2075 marks which were expected in our past articles. Question is what will come on the last day of current financial year? Well, so far we can expect some hangover rise today also. It can show resistance on 2096 before 2119. Once again, rise should get truncate near at 2096 levels which will be suitable to add short. 

31 March 2015: Stock Chart Analysis for intraday: ONGC, LT and IDEA

ONGC (315.20)

Buy above 318/SL 316/ Target 322-324|| Sell below 312/ SL 314/ Target 308

LT (1728.75)

Buy above 1735/SL 1729/Target 1760||Sell below 1717/ SL 1725/ Target 1700

IDEA (183.00)

Buy above 186/SL 184/Target 190-192||Sell below 179/ SL 181/ Target 175-173

30 March 2015: Nifty Elliott wave analysis: Can 200 DMA breaks so easily? We can expect some price recovery as a result of sharp fall of past few days.

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

For 30 March 2015: -

On 27 March 2015, FII Sold INR 320.52 crs and DII Bought INR 674.76 crs

Friday’s fall has changed many technical viewpoints. I was expecting price recovery but it came after a much deeper low which was at 8269 levels. Still we were able to see a zero percent change closing. For this week 8269 will play as key support in any dip.

Big question is still there. Will it break or test 200 DMA as easily as it looks? I strongly believe that it is going to happen sooner or later. Well, before that we are bound to see a price recovery as price fall is very sharp so far for March month. I still hope for a price recovery and I will play for it. At some higher levels, this recovery will miss air and it will give time for short.  

For today’s trading session, I am expecting a cautious opening and then a support can either emerge at 8300. We can expect 8269 to act as weekly support. From near to 200 DMA caution is very obvious word. Minimum expected levels fo far for this recovery can be above 8400 levels which may come by early this week.

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Strategy for Nifty April future – It has seen some good rebound from low point on Friday. This may continue. Based on technical chart if it can sustain above 8470 then we can see some good extension for recovery. I definitely like to add long on any impulsive dip for intraday.  

S&P 500 (USA) – A price recovery is still expected. It does not matter where it dies. It may end up at 2075 or at any other levels. So far this is a rebound from 2035 support levels and it has life so far. This is a new week and a new financial year will from Wednesday. Technical support for the day will be at 2050 and for this week it will get support at 2035 levels. I still warn that market may see a fresh dip from higher levels. 

30 March 2015: Stock Chart Analysis for intraday: ARVIND, HEXAWARE and TATAMOTORS

ARVIND (263.40)

Buy above 267/SL 264/ Target 272-275|| Sell below 257/ SL 259/ Target 252

HEXAWARE (311.20)

Buy above 315/SL 312/Target 324||Sell below 306/ SL 309/ Target 300-398

TATAMOTORS (535.35)

Buy above 538/SL 532/Target 550-555||Sell below 528/ SL 533/ Target 522-518

27 March 2015: Nifty Elliott wave analysis: Its pattern with high degree of warning. After a technical recovery Nifty can tank below 8000 too.

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

For 27 March 2015: -

On 26 March 2015, FII Sold INR 521.23 crs and DII Bought INR 687.09 crs

What a way to end the March Series. It has closed on day’s low as well as lowest point of March series. You can refer to the chart how crucial it was. Let me update first – 200 DMA is at 8165 and 100 DMA is at 8530. News flow from Yemen has turned heavier over any technical view and this may remain same. I am keeping news flow at the corner.

Technical recovery is also a basic rule just like technical correction. We can hope for correction but market has biggest threat now. Can technical recovery sustain? My answer is NO. Sooner or later it will break 200 DMA also. I may trade for a bounce but I will avoid all short term to long term buy.

For today’s trading session, I am expecting a cautious opening and then a support can either emerge at 8300 or it will break to make another bad day. On higher levels we may not see any reliable resilience for market unless it go above 8400 to 8430. Selected stocks may perform but broader market may remain weak.

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Strategy for Nifty April future – It has opened yesterday near 8550 and then tank down further to 8450. Now, this can never be easy to short this kind of fall which comes after gap down. For today’s session, we may get opening around 8450 and support to some at 8420 levels. Should I buy? Let us see. It depends on intraday strength but I strongly warn that Nifty April future may see levels of 8000 also.

S&P 500 (USA) – To make it choppy, S&P recovered from day’s low. I still believe that we may get few choppy trading sessions before a fresh wave of fall. If we get some bounce in this process then it will be better for bears. I found some upper range for this range bounce activities. The level can be around 2075 where we can think to add fresh short. Do not opt long in recovery as recovery may fail anytime. 

27 March 2015: Stock Chart Analysis for intraday: HEXAWARE, TCS and TATASTEEL

HEXAWARE (289.45)

Buy above 291/SL 289/ Target 296-300|| Sell below 285/ SL 287/ Target 280

TCS (2513.10)

Buy above 2519/SL 2509/Target 2550||Sell below 2499/ SL 2514/ Target 2450

TATA STEEL (315.60)

Buy above 319/SL 317/Target 324-330||Sell below 313/ SL 315/ Target 307-304

26 March 2015: Nifty Elliott wave analysis: NIFTY to get support in the range of 8470. I will prefer to buy this gap down today on expiry day.

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

For 26 March 2015: -

On 25 March 2015, FII Bought INR 813.19 crs and DII Bought INR 96.52 crs

US market tank down yesterday night. This will lead us for a big down today morning. This may open around 8470 levels. If this happens then there may not be any point to trade short. I am already advising caution near 100 DMA. You may ask why I am saying this. Here is the reason, “Since July 2013, Nifty has always bounced from 100 DMA and never closed much below its 100 DMA. This has happened only for four times.”

So how can I easily go short? Patterns and trends are key.

For today’s trading session, I am happy to see a gap down as I will get better leverage to buy. I will surely going to attempt to buy this gap down for once. Another important thing is that we have derivative expiry for this month trade. It is going to play important role but I cannot say if it can favour bulls or bears.

History suggests that whenever India goes in any big cricket fever, trading volume goes dull. Today is another such day. The best cocktail for me will be, “We buy, and market bounce and India wins its semis.” It is just my hope, not my prediction.

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Strategy for Nifty April future – It may open in the range of 8550 levels. No big thinking. I will not short this gap down. My choice will be to buy this dip. Trade less on expiry day. Volume can be dull in first half of trade. We can hope for volume to emerge only in second half. Technical support will emerge at 8530 levels.

S&P 500 (USA) – Just see, how it has cracked once it has broken 2096, from 2096 to straight 2061. This is what I was quoting. Is it not giving a sense for long term stop? At least, 2100 levels are definitely not for buy. Technically, we may expect a pause in this zone which is around 50 DMA. You may be worried as it has closed below 50 DMA. One can take profit in this zone and wait for another bounce to short. A bounce?  

26 March 2015: Stock Chart Analysis for intraday: ARVIND, TATAMOTORS and DLF

ARVIND (261.95)

Buy above 264/SL 261/ Target 270-274|| Sell below 256/ SL 258/ Target 252

TATAMOTORS (541.85)

Buy above 546/SL 542/Target 555-560||Sell below 535/ SL 538/ Target 528-524

DLF (165.05)

Buy above 166/SL 164/Target 170||Sell below 162/ SL 163.50/ Target 159-158

25 March 2015: Nifty Elliott wave analysis: It may again take a bounce as long as 100 DMA hold. Below 100 DMA, no long.

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

For 25 March 2015: -

On 24 March 2015, FII Bought INR 737.86 crs and DII Sold INR 631.67 crs

100 DMA support is inching higher. Now it came at 8525. We are one more day away from its derivative expiry for this month series. Nifty took an attempt for a bounce yesterday but failed at higher levels. Yesterday’s high has provided a key resistance levels. In simple words, no recovery can sustain unless it stand well above 8630 levels.

Market has passed three days in same trading range. It moved from 8535 to 8625. Now, market may see some puzzled moved for today and tomorrow. Derivative expiry may cause some odd moves. I can hope for recovery as long as it holds 100 DMA support.

For today’s trading session, I am hoping for somewhat flat opening and then a decisive support will emerge at 8525 to 8515 levels. If it sustain below 8525 then we can expect further fall. Below 8525 it can quickly give up 40-50 points. I must add that this market is sector specific now. On one hand tech stocks are looking stronger while banking stocks are giving all sign of weakness.

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Strategy for Nifty April future – It may open in the range of 8660 levels. I do not think that it can turn short unless it breaks 8630 levels. The level of 8630 to 8610 should offer trading support for another support. 100 DMA support may not breaks so easily. Some resilience is expected and hence we may get many odd bounce from low and many typical dip from top.

S&P 500 (USA) – I has again broken the level of 2096 to trigger a sell signal. Magnitude of trade may not be big but it has turned to a sell for fall again. For trading it may have generated the target of 2080 as of now. On higher side it has resistance at 2119-2120 levels. My believe is turning firm that the top of 2119 may be proven as long term top on chart. 

25 March 2015: Stock Chart Analysis for intraday: HEXAWARE, TECHM and IDEA

HEXAWARE (283.75)

Buy above 288/SL 285/ Target 292-300|| Sell below 279/ SL 281/ Target 275-273

TECHM (659.65)

Buy above 668/SL 663/Target 690||Sell below 650/ SL 655/ Target 635

IDEA (169.90)

Buy above 173/SL 172/Target 177||Sell below 169/ SL 170.50/ Target 165

24 March 2015: Nifty Elliott wave analysis: 100 DMA support should play as crucial support and threshold before derivative expiry.

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

For 24 March 2015: -

On 23 March 2015, FII Bought INR 417.41 crs and DII Bought INR 403.91 crs

We have derivative expiry this week and market is coming very close to 100 DMA which is at 8515 levels. Market is in soft trading mood. I believe support to emerge at 8515 levels. If not then it can see a slide towards 8470 to 8400 levels sooner. Market may come on decisive mood today.

The way market is slipping softly and silently we can sense that there is a sign of gradual sell off at every higher level. All this is happening when global market has not shown any remarkable distortion. This kind of moves always deserves caution. Have a look on banking index. It is not respecting any support.

For today’s trading session, I am hoping for somewhat down opening and then a decisive support will emerge at 8515. If it sustain below 8515 then we can expect further fall. If it has to recover then 8515 should act as good support. Market has almost defined its supports, one is at 8515, second is 8460 and then last at 8400.

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Strategy for Nifty April future – It may open in the range of 8630 levels. If it breaks 8610 levels then we can expect further slide towards 8550 levels. We should expect a recovery from the level of 8610. I am not betting for recovery but I am expecting. Let us see if comes or not.

S&P 500 (USA) – I do not think that I need to change my views towards market yet. Just think, it’s moving around 2100 since November 2014 onwards. It is not breaking higher from past four months on long term chart. This move is somewhat similar to rally like 2007. I still give all important to 2119-2120. Unless it breaks higher above given levels, I have no point to be bullish. In the downside, I will wait for the break of 2096 to add any short. 

24 March 2015: Stock Chart Analysis for intraday: SBIN, TATAMOTORS and RELCAPITAL

SBIN (274.75)

Buy above 278/SL 276/ Target 282-284 || Sell below 272/ SL 274/ Target 268-266

TATAMOTORS (551.45)

Buy above 555/SL 549/Target 570||Sell below 545/ SL 551/ Target 530

RELCAPITAL (441.10)

Buy above 446/SL 441/Target 455||Sell below 435/ SL 441/ Target 424-420

23 March 2015: Nifty Elliott wave analysis: 100 DMA support is at 8514 which may act as support before any big fall. Expect a bounce before expiry.

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

For 23 March 2015: -

On 20 March 2015, FII Bought INR 354.59 crs and DII Sold INR 219.20 crs

It has broken 50 DMA and now moving close to 100 DMA but little away from here. 100 DMA support is at 8514 levels. It looks like we should expect a bounce before going lower towards 8400 levels. I must say that H&S pattern will work sooner or later. We can expect one bounce before that due to 100 DMA support.

If market goes lower today near 8514 levels then we can make a soft buy attempt. I booked my Short on Friday with good again and tried few long which has not worked yet.

For today’s trading session, we can expect flat opening. We will get two crucial supports in downside, one is at 8550 and then at 8514 levels. I will prefer to trade only if I see some strength. If not then, I will prefer to ignore the day for trade. I expect one bounce towards 8650-8700. Remember, it is expiry week too.

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Strategy for Nifty March future – From a level of 8600 we may not have big room to go short without any bounce. It may give us a bounce towards 8700 levels for once. Technical support will emerge at 8550 levels. If market turned active then we can expect trades on long side. Ignore range bound session.

S&P 500 (USA) – I waited for the break below 2085 but it has never came yet. Now, I am revising threshold for short and it is at 2096 now. If you remember, it has worked very well last time also. Stiff technical resistance is at 2119-2120. After FOMC meet, Market has not moved the way I was expecting. I like to wait for more confirmation. I do not want to be bullish but it is equally true that above 2120, it may generate target of 2145. I am not level specific now. Rise must be very limited on long term chart. 

23 March 2015: Stock Chart Analysis for intraday: HDFC, IDEA and ANDHRABANK

HDFC (1338.45)

Buy above 1346/SL 1336/ Target 1360-1370 || Sell below 1324/ SL 1334/ Target 1310-1300

IDEA (174.80)

Buy above 176/SL 174.50/Target 179-191||Sell below 172/ SL 173.50/ Target 170-169

ANDHRA BANK (78.95)

Buy above 80/SL 79/Target 82-83||Sell below 77/ SL 78/ Target 76-75-74

20 March 2015: Nifty Elliott wave analysis: The door has opened for 8400 as I was feared yesterday. We shorted top. Last hope 8600 !!!

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

For 20 March 2015: -

On 19 March 2015, FII Bought INR 1428.72 crs and DII Bought INR 53.46 crs

What gave such a brutal sell off from top? Well, it was just technical trigger. Worse part is that it came very close to 8600 levels. Note that it has again broken 50 DMA. Now, it is sustaining below 50 DMA which is showing that bulls are missing the conviction to buy this dip. I ignore above quoted FII and DII data which are of cash market. This may not have great significance.

Technical charts are suggesting that Nifty has key support at 8600. If it breaks and sustain then we can expect H&S pattern target at 8400 levels. I strongly feel that we are heading towards 8400 very sooner. We may not see buyers coming at lower levels. This is an expensive market for long term investors too.

For today’s trading session, we will see technical support to come at 8600 to 8580 levels. There is a strong possibility of lower opening or pressure at opening minutes due to sell off hangover from yesterday. On higher side 8700 levels will also act as stiff resistance. Banking stocks were key drag yesterday. Take a note that many banks may see fresh wave of sell off. Defensives like pharma try to sustain.

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Strategy for Nifty March future – We are maintaining short from yesterday’s higher levels itself. In my view, Nifty Future may go in discount very soon. Without much hesitation, this market may open a scope for a move towards 8400 levels. Technical resistance will come at 8680 to 8700 levels. Keep an eye on global cues too as it can make this as Black Friday.

S&P 500 (USA) – I am preparing this when market is running right now. S&P is at 2089 with a low at 2085. It is just going with the perfect roadmap suggested. It has failed to revive above 2100 and confirming that 2119 may be a long to medium term top.  For trading, it is still short and below 2085 it will add one more degree of confirmation for dip. We will see S&P crashing towards 2035 by next week itself. 

20 March 2015: Stock Chart Analysis for intraday: RCOM, SBIN and ANDHRABANK

RCOM (63.65)

Buy above 65.50/SL 64.50/ Target 67-68 || Sell below 63/ SL 63.80/ Target 60-58

SBIN (281.60)

Buy above 286/SL 284/Target 290||Sell below 279/ SL 281/ Target 275-272

ANDHRA BANK (78.95)

Buy above 80.50/SL 79.80/Target 82-83||Sell below 78/ SL 78.80/ Target 77-76

19 March 2015: Nifty Elliott wave analysis: FOMC outcome favours market. Key resistance = 8750-8800. Key support – 8630-8600

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

For 19 March 2015: -

On 18 March 2015, FII Sold INR 457.43 crs and DII Sold INR 882.99 crs

We heard that mining bill may be presented in parliament. In my view these bills including Land acquisition bills are just a big waste for nation which looks rosy only for corporate house. Hence, market may like these bills. Stock price will get support from these bills. Let us keep these affairs out from market analysis.

Technical charts are suggesting that Nifty has key resistance at 8750 and then at 8800 levels. We can expect gap up today after Fed statement. It may not be meaningful to trade after gap up. Do not trade the high. It is preferable to avoid trade at higher levels.

For today’s trading session, we will see technical support will come at either of these three levels, 8700, 8660 and then final at 8620. H&S pattern is visible on chart now. Nifty is trading on n-line levels. If decisive dip comes then Nifty can slip towards 8400 in short term.

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Strategy for Nifty March future – Now, today it can open in the range of 8760 after FOMC outcome. Based on chart, bullish view will be applicable above 8794 only. One should avoid higher levels for trade. This gap up may not sustain. Let us see.

S&P 500 (USA) – What FOMC did last night is called a new time frame to buy. Market reacts positive on Jennet Yellen comments that economy has still some problem. It took as a sign that rate hike is not sooner. Fine, it’s their choice. Based on chart, 2056 was saved and hence bounced. It has room to hit 2119 if it can able to sustain above 2100 levels. Can it happen so easily? 

19 March 2015: Stock Chart Analysis for intraday: BHEL, HEXAWARE and M&M

BHEL (257.70)

Buy above 260/SL 258/ Target 265 || Sell below 256/ SL 258/ Target 252-250

HEXAWARE (278.20)

Buy above 280/SL 278/Target 286-290||Sell below 275/ SL 277/ Target 271-269

M&M (1215.50)

Buy above 1224/SL 1215/Target 1242-1250||Sell below 1209/ SL 1218/ Target 1190

18 March 2015: Nifty Elliott wave analysis: WAIT for FOMC outcome before taking fresh call. Support @ 8630 and move towards 8800 is still possible.

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

For 18 March 2015: -

On 17 March 2015, FII Bought INR 265.52 crs and DII Sold INR 243.69 crs

Black money bill has passed by Union cabinet and it gave a fresh hope for some more reformative steps. So far, market is running on reforms and development hope which is still alive. Government of India kept on feeding good news to market. Market concern is not domestic but it is more likely to be affected by global cues which may not be sound.

Right now, I like to prefer to wait for FOMC outcome before entering in to the market. Will Jennet yellen be more hawkish this time? Who knows? I am just thinking what can be possible impact on stock price if US goes under era of higher interest rate compared to the present one. Just prepare for this. It is a bitter truth that since 2008, all global market has run on stimulus money and stimulus hope. Market has never run of its own from past seven year. So we are going to experience which we never did in history. I am not making bearish picture yet. What I am saying is that I like to see reactions first.

For today’s trading session, we may see higher opening as momentum were created in last 30 minutes of trade yesterday. It took a bounce from exact low of 8630. It is a key support now. On higher side hope for 8800 to 8830 is still alive. Although, I say that one should maintain distance from market.

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Strategy for Nifty March future – Now, today it can open in the range of 8760. This is saying for hopes to run in market. Above 8766 we can expect levels above or near 8800 levels. Technical support will be at 8740 and then at 8710. I prefer to avoid trades at higher levels.

S&P 500 (USA) – It is going as the way I was expecting. It has given up again. Now, people will wait for FOMC outcome. Will FED be more Hawkish this time? Answer may be yes. Technical support is expected to be at 2075 where it has closed. Constant trade below 2075 will generate fresh wave of weakness for a move towards 2056. I have no call on Fed outcome. I like to see the outcome before deciding short. 

18 March 2015: Stock Chart Analysis for intraday: ARVIND, RCOM and DLF

ARVIND (296.00)

Buy above 297/SL 294/ Target 305-311 || Sell below 293/ SL 295/ Target 288-284

RCOM (67.20)

Buy above 67.35/SL 66.50/Target 69-70||Sell below 66/ SL 67/ Target 64-63

HDFC (1339.45)

Buy above 1349/SL 1341/Target 1364-1380||Sell below 1324/ SL 1334/ Target 1305-1295

17 March 2015: Nifty Elliott wave analysis: Trade above 8672, i.e. 50 DMA will give us a desired bounce again. Technical support = 8630-8600 !!!

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

For 17 March 2015: -

On 16 March 2015, FII Sold INR 762.55 crs and DII Bought INR 158.65 crs

50 DMA is at 8672 levels right now. Yesterday, whole day we were waiting for bounce. It came but got sold at higher levels. It is very important that Nifty need to stand above 50 DMA to see a bounce. I must say that risk reward ratio is not great to be bearish. I was expecting bounce to go near 8800 levels at least.

I like to give one more day to my view for bounce. If it can sustain above 8672 then we can see some significant bounce. Strong technical support lies in the range of 8630 to 8600 levels. I still expect market to go lower towards 8400 levels but a bounce deserve.

For today’s trading session, we may see higher opening. If it can sustain above 8672 then we can expect bounce to go in the range of 8800 to 8830 levels. Take a note that global sentiment can turn heavy over technical view point. I advise strong caution before FOMC meet outcome. It is scheduled to hit tomorrow.

Please visit our ‘intraday updates’ to get further updates or to take good advantage join paid services.

Strategy for Nifty March future – Now, today it can open in the range of 8700. This is going to be optimistic opening for bounce. As long as it stays above 8700 we can hope for a bounce towards 8750-8760 levels. We will see support to emerge at 8770 and at 8740 levels. I have no plan to short for today unless something drastic happens.

S&P 500 (USA) – Some wild move came before FOMC meet. It has bounced again and close well above crucial 2075 levels. This bounce may not even go near to 2100 levels. Let it go and then short top before 2100 levels. Once it starts trading below 2075 then it will again go for dip. I prefer to wait for FOMC outcome. Note that it has regained 50 DMA levels again on higher side. 

17 March 2015: Stock Chart Analysis for intraday: AUROPHARMA, TATASTEEL and DLF

AUROPHARMA (1195.80)

Buy above 1202/SL 1192/ Target 1224-1240 || Sell below 1180/ SL 1188/ Target 1158-1150

TATASTEEL (326.20)

Buy above 327/SL 325/Target 332-335||Sell below 323/ SL 326/ Target 318-315

DLF (164.30)

Buy above 165/SL 163/Target 170-172||Sell below 161/ SL 162.50/ Target 158-156

16 March 2015: Nifty Elliott wave analysis: Bounce target and breakdown came on same day. Close below 50 DMA is not good. Possible next target can be 8400 based on H&S pattern.

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

For 16 March 2015: -

On 13 March 2015, FII Bought INR 66.98 crs and DII Sold INR 71.55 crs

Nifty has broken 50 DMA support for the first time in past two months of trade. More than that, it has formed a H&S pattern on short term chart. Even if bounce comes it will get sold at higher levels. Charts are suggesting that if it sustain below 8630 then we can expect levels of 8400 by this expiry. It is scary. Truly, it is scary. It is suggesting that some bad news may the market sooner. What that can be? I have no idea.

On higher side resistance will emerge at 8700 levels too. No recovery can be reliable. It is strongly suggested to main distance from mid-cap and small cap stocks.

For today’s trading session, we may see lower opening by 40-50 points. This may push levels near 8600 levels. We may expect panic sell off if it breaks and sustain below 8600 levels. I cannot deny the possibility of price recovery but there is no such signal as of now on chart. We need to wait for intraday development.

Please visit our ‘intraday updates’ to get further updates or to take good advantage join paid services.

Strategy for Nifty March future – Now, today it can open in the range of 8650. If it sustain below 8650 for 10-15 minutes then we can expect an immediate fall towards 8600 levels. This is definitely a level where optimism is dying. If this continues then we can see a bloodbath sell off.

S&P 500 (USA) – It has done with its recovery in just one day and came to hit a low of 2040 levels. It has bounce to close above 2050 on Friday’s session. I still say that once it breaks below 2035 then we can expect most levels. I still expect S&P to hit 2000 levels before any significant rebound. Based on true technical chart, I am not expecting any more newer high on long term chart. I believe that top for he has done. 

16 March 2015: Stock Chart Analysis for intraday: ARVIND, TATASTEEL and IDEA

ARVIND (286.50)

Buy above 291/SL 289/ Target 295-298 || Sell below 283/ SL 285/ Target 275-270

TATASTEEL (326.50)

Buy above 331/SL 329/Target 336-338||Sell below 323/ SL 326/ Target 318-315

IDEA (182.10)

Buy above 184/SL 183/Target 188-191||Sell below 178/ SL 179.50/ Target 175-173

13 March 2015: Nifty Elliott wave analysis: My desired bounce is “ON”. I believe for target of 8830 and then 8900.

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

For 13 March 2015: -

On 12 March 2015, FII Bought INR 733.09 crs and DII Sold INR 381.94 crs

Government has passed insurance bill in parliament. Fine, let us give some value although I never think that these are required steps in the name of reforms. We will see some improved sentiments on related stock price. I went long using my technical tools. We took long on Nifty Future in the range of 8740 to 7860 day before yesterday.

My minimum expectation was 8870 to 8900 which I may get today. This is so good so far. I still believe that this recovery will get sold at higher levels but that level may not be today. Even US market got its desired price recovery.

For today’s trading session, we may see higher opening by 60-70 points. It may go above 8830 in opening minutes only. Take a note that 8830-8850 may be decisive points in term of resistance. I believe that above 8830 we may get 8900 also. Expect support at 8800 and 8770 after opening.

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Strategy for Nifty March future – Now, today it can open above 8860. In this way we will at a point of gaining more than 100 points gain on our long. I will decide if we should take profit now. Technically 8900 to 8930 may also within the reachable limit. Technical support after gap up will be 8835. Remember, 8835 is a decisive threshold which may gone by gap up.

S&P 500 (USA) – It gave the bounce which I was expecting. I was expecting 2060 but it closed above 2065. It does not matter much. It will be interesting to see how long can this recovery sustain. In my view, this recovery will get sold at higher levels. Firstly, it should have sold from current levels, if not then it will get sold at 2085. Now, do not short the recovery. Try to short the top.  

13 March 2015: Stock Chart Analysis for intraday: TATAMOTORS, AUROPHARMA and RELCAPITAL

TATAMOTORS (563.90)

Buy above 567/SL 562/ Target 575-580 || Sell below 556/ SL 560/ Target 550-545

AUROPHARMA (1155.15)

Buy above 1162/SL 1150/Target 1190-1200||Sell below 1130/ SL 1138/ Target 1120

RELCAPITAL (489.50)

Buy above 495/SL 489/Target 505-510||Sell below 478/ SL 482/ Target 470-465