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.
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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.
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