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?
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