01 April 2015: Nifty Elliott wave analysis: Now, failure near 100 DMA may give us a soft sell signal. A strong should emerge below 8450.
You must read previous articles and watch the given chart
carefully to understand this article completely.
For 01 April 2015: -
On 31 March 2015, FII Bought INR 356.07 crs and DII Bought
INR 283.71 crs
A top emerged at 8550 yesterday before fall from higher
levels. 100 DMA comes at 8535 levels. After downside break 100 DMA will act as
resistance. This is suggesting that price recovery may be done for now and this
is itself a soft sign weakness. We still have down side support at 8450 levels.
If it breaks and sustain below 8450 then we can see some
concerning sell signal. I believe that it will emerge sooner or later. US
market saw a big sell off last night and a big red on index future this
morning.
For today’s trading session, I am expecting a flat to
negative opening. Immediate trading support is at 8470 to 8450. I am not
planning to go with long anymore. In fact banking stocks may lead to another
round of fall. Remember today is last trading day of this week. Even risk
taking bulls will have their nerve high before forwarding any long.
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Strategy for Nifty April
future – Yesterday’s
high of 8605 will act as decisive resistance in any fresh attempt of rise from
current levels. I believe that it will face stiff resistances on higher side.
In the down side below 8490 we may see immediate fall of 40-50 points.
S&P 500 (USA) – Hope bears have enjoyed a lot
yesterday and must be enjoying more by seeing index future this morning. Net impact
is 2% after shorting levels above 2090 right now. Once again one must note the
intensity of fall. This is going to be very interesting and decisive now. Take a
note that I have already said that a long term top may be at 2119 and these
falls are just proving those views.
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