06 April 2015: Nifty Elliott wave analysis: It gave a fresh hope of revival as closing goes above 100 DMA. Now 100 DMA will act as support – 8530 !!!
You must read previous articles and watch the given chart
carefully to understand this article completely.
For 06 April 2015: -
On 01 April 2015, FII Bought INR 209.87 crs and DII Bought
INR 197.25 crs
Welcome after a long weekend. I traded long once Nifty goes
above 100 DMA and sustained. I have advised caution near 100 DMA. Right now, it
is well above 100 DMA and placed suitable for bulls for the extension of
recovery. Momentum indicator like MACD may be close to give a buy. One need to
note that from past three year’s bulls used to buy the dip below 100 DMA. It has
repeated again.
For today’s trading session, I am expecting opening above
8600 levels. Take a note that now onwards 8530 (i.e. 100 DMA) will act as good
trading resistance. If I to believe technical indicator then we may see a good
rise in April month. Can it challenge 9000 marks? Yes, it can.
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Strategy for Nifty April
future – I went long
above 8600 levels in the last trading session. It was a buy signal which has
generated above 100 DMA. We can expect good extension of this rise. I suggest
to buy any intraday dip if it comes around 8650 levels then keep soft stop loss
at 8620 levels.
S&P 500 (USA) – Dip got a pause at 2048 this time. Many
times I have quoted that 2050 to 2035 used to offer support. Right now indices
futures are trading down by more than half a percent. I can say that one should
not short in the zone of 2050 to 2035. If it breaks 2035 then only we can
expect further one percent down side with target near to 2000 levels. I will
plan to add long in this dip with stop loss at 2035 or little below.
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