10 April 2015: Nifty Elliott wave analysis: Now, this may turn buy in dip market with strong support at 8730. Prefer to buy in dip rather than buying high.
You must read previous articles and watch the given chart
carefully to understand this article completely.
For 10 April 2015: -
On 09 April 2015, FII Bought INR 193.81 crs and DII Bought
INR 492.79 crs
Nifty has played hide and seek game near 50 DMA. Logically,
we can say that if trades sustain above 50 DMA then it can be a good sign of strength.
Will it really happen? I am sure that market may take a rise for short to
medium term. Equally, I have enough doubt for trading moves. Somehow charts are
suggesting for a pullback towards 50 DMA to test this as support and then a
final up move should come if it has to come.
Technical charts are saying that market may go in
consolidation mode with a range from 50 DMA to 100 DMA. This is giving me a
range of 8535 to 8725 (~8750) ranges. It is equally true that momentum
indicators are giving me a positive direction for market.
For today’s trading session, I am expecting opening on flat
note. Broadly I am expecting an up move as rise is well supported by banking
stocks right now. The way it looks it may not go in that way. Best way is to
buy the correction and hence it may be a buy in dip market as long as it holds
50 DMA support at 8730 levels.
Technology stocks look good to buy.
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Strategy for Nifty April
future – I still like
to repeat that above 8800 it should favours bulls only. One can expect a move
towards 8850 levels if it sustain well above 8800 levels. We saw a dip from
8799 yesterday before a good bounce. Intraday charts are having a warning for
wave truncation at higher levels. I advise caution at higher levels but equally
wants to buy dip near 50 DMA.
S&P 500 (USA) – I was expecting this move towards
2096 levels and my preference is to add short in this zone. We got a rise
yesterday and I found this level suitable. We all know that this market is in
range from past more than four months with upper resistance at 2119. One can
keep stop loss at 2120 and add short near 2100 levels. If it breaks 2100 on
higher side then we can expect fresh strength.
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