19 November 2015: Nifty Elliott wave analysis: A reversal of yesterday’s fall is coming. Support at 7680 and expect 7800+
You must read previous articles and watch the given chart carefully to
understand this article completely.
For 19 November 2015: -
On 18 November 2015: FII Net Sold – INR 768.46: DII Net Bought – INR – 759.26
Yesterday’s slip from top was something which I was not anticipating. I am
taking this as a wash out mode for weak bulls. As of now SGX Nifty is up by 70
+ points. This is showing that market may try to attend the higher levels
again. I am definitely not short. In between market has picked auto stocks as
out performer. I am betting on auto stocks for a good rise if recovery
continues. This is short term call.
For today’s trading session, I am expecting market to open around 7800
levels. If it stands well above 7800 then we can again expect market to retest
7860 and then 7900 again. One should note a positive divergence emerging on
RSI. Market took a dip on global concern as people say but I do not see
anything changing big in just one day.
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Strategy for Nifty November future – I still
say that it is not a good way to short on positive divergence. If Nifty future
opens on positive strong note that it will not give any chance to bears. Let us
see if opening goes above 7800 and then can it able to sustain. If this happens
then today may be a big positive day to reverse yesterday’s fall.
S&P 500 (USA) – I have
anticipated for some silence before but US market goes for violent rise. Based on
technical chart this up move is still justify as 2045 support zone holds. Once again
2100 may be on litmus test. Will it hit and give a breakout or will it see
profit taking from 2100 levels. I am at least not going to be on short side for
this week and this is only reason for me to be on buy side.
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