27 November 2015: Nifty Elliott wave analysis: December series may open on good optimistic note. Technical support for the day is at 7850.
You must read previous articles and watch the given chart carefully to
understand this article completely.
For 27 November 2015: -
On 26 November 2015: FII Net Sold – INR 398.10: DII Net Bought – INR – 948.98
This is an optimistic expiry for bulls. FII has not participated long in
cash market yet. Still closing near 7900 is good so far. Technically, as long
as Nifty is standing above 7850 we can expect this rise to extend around 7940
which is my target so far on up side. Closing above 7940 will generate a
trading break out situation. Have a look on MACD which is close to give a buy. Remember,
a buy at n-line may not be greatly reliable. If you look at broader sense then
we can see a range bound market only.
For today’s trading session, I am expecting market to open on silent
note. As long as it is standing above 7850 we can hope for rise. For the day I have
view for long on selected stocks specially auto. I have already picked M&M
and Tata Motors from Diwali day. For index trading one can think to buy dip.
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Strategy for Nifty December future – Nifty
Future may not have great trade for today too. Opening may go around 7930 but
afterward it may give up a good amount of premium compare to spot levels. Technical
support is at 7900 levels. On higher side one can think to buy if it can stand
well above 7950.
S&P 500 (USA) – It is
dead as expected and I do not change my study. This is not so good as per trade
near 2100 is concern. It may advance or it may not advance and that’s the
reason I do not used to buy at 2100 levels. Technically market is still in no
trade zone. As long as it is above 2070-2060 we can say this level to hold. On
other side it can see a possible dip from higher levels. It seems that recovery
has done but that’s my speculation only.
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