16 December 2015: Nifty Elliott wave analysis: Above 7720 one can expect a move towards 7800. Buy in dip.
You must read previous articles and watch the given chart carefully to
understand this article completely.
For 16 December 2015: -
On 15 December 2015: FII Net Bought – INR 48.67: DII Net Bought – INR – 273.93
I got my anticipated moves when I was on vacation. I am back on work
today and market looks in good command of bulls from lower levels. I have few threshold
levels to work. Technically, for today’s trading if nifty can sustain above
7710-7720 then we can expect a move towards 7800 by this week only.
Near to fed meeting market may go on silent mode. It is just not advisable
to predict the outcome of fed meeting. At least I will take safe hand and I will
not take any call on fed now. They can do unpredictable although market is
considering for rate hike this time.
For today’s trading session, market may see a gap up. This gap up may be
impressive if Nifty can able to manage levels above 7720 for some time. I am
bullish for the day and I will prefer to buy stocks except bank but I will buy
in intraday dip.
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Strategy for Nifty December future – I opt to
buy in dip. Technical resistance can be 7740 which may be opening quote for
nifty. If it can sustain above 7740 then next likely target can be 7800. In
good case it can hit levels of 7900 also by this week.
S&P 500 (USA) – When I was
on vacation S&P hits my target of 2000 and took a smart bounce. I was expecting
this kind of move. Slowly we are moving on crucial date in term even as we have
fed December meet coming. Market may turn volatile on anticipated outcome. It
is very likely to see a rate hike now. Technically, once it sustain above 2045
then we can expect moves towards 2070 too.
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