28 December 2015: Nifty Elliott wave analysis: Derivative week is likely to be dull or bullish. I still expect a move towards 8000 !!!
You must read previous articles and watch the given chart carefully to
understand this article completely.
For 28 December 2015: -
On 23 December 2015: FII Net Bought – INR 385.82: DII Net Bought – INR – 632.64
I have talked about the positive divergence. Based on that positive divergence
I believe that Nifty may give an attempt towards 7940. We are on derivative
week and will enter to New Year too. If it can able to above 7940 then next key
will be towards 8000 levels.
One must look on positive divergence on MACD. It is really a huge one and
can be capable to nullify the effect of H&S pattern which has emerged on
long term chart. If this goes right then we should buy every dip. It’s too
early to conclude hence it is just a view so far.
For today’s trading session, we may see a flat opening. I am keeping my
biasing positive for the day. I will prefer to buy index in dip. It will be
good to wait for intraday dip towards 7850 as 7850 to 7800 may act as key
support.
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Strategy for Nifty December future – Can we
see easy and sustaining crossover of 7870 levels. So far it is just not turning
easier. If it does so then we can expect levels of 7925-7940. If not then
consolidation will continue. Chance for moving higher side more than the chance
of lower side. Do not short. Technical trading support will emerge at
7830-7810.
S&P 500 (USA) – It ended
last week on good note with small amount of profit taking in last trading
sessions. Technical charts are still favouring the direction towards 2100 from
current levels too. 2045 will act as key support for the move. I say one can
opt buying in dip for this week too. On higher side I am expecting 2100 levels
by this week itself.
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