You must read previous articles and watch the given chart
carefully to understand this article completely.
For 09 January 2015: -
On 08 January 2015, FII Sold INR 466.78 crs and DII Bought
INR 288.88 crs
100 DMA for NIFTY comes at 8138 and 50 DMA comes at 8329 and
market is just at the midpoint of this crucial moving averages. We are on the
verge of getting another massive gap up as US market got two big back to back rallies.
Yesterday DOW JONES register the gain over 323 points.
Based on Elliott wave theory we are in corrective up wave ‘c’
which will also be divided in three waves as shown in given chart. It has
fulfilled the condition of top of wave ‘c’ in wave (b) itself. Big question is
that if this is only the pullback in wave ‘c’ then we may not see the violation
of 8445. Well, we are 200 points away from those levels. Hence, rise may have
good reason to extend. Worry part is that it eats opportunity for intraday
traders due to gap up.
For today’s session, it is showing that opening will go by
70-80 points higher. It means it will open in the zone of 50 DMA. I usually
avoid to trade big gap days. I will not be bearish easily in this market as
this market may shock us. To be bullish, it is just too big to handle this kind
of gap up. We will take decisions based on intraday developments only.
Take a note that only crude is not the only fear of market.
Ghost of Greece is also back in euro zone.
Please visit our ‘intraday updates’ to get further updates or
to take good advantage join paid services.
Strategy for Nifty January
future – SGX Nifty is
giving me a hint for opening at 8320-8330 ranges. It may be second 70 points
higher opening back to back. This factor is pushing me back from intraday long
attempt. Still, this market can go higher. Technical support is at 8220 levels.
Suppose if it opens above 8330 then immediate support will emerge in the range
of 8290 to 8280. It is still a buy in dip market.
S&P 500 (USA) – A massive rally back to back in two
days has pulled S&P higher. This was the only reason I suggested to buy
only in the dip. Before the beginning of the year it was said that for the
first half of January we should see rise. It looks like it was opportunity with
the beginning of the year. I feel that this rise must go near to 2100 by next
week itself. Any pullback will be opportunity to buy only. Technical support
will be at 2050 to 2040 only.
