You must read previous articles and watch the given chart carefully
to understand this article completely.
For 19 January 2015: -
On 16 January 2015, FII Bought INR 1099.93 crs and DII Sold
INR 716.91 crs
Indian market is still enjoying the bull’s ride which begins
after surprise rate cut. Technical charts are not giving any negative signal as
long as it is staying above 8445 levels. Remember, firstly it was Elliott wave
resistance which was surpassed in wild gap up.
Elliott wave theory is saying that above 8445, Nifty can challenge
its previous all-time high. It means that we may in striking distance of 8626
by early this week. It used to open two way analyses if it comes near 8629.
First is another 250-300 points run on higher side to claim for 8900. Another
is, if it turns shy near 8629. It can result a quick fire profit taking. There is
no way to claim in advance at such levels so let it come.
For today’s session, it will get gap up opening after some
good corporate numbers. If it opens in the range of 8600 then I will go on
silent mode for intraday again. It may never be easy to deal after gap up of
more than 50 points in general. I have no positions and I am free to pick a
direction.
Please visit our ‘intraday updates’ to get further updates or
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Strategy for Nifty January
future – SGX Nifty is
saying for opening in the range of 8600. So, if this happens then intraday
traders have nothing great to do. Just go for Holiday. I am taking this rise as make or break. One
cannot short this kind of momentum. Equally, you may not get any dip to buy
either.
S&P 500 (USA) – A bounce came exactly from 1990
support again and it came on the time when it almost gave a sense of give up.
What shall we conclude with this bounce from 1990? It is still showing signs
that market will put its best effort to save. As long as it holds 1990 it is
showing direction as up. How long can this continue? Answer is as long as
market wants. I am not optimistic for second half of January. Bears are
coming!!!
