You must read previous articles and watch the given chart
carefully to understand this article completely.
For 21 January 2015: -
On 20 January 2015, FII Bought INR 1275.59 crs and DII Sold
INR 761.60 crs
Market has built up its momentum after a huge gap. How many
times this happened in past? I can say that it has happened many times. Usually,
I used to say those can bull’s gap up. Cross above 8630 has generated a fresh
up wave. After multiple gap up, it was not easy to buy and it will not easy too
to buy.
Elliott wave theory was saying for a challenging test of 8630
and we got those too. Wave theory is suggesting for minimum target to come at
8750 levels. I still believe that if market able to make above this breakout
then 8900 will also be a possibility till this expiry.
For today’s session also we may expect gap up which is going
to be traditional but irritating. I am presenting my study assuming that gap up
will come. Now support if it opens with gap up of 30-40 points then wait one
pullback of 20-30 points and opt to buy with stop loss depending on intraday condition.
Definitely it should not be big one. As of now, stop loss can be near to 8630
levels which will act as good support now.
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Strategy for Nifty January
future – SGX Nifty is
hinting me for higher start. Every day it is 30-40 odd points which make
intraday traders uncomfortable. I still say, buy in dip and keep stop loss in
the zone of 8680 to 8690 levels. Never make a mistake of shorting at any cost.
S&P 500 (USA) – It has again bounced from a low
which was above 2000 marks. It is giving me a sense that market may want to
have one more bounce before fall. As long as it holds 1990 it may invite a pop
up bounce which is already on but overall topping pattern cannot be denied. This
topping pattern may have some price consolidation. How long these
consolidations can continues? Well, answer can be 2 to 4 weeks. Do not short in
this pop up move.
