You must read previous articles and watch the given chart
carefully to understand this article completely.
For 23 January 2015: -
On 22 January 2015, FII Bought INR 592.79 crs and DII Sold
INR 578.53 crs
Near to 8750, I have a view for price correction with crucial
Fibonacci resistance emerging at higher end. Suddenly world is in full rush
with events like series of rate cut and a newer stimulus. I had few Nifty put
to try the luck before yesterday’s big event, where I am surely going to lose
money. Nifty is likely to surpass 8800 and 8800 may not be visible in opening
minutes. It means, we have another gap up. Whatever momentum says but this is
simply a dangerous market to trade.
Just think – it is going to open near 8850. Where is the
opportunity to trade long? I had few important Fibonacci resistances where I am
failing on my correction call. I will not trade with this gap up again. Today is
13th day from the low of 8065. It can be easily said that Nifty has
almost given 10% rally in 2015. Take a note that a 10-11% rally is maximum for
a single wave historically.
I am wrong on correction call but I am definitely close to
get a top. I have no trade and levels for today. It can open here and there
8850. I like to watch the developments. Let us see what is coming now. Participating
in over stretched rally can give money but those money comes with full of high
risk.
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Strategy for Nifty January
future – Nifty is
likely to open higher by 70-80 points. It will not easy to deal afterwards. I had
few 8700 put as I took small risk. I am willing to hold but no planning to
average it. How much higher can Nifty extend without correction? I already had
a view yesterday that a short term top may come in the day or two. Today is
second day. I hope to see a top. If this happens then a sell off is likely after
gap up.
S&P 500 (USA) – Fine, it happened and goes against
my expectation, no matter how. We got a close above 2060 levels. I was hoping
for a last pop up rise before sell off. A big series of rate cut and stimulus
came to save global market and making stocks cheaper even at life time high. I have
no idea how history will name these events. I have no take for the day. I like
to first observe today’s move.
