You must read previous articles and watch the given chart
carefully to understand this article completely.
For 02 February 2015: -
On 30 January 2015, FII Bought INR 1723.77 crs and DII Sold
INR 1680.09 crs
I jumped to short again on very last trading day of the week
and ended week on good fashion. My correction call was not wrong expect few
days of unexpected rise which came with some positive event. Such things used
to happen in market. How many times you see 11 days of straight rise?
We saw selling in banking stocks and it is still expected to
continue. I have already said in past that if it breaks 8870 then we can expect
8800 levels. It goes same. Now, if it breaks 8770 then you can expect further
selling. Take a note one-third correction rule give us a support of 8685 levels
which is too far but too strong.
For today’s trading session, expect hangover of Friday’s
selling. If it opens below 8770 then things may be more worrisome. I can say
that 8770 may be last hope for the bulls. Bull’s efforts may come from lower
levels. Let us see. I am intended to short every rise. Long may be just an
opportunity.
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Strategy for Nifty February
future – You can
expect 8800 as opening tick. If this happens then we may not expect a sooner
support. Wave charts are suggesting that selling may intensify early this week
and it may fine support near 8700 levels. So we have a long way to go on down
side. On higher side, no levels are looking safer below 8900 levels.
S&P 500 (USA) – As expected, isn’t it? It slipped
again from high and came near to 1990. My study remains same. Short each and
every rise which brings S&P near to 2035 to 2050 area. 1990 is a support
but 100 DMA is at 1970 levels. If it sustain below 1970 then we can expected
something like ___ guess what 1900 also. It’s February month. US market is in consolidation
from past more than two months. It is a decisive week. Will it break 1990 and
1970?
