You must read previous articles and watch the given chart
carefully to understand this article completely.
For 04 February 2015: -
On 02 February 2015, FII Sold INR 629.97 crs and DII Sold INR
224.07 crs
RBI has not given further rate cut. It was too much to expect
if one was thinking further cut. Technical charts are suggesting that one third
correction support may offer a bounce. This one-third correction levels comes
at 8685 levels. I have avoided shorting at lower levels and I do not have any
over nigh position.
On higher side Nifty will have key resistance at 8840 to 8850
levels. To one extent I can say that market may try to form a double top kind
of pattern. If this happens then we can expect Nifty going near to 8996 levels
again. This is not a compulsion. Double top may be lower also. It is still
clear that above 8800 it should try to test 8850 levels.
For today’s trading session, I am expecting a higher opening
but this may not be too higher. We may get some intraday dip to neutralise gap
up. In intraday dip one may try to pick up out performing stocks to buy. Banking
and reality stocks will be interesting to watch. I repeat, do not short
blindly.
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Strategy for Nifty February
future – Above 8860,
we can expect Nifty to go higher towards 8900 to 8930 levels. If it comes with
gap up then I will prefer to wait for one pull back. Technical support will be
8770 to 8750 levels. Let us see what is going to happen. I will prefer to buy
at least one dip.
S&P 500 (USA) – This is what I was expecting. It again
took a move towards 2050 marks. I still say that just like past all this rise
may get sold at these levels. This is my caution which is advised at current
levels. I must say that traders must wait for the cross of 2100 levels to think
to buy. This is multi month consolidation and result may favour bears. I will
wait for weakness at higher levels to add short.
