You must read previous articles and watch the given chart
carefully to understand this article completely.
For 05 February 2015: -
On 04 February 2015, FII Sold INR 83.80 crs and DII Sold INR
72.35 crs
Will bounce come from 8685? We saw two bounce early before
8700 but none has sustained. 33.33% correction support is at 8685 and 38%
support stand at 8640. If it takes out both the support then next straight
support will emerge at 8530 levels which is nothing but 50% retrenchment of
whole rally.
Most of the disappointing thing for yesterday’s trading
session was that Nifty has never able to even cross above 8800 levels. Hence, I
gave up my entire long. My decision turned right with last 15 minutes sell off.
Somehow this makes me to believe that we may expect the levels of 8530 too.
For today’s trading session, I am expecting a flat opening
with litmus test of 8685 as support. If it breaks then next mild support will
emerge only at 8640. Take a note that below 8685, this will go in the hand
bears only. This may turn sell-on-rise market for rest of the month.
Please visit our ‘intraday updates’ to get further updates or
to take good advantage join paid services.
Strategy for Nifty February
future – It has never
gone above 8860 yesterday. Eventually it came at 8760. This says that more
downside may be in the market. Break below 8750 may invite a scope for 8700 to
8680 sooner. Sooner means by today itself. Technical charts are saying for
stiff resistance at 8800 for today’s session. Let us see.
S&P 500 (USA) – Once again as expected it has gave
up from 2050+ levels. If I am right then I must have reasons to expect the
levels of 1980 levels sooner in this month itself. Who knows if it comes by
next week itself? On higher side no levels is going to be safer above 2050
levels. I have strong suggestion that bulls should not think to buy only if
S&P goes above 2100 marks. After more than two months of consolidation
February may favours bears.
