You must read previous articles and watch the given chart
carefully to understand this article completely.
For 18 February 2015: -
On 16 February 2015, FII Sold INR 182.80 crs and DII Bought
INR 280.77 crs
We have seen pre-budget rally and this trend will remain
intact as long as Nifty is staying above 8800 to 8750 levels. There are signs
that market will turn choppy now. This choppy move can continue for few days
before taking a final shape before budget.
I still believe that this market is for buy in every possible
dip till budget. We may see some sector specific optimism on price chart. What will
we get in budget? I have no idea. I have planned to deal for long till budget
day only, definitely not after that budget. Somehow, Elliott wave long term
chart is saying that We have a chance of hitting yearly high only in the month
of February itself or maximum by early March.
What if market does not like budget? Well, in that case
market may correct as big as 10%. Market wants to shape up well to digest all
possible outcomes. I must add that Nifty may try to hit 9000 to 9200 market
before union budget if global cues remains supportive.
For today’s trading session, one can expect flat opening. If
it gives some price correction after these four days of rise then one should
opt to buy. There is no technical threat of any big correction right now. Only
thing is that market went up to a level where should be cautious. 8750 should
get good respect in any price correction.
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Strategy for Nifty February
future – Opening may
go around 8860+ levels. If this sustain above 8880 then we may see some short
covering rise too. It can give a good push to the market on higher side. I was
already expecting 8900 from past few trading session. Strong technical support may emerge at 8830 to
8800 levels. Buy every dip.
S&P 500 (USA) – It came at 2100. I was not long but
equally I was not short either. It has saved me. A break above 2100 was
something which I failed to see it coming at that beginning of month. I considered
this rise as the same as of past many months. Pure technical charts have a
simple view that if S&P can sustain above 2100 then we can expect a move
towards 2145 to 2150 in this breakout. Will that come? Will that really come?
