You must read previous articles and watch the given chart
carefully to understand this article completely.
For 03 March 2015: -
On 02 March 2015, FII Bought INR 424.79 crs and DII Bought
INR 180.35 crs
Bulls have not given us yet. In my view, Nifty may try to
form a double top resistance which maybe at 8996 levels. It is a strong
condition that second top must be lower compare to 8996. This study will be
invalid if it surpass above 8996 levels. If it has to test or break 8996 then
today is most suitable day. Will it happen? If not, then expect a dip based on
profit taking.
For today’s trading session, we may see some flat opening. After
opening we may see challenging trades. Yesterday’s top was at 8972 which is
also a key resistance. Technical support will come at 8880 levels only. There
is no big meaning of being bearish unless it breaks 8880 levels.
We heard that there is some rumour of rate cut by RBI next
week although next monetary policy will come only on first week of April month.
Keep this in mind.
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Strategy for Nifty March
future – SGX Nifty is
giving hint for opening near 8989 levels. If this happens then market will
again go dull. I must say that Nifty Future is most unwanted instrument to
trade right now due to its choppy behaviour. Unless it breaks 8915-8910, we may not get any
hint for profit taking either. Yesterday’s high of 9035 and 9065 will be key resistance.
S&P 500 (USA) – So far, it is saving technical
support of 2096 and hence attempt for 2145 may continue. I still warn that this
may be last leg rise. This is not only US market but there are many key global
indices which may be on toppy pattern on long term chart. Remember, on long
term chart this rally has multiple years of rise. Key momentum indicators like RSI
and MACD have divergence.
