You must read previous articles and watch the given chart
carefully to understand this article completely.
For 10 March 2015: -
On 09 March 2015, FII Bought INR 838.30 crs and DII Sold INR
35.31 crs
Past bottom formation came at 34 EMA and one can expect some
support this time too. It is giving a level of support at 8740 levels. I was
expecting some support at 8800 but that fails. So now, first challenge is to
test 8800 levels. Remember, it is not going to be easier anyway.
I need to put a note that below 8740 (i.e. 34 EMA) it can test
50 DMA support which will show a direction for my previously mentioned target
of 8670. Is it coming? I must say that sooner or later it will come. Spoil sport
come with last Thursday’s bounce and Monday’s big gap down.
For today’s trading session, we may see flat opening with a
possible support at 8740. Never stay long below 8740. I tried long yesterday
from lower levels but it did not work and we exited quickly with some loss. I am
taking 8740 as make or break level for today. Below 8740, it will generate
target of 8670 to 8650 levels. If it can make from support of 8740 then one can
think about 8800+ levels.
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Strategy for Nifty March
future – It can open
in the range of 8780 levels. We will see support coming at 8760-8760 levels. Below
8750 we can expect a quick 70-80 points dip. On higher side it will face
resistance at 8835 levels. Things may not be very active in first half. Decisive
move can be expected only in second half and possibly in negative side.
S&P 500 (USA) – Technically, what is saving S&P
right now? Well, a simple answer is that we got a bounce before 50 DMA supports
which is at 2063 levels right now. I am sure that it is not going to be saved
for too long. I have no take on rate hike yet but I have a take for a long term
top to emerge. I repeat my old statement that use any rise to short only
although we have shorts from 2100++ levels.
