You must read previous articles and watch the given chart
carefully to understand this article completely.
For 11 March 2015: -
On 10 March 2015, FII Sold INR 748.13 crs and DII Bought INR
290.48 crs
It became critical near 8670. I have quoted the possibility of
a test towards 8670 when it was slipping from 9119. We are almost on the verge
of test. Key support will be at 8670 and then at 8638 which is nothing but 50
DMA support. We can expect bounce from this area before seeing a fresh fall.
We saw a massive fall in US market last night but impact is
very limited on SGX Nifty. This is also giving a hint that we can expect
support now. Pharma stocks are promising on charts to buy in this decline. We should
not try to pick mid cap or small cap odd stocks for recovery. Banking stocks
will be decisive for bears. Break below 8638 will blow a big alarm for banking
stocks.
For today’s trading session, we may see flat to negative opening
with a possible support at 8670. Once it sustain below 8670 then we can expect
a quick fire test of 8638 levels. I do not think that fall can go much before
8638 without a positive close. If this happens then we can see fresh wave of
sell off towards 8400. On higher side 8800 is my expectation in bounce.
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Strategy for Nifty March
future – It can open
in the range of 8740 levels. We will see support coming at 8710-8700 levels. Below
8700 we can expect a quick 40 points dip. On higher side it will face resistance
at 8835 levels. Things may turn decisive now. It can be tougher to trade choppy
moves.
S&P 500 (USA) – So easily, it has broken 50 DMA in
second attempt. Do not consider for any recovery yet in the market. This is
long term toppy pattern and we may get many follow up selling in the days to
come. S&P slipped over 35 points last night. I am expecting a cracking 2000
levels by today or before this weekend. I am not going to break my head for
reasons. Just stay short or add short on any recovery.
