You must read previous articles and watch the given chart
carefully to understand this article completely.
For 16 April 2015: -
On 15 April 2015, FII Bought INR 108.00 crs and DII Sold INR
60.18 crs
8850 turned to be decisive. It has not crossed above 8850 and
hence a fall hit to take a move towards 50 DMA. Right now 50 DMA is at 8710
which will be key for the day. If trades sustain below 8710 then we can see
sharp panic sell off.
Based on Elliott wave chart, we may be in corrective up wave
‘b’ right now. It seems that wave ‘b’ has ended with a top just before 8850
levels. It was not very unexpected. It has just denied the threshold at 8850 to
add another 60 points. I say it has done with wave perfection.
For today’s trading session, I am expecting opening on some positive
note after yesterday’s sell off. I have a strong doubt if it can sustain. Immediate
trading resistance will emerge at 8780 to 8800 levels. Final resistance point
will come at 8850. I must say that Nifty may not be for short above 8850. This
level may be stop loss for those who picked short on rise as we did.
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Strategy for Nifty April
future – One can
expect opening around 8800 levels. You can say that this may be impact of rise
US market last night. Indian market may deny positives right now. Technical
resistance will emerge at 8810 to 8830. I do expect a violation of 8750 which
may be next key bear’s threshold.
S&P 500 (USA) – I stick with my point. Anything above
2100 is for short with stop loss at 2120 levels. US market is under decisive
mode again. This decisive mode is for bulls. It may turn to be opportunity for
bears. I played this levels many times in past few months. Key support for
downside will come at 2096. Once it breaks 2096 then we can see some steep
selling. It will be just like of past many odd moves.
