You must read previous articles and watch the given chart carefully to
understand this article completely.
For 03 November 2015: -
On 02 November 2015: FII Net Sold – INR 272.67: DII Net Bought – INR – 145.38
It has hit the lower target of 8000 levels as quoted earlier. Good part
is that it has closed with 55 points from lower levels. Now on higher side it
will face resistance at 8080 and then at 8125 levels. Which level will it challenge?
Only time will answer. We picked long from on index from low after booking a
good profit on short trade.
I need to accept that looking on the previous H&S pattern I am
keeping my reservation from this up move although room may left for rise. I
still consider that upcoming few months are very critical for global indices. The
first impact of H&S is coming in line with my expectation. These are zigzag
bounce in between the pattern.
For today’s trading session, I am expecting positive opening for today. It
has given a good candle pattern in favour of bulls. Technical support will
remain at 8000-7990 levels. If it can stand tall above 8125 then bounce can
sustain for three days but that may not be easy task.
As much lot size is increasing in a big way from today one can expect
less participation by retail traders. I am strongly criticizing this sort of
havoc lot size. This is an attempt to keep small traders away from market and
giving leverage to big players. It invites unhealthy activities in market.
Index may not give flavour to trade.
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Strategy for Nifty November future – 8025 will
act as decisive support. On higher side it can test levels of 8100 to 8140 as
of now. Standing well above 8140 will give three days rise and counting will
start from today. Do not short at lower side. Market may close positive to big
positive today.
S&P 500 (USA) – As long
as it is saving 2070-2060 levels, this market gives an edge to bulls only. It
has reflected same movement and given a crossover of 2100 levels last night. This is definitely giving a chance of test
towards all-time high but we all know that S&P has given many choppy months
around 2100 levels in past. It will repeat same pattern again.
