You must read previous articles and watch the given chart carefully to
understand this article completely.
For 06 November 2015: -
On 04 November 2015: FII Net Bought – INR 33.16: DII Net Sold – INR – 74.90
I was expecting the support of 8000-7990 to work but it failed to hit my
expected trading range of 7960. Once again majority of dip goes to hit in last
hour of trade. The next meaningful support range will be at 7940 to 7900
levels. I am expecting some silence again in market before Muhurat trading.
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 market to open flat and then
a dull day. This kind of dull days must be avoided to trade. If I have to trade
then I will look for support at lower end. Take a note that unfortunately
market is on a level where H&S pattern may take its effect. Note that we
are almost on n-line of that bigger H&S pattern. If Bihar election goes
against ruling NDA government then Nifty can see 7800-7750 too by next week
itself.
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 – Indian
market has seen a drag from past 10 trading sessions. We may have a possibility
of mild recovery from lower end. To be fair, I cannot deny the possibility of
7800 also before Dilwali day if market does not take support. Wave theory is
saying for a bounce-followed by sell off.
S&P 500 (USA) – As
suspected US market turned choppy at 2100 levels. I am keeping my study
unchanged. I have already suspected this kind of move hence I have decided to
trade long only above 2135. Now it has bright chance of showing dull and
unpredictable move near 2100 levels. It may spend many days. Equally a good
sell signal will emerge below 2080 levels at least. If someone wants to take
hourly chart signal then yes it has a sell around 2110.
