You must read previous articles and watch the given chart carefully to
understand this article completely.
For 16 November 2015: -
On 13 November 2015: FII Net Sold – INR 746.70: DII Net Bought – INR – 70.89
I still believe that Nifty may be close to short term support. This support
stands in the range of 7680. Once it has closed below 7750 then we have reasons
to believe for 7700-7680. One can ask what the chances of hitting 7532 again
are. I must say that sooner or later it will come and it will break too. It does
not matter it come with a bounce or without a bounce.
For today’s trading session, I am expecting market to open on negative
note and it may remain dead for most part of the day near low which may be
around 7700 levels. My view is that it may take a small bounce in last half
before close. There is nothing great on index but I have no good reasons to say
for fresh shorts. A mini bounce may come this week.
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Strategy for Nifty November future – From a
level of 7760 we may not have good chance of shorting unless a fresh sell
signal emerges. Equally, below 7750 it will get a possible sell signal for
further 50 points dip. Can we expect bounce? So far, it is tougher to say. One
needs to wait for intraday development. Trading range may be small today on
negative side. If goes positive then only we can hope some move.
S&P 500 (USA) – I have
said for 2000 coming and it seems that a level close to 2000 may come by today
itself. Remember, this was a sell near 2100 levels and it is almost on its
target. Whoever has shorts should take their profit now. From low it may have a
chance for some bounce. A mini bounce it expected from today’s low. Do not
short now unless S&P slips below 1990.
