You must read previous articles and watch the given chart carefully to
understand this article completely.
For 04 December 2015: -
On 03 December 2015: FII Net Sold – INR 611.43: DII Net Bought – INR – 521.11
US market selloff has changed many things right now. Many global indices
are trading below their critical support levels. If it has to break further
then we may not see any recovery. I am expecting 50-60 points gap down for
Nifty. It may be around or below 7790 levels. We have immediate trading support
at 7760. Have a look on the chart. Another H&S pattern is developing.
For today’s trading session, we can see a gap down. One can expect
technical recovery if it hold 7760 support zone. On higher side it may not be
confident for bulls at any levels. Over all December may not be good for bulls.
I must quote one should use dip to buy for the day if it holds 7760 but this is
definitely not a view for next week. Today’s closing will decide course for
next week.
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Strategy for Nifty December future – I did not
buy yesterday as 7870 has not came and now today it may be around 7820 in
opening minutes. I may not be a buyer in hurry. Even if recovery has to come
then also it will come last half and that’s also if it can hold 7780 levels. Let
us see. Alarming H&S is developing.
S&P 500 (USA) – I do not
buy at 2100 on S&P and it has again shown the reason why to ignore buy. It has
broken all technical support and hit a low around 2045. This is too fat and too
rapid. Break of 2070 had given a target around 2045 which came in intraday
only. Now next technical support is at 2030. I have already said no matter how
many times it hit 2100, it has destination below 2000 only.
