01 January 2016: Nifty Elliott wave analysis: Wishing you a very happy New Year. Support for Nifty is at 7900-7890. Expect 8000 next week.
You must read previous articles and watch the given chart carefully to
understand this article completely.
For 01 January 2016: -
On 31 December 2015: FII Net Bought – INR 1123.41: DII Net Sold – INR – 257.68
Wishing you a very Happy New Year! Well, MACD divergence is still on and I
believe that it will show its impact in the first half of January. I still
believe that once it starts trading above 7940 we can see levels of 7980-8000
which can act as decisive resistance for further upside.
One must look on positive divergence on MACD. It is really a huge one and
can be capable to nullify the effect of H&S pattern which has emerged on
long term chart. If this goes right then we should buy every dip. It’s too
early to conclude hence it is just a view so far.
For today’s trading session, we may see a gap down opening as a hangover
of fall in US market last night. Still I am not expecting any significant down
side. Somehow Indian market is looking better than any other global indices. Be
a buyer.
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Strategy for Nifty January future – I hope
that traders are not in party mood after New Year night. If that’s not then I can
expect activities in market. Most global market is closed today and hence
action may be limited. On one chance it can be range bound and extremely dull
day. If it works then it can be buy from dip from the range of 7920-7900.
S&P 500 (USA) – As
planned earlier, I am taking this fall as an opportunity to trade on long side
with a stop loss at 2030. I still believe that first half of first month is
going to be bullish for US market too. As of now charts are justifying for a
move towards 2080 to 2100. Use any dip to add long. Buy signal is either near
2045 or may be from 2000 too. Let us see.
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