15 February 2016: Nifty Elliott wave analysis: A respect for 6850 may drive a significant price recovery towards 7500+ levels again.
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For 15 February 2016: -
On 12 February 2015: FII Net Sold – INR 398.37: DII Net Bought – INR – 545.07
I have expected support at 6850 and saw some good reversal from same
levels. Can this rebound extend today also? I am expecting this to extend. We may
get levels of 7100 firstly. SGX Nifty is showing for a mammoth positive start
today.
For today’s trading session, I am expecting market to open with gap up due
to massive sell off past week. I expecting this gap up to remain unfilled and a
recovery can extend for whole this week. Time is on for bulls to expect
something from union budget next week. Technical support after opening should
be at 7030-7000 levels.
I am ready to buy a panic bottom. Still my low for the year may not have
done yet. I still believe for 6000. The way it came I may expect 5500 too. Let
us see the recovery which can give a better idea.
Let me clear what weekly charts are saying. A full 1500 points of fall is
possible from 7500 levels. I have no idea if it gives 100% result what it is
showing on theory but the target lies near 6000. Sorry, if words hurts you but
this is what I feel. I do not see Nifty going at 8000 anymore in easier way.
It looks like H&S pattern is taking its effect. Well, if H&S
pattern goes on its true mode then 7200-7100 is the possibility. Meantime Nifty
is over sold for short term and intraday chart. This says that market may
ignore MACD positive divergence and sooner or later it will hit 7200-7100
levels. After that 6500 will be the figure which people will talk about.
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Strategy for Nifty February future – One can
start opening at 7080 levels. A full 100 point gap up. One should wait for some
price correction to buy. It should not break 7000 in any case. My favourite
levels for buying may be around 7030 levels. A big recovery expected this week.
S&P 500 (USA) – This
bounce came in with my expectation. Now, it is looking to move beyond 1875 then
it can cross 1900 levels too. I am firm on my view that S&P has capacity to
retest 1945 in this recovery before any fresh selling. It seems that we are
just in mid-way of this recovery. My call
is buy the pullbacks if comes as long as it is staying above 1825.
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