25 February 2016: Nifty Elliott wave analysis: If market does not like
Rail Budget then expiry can go around 6900.
You must read previous articles and watch the given chart carefully to
understand this article completely.
For 25 February 2016: -
On 24 February 2015: FII Net Sold – INR 730.99: DII Net Bought – INR – 605.88
I have already warned for the possibility of 7000 levels. Now what an
eventful day we have. We have derivative expiry today and we have Rail budget
too. What shall we expect? Take strong views – current ruling party has not
done anything to economy and they have last chance. This is a talkative
government (when past was mote government) and will do nothing. I have no great
hope. Let us see what they deliver.
For today’s trading session, I am expecting a flat opening. We may see
some rise on optimism in first half. I believe that budget speech will bring
reality and charts are suggesting for dip only. I see expiry going towards or
near to recent low. Below 7000, just SELL it.
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 March future – I am
dealing March Future now. Technically, it has support at 7000-6980 levels.
Well, if it breaks these levels then we may see further massive sell off
towards 6900 levels. On higher side bulls attempt will come by first half only
as they know that this is crucial level.
S&P 500 (USA) – Have a
look on how support works? 1890 has saved on Wall Street last night and we saw
a bounce of nearly 40 points from those levels. Hence, it was said for buy in
dip. What to conclude from here after? Well, 1945 is something which will not
take out so easily. Market need to add much strength on higher side to cross. I
will prefer to buy either from 1890 or above 1945.
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