29 February 2016: Nifty Elliott wave analysis: Be ready for wild move on Budget day. A trend decider – if Budget disappoints then 6800-6750 is a possibility.
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understand this article completely.
For 29 February 2016: -
On 26 February 2015: FII Net Sold – INR 695.37: DII Net Bought – INR – 784.14
I do not know what is coming for budget but I know one thing for sure
that market is just giving a last chance to ruling government to move with
reforms. If they fail this time too then take a strong word of caution. So far,
nothing big has done so far in past two years.
For today’s trading session, I am expecting a flat to negative start and
then Nifty will dance on budget speech. If it has to fall then also it will
fall in post budget hours. Technical never has big meaning on such days. Still,
if I have to give then I give important to 7080-7090 levels – if market fails
to cross this then a dip is possible towards 6950.
A disappointing budget can give 6800-6750.
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 – Who like
to trade Budget day? It has better to take a holiday and watch Budget. Do not
expect anything great unless it advance above 7130 levels. In the downside 7000
is a support. One can expect slip if it breaks 7000 levels.
S&P 500 (USA) – US index
blue chip S&P is playing flip flop at 1945. I advise a caution with
positive biasing. My concern is that if it is not sustaining above 1945 then it
may give us a misguiding buy signal. I will prefer to buy only if this can
sustain well above 1945 on price wise and time wise too. Logical target for
upside is 2000 with support at 1930.
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