21 March 2016: Nifty Elliott wave analysis: 7700 is a destination if it
can stays above 7630 for some time.
You must read previous articles and watch the given chart carefully to
understand this article completely.
For 21 March 2016: -
On 18 March 2015: FII Net Bought – INR 1712.62: DII Net Sold – INR – 403.37
Well, rate cut on saving should have been highlighted by media group
but no one has focused. Is this the way to recovery
NPA??????????????????????????????????
Government is definitely cooking something nasty. It has no sense and
please keeps me out from any illogical political logic. It has nothing to do
with bond yield. Indian economy will not get any good out of these steps. I am
sure NDA leaders would have opposed all such steps if these decisions would
have taken during UPA tenure.
Based on wave chart, a topping pattern may emerge anytime. On other
charting sense based on moving average suggests me that if Nifty manages to
close above 7630 then a move towards 7700 is strongly possible.
For today’s trading session, Market may open higher a little. I will
not prefer to buy in first half in any case. While if Nifty stays well above
7630 till second half then I will opt to trade long.
A reader has suggested deleting the paragraph given below. I must say
that these are long term charting view with warning sign and hence it deserves
to be part of everyday article.
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
– We may expect opening around 7630 as reflected by SGX Nifty. Unless it goes
above 7650, I do not think that bulls can play it brave way. Let it settle
higher for first half and if it can sustain above 7650 then only think to buy.
S&P 500 (USA) – It is
good to see S&P moving above 2045 with ease. Technical charts are suggesting
that a move towards 2100 may come. A trading correction may hit but all such
may turn to be opportunity to buy. I must say that 2030 is a level below which
traders should avoid long for caution. Next quarterly earnings will be a
decider for rest of the year. I must say that I still intact on my long term
direction which is down and this rise is one strong bounce for exit.
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