You must read previous articles and watch the given chart carefully to
understand this article completely.
For 25 January 2016: -
On 22 January 2015: FII Net Sold – INR 769.83: DII Net Bought – INR – 915.60
This is going to be a short week before as we have holiday tomorrow. So far,
bounce is great. Close above 7410 is great for Nifty. As long as Nifty is above
7410 we can expect a move towards 7535-7530 levels, previous low of the market.
Without a doubt, the dent will put its impression on recovery too. Hence,
recovery may be slow or dull anytime.
For today’s trading session, we may get a higher opening but I prefer to
trade long on dip only. I want this market to retrace if some gap up comes. I am
still not sure about the closing. We must note that we have just one green candle
so far. We need to see follow up buying.
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 January future – We have
derivative expiry this week and my view point is that if Nifty can sustain
above7470 kind of levels then we can see a fresh addition of 50 points. Can it
see fall in last hour again? Well, chances are here again. If it has to fall
then it will fall by today also and that’s in second half. I do not see any
threat for first half.
S&P 500 (USA) – This is
my expected move on S&P which goes above 1900. Have a look. It has a low at
1812 and now it is above 1900 in very short time span. I feel that more bounce
has left in the market. Can it reach 1945? This is something which is going to
be interesting. So far, I am expecting up week. My logical target for this
recovery is 1945 with trading support at 1875.
