You must read previous articles and watch the given chart carefully to
understand this article completely.
For 05 February 2016: -
On 03 February 2015: FII Net Sold – INR 357.13: DII Net Sold – INR – 144.78
Logically this is saving support at 7360-7350 levels. Technically, Nifty
may try to hit levels of 7500 as long as it is saving 7360-7350 levels. We need
to note that we can still see volatile moves. It can fluctuate in both directions
as of past few trading sessions. There are many sectors which are still trading
lower.
For today’s trading session, I am expecting market to open with small gap
up. If this does not fill the gap then we may see 7500+ levels. It may not be
easier but possible. Today is the last trading day of the week. We may see some
decisive moves. I am biased for long for the day.
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 – I need to
say that technical indicators are not supportive and hence we see volatile on
both sides. Nifty may get intraday support at 7390 and at 7360. On higher side
if it can sustain above 7460 then we can expect levels of 7500 or nearby. I am
assuming that market will give some gap up opening today which may not be
filled.
S&P 500 (USA) – My study
remain same for the day. This is making chart more interesting. Technically,
above 1915 it will be played by bulls again. It will get intraday support at
1905-1900 levels. Be prepare, we may see another hit towards 1945 now. It may
come within few days. I prefer long above 1915 with smaller possible stop loss.
