You must read previous articles and watch the given chart carefully to
understand this article completely.
For 08 February 2016: -
On 05 February 2015: FII Net Sold – INR 606.83: DII Net Sold – INR – 706.02
I was expecting 7500 and it came. From a level near to 7500 we may have a
chance of pullback. This pullback seems to come in the form of gap down as
suggested by SGX nifty. This gap down should not make market bearish so far. I believe
that it can able to move towards 7530 after a gap down start. Is a top coming
near to 7530? I must say that it is litmus test.
For today’s trading session, I am expecting market to open with small gap
down. It may be around 7450 but nothing to be panic. This gap down may not
sustain at lower levels. I believe for 7530. It may come by today or by
tomorrow then a possible top. Top at 7530 is just an indication and it is too
early for confirmation.
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 should
analyse my study from the possible opening point at 7480-7870. I believe for
support at 7460-7450 levels. It this does not break then bounce is very
obvious. Below 7450 I will have no hope for bounce. Time is on to act.
S&P 500 (USA) – It has
failed to sustain above 1915 and eventually came at 1880. Shall we be bearish
again? Well, something is not right. Technical charts are suggesting that if it
can sustain below just 1870 then we may have reasons to believe for a move
towards 1825 to 1800. One should prefer to be bullish above 1915 at least. No long
till then.
