You must read previous articles and watch the given chart carefully to
understand this article completely.
For 09 February 2016: -
On 08 February 2015: FII Net Sold – INR 84.56: DII Net Sold – INR – 279.49
Yesterday, it has broken 7450 then we saw a steep 100 points dip. More important
is that it has failed on dot 7530 resistance levels. How was that? We never opt
long in this trap. Now I am expecting the retest of recent long. Relief rally
has died brutally.
For today’s trading session, I am expecting market to open with big gap down.
We may not see even 50-33% retrenchment of this gap down. Do not try to catch
the falling knife.
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 – The way
it has cracked below 7450 we cannot see easy recovery anymore. Although recovery
remains tough since first January itself. Below 7300, we can see 100 points
more for intraday. We are active on 7200 put.
S&P 500 (USA) – It hit
1828 yesterday itself before last hour bounce. This took support at our
mentioned level of 1825-1800 range. I am still confident that sooner or later
1800 levels will have to break. So the time is on. For today’s session it may
try to retest 1828 levels again. If things go the way I am anticipating then
S&P should break 1800 levels by this week only. Do not opt long.
