You must read previous articles and watch the given chart carefully to
understand this article completely.
For 10 February 2016: -
On 08 February 2015: FII Net Sold – INR 84.56: DII Net Sold – INR – 279.49
From past few years, I kept raising my points on corporate loan default. It
is just burning tax payers money. Now, time has come to disclose the big names
unless this trouble can be disastrous. Bank Nifty is expected to give a big
dent to Nifty. I must say that big names on banking sector are still in denial
mode of trouble. This is definitely not good.
For today’s trading session, I am expecting market to open with big gap down.
I am expecting easy drag on banks and rate sensitive stocks. Nifty can come
near to 7240-7230 support levels. I will not prefer to short this fall as this
may have short life. I am expecting a bounce from low around 7230.
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 – Do not
short at the opening around 7260 which is indicated by SGX Nifty. I suggest
avoid shorting although technical charts are saying for steep fall below 7230.
I am considering 7230-7200 as key support for reversal.
S&P 500 (USA) – This jump
continues from the support of 1825 levels. I do not think that we can expect
strength unless it goes above 1870-1875 levels. I am not advising long from these
levels. Do not try to catch falling knife. Global market is not in any big mode
of recovery. On long term chart we cannot see big recovery in near term. I am
talking about a recovery of 8-10% which is not looking possible.
