You must read previous articles and watch the given chart carefully to
understand this article completely.
For 16 February 2016: -
On 15 February 2015: FII Net Sold – INR 1311.59: DII Net Bought – INR – 1987.45
Global market goes on good opening for this week and it was even better
for Indian market. It has closed well above 7150 levels. I am sensing for a
pre-budget rally which has started from yesterday itself. It can extend well
towards 7500 levels.
For today’s trading session, I am expecting market to open with gap up again
as given by SGX Nifty. Technical charts are suggesting that it may see a small
pullback from the levels of 7200. Use all pullbacks to buy only. I do not see
the possibility of 6900 anymore in this quarter itself.
Market will do well from any pullback which can come for intraday. It will
be so good if it can give a pullback towards 7100 levels. I strongly suggest buying
any intraday pullback. Well, will pullback come? There is no such guarantee. GAP
opening is something which is always a nightmare for intraday traders.
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 – One can
start opening at 7200 levels. So it another gap up and this makes things so unpleasant
for intraday traders. Wait for some pullback before acting for intraday. I can
just hope to get one intraday pullback but it may not be big one.
S&P 500 (USA) – This
bounce came in with my expectation. Now, it is looking to move beyond 1875 then
it can cross 1900 levels too. I am firm on my view that S&P has capacity to
retest 1945 in this recovery before any fresh selling. It seems that we are
just in mid-way of this recovery. My
call is buy the pullbacks if comes as long as it is staying above 1825.
