You must read previous articles and watch the given chart carefully to
understand this article completely.
For 18 February 2016: -
On 17 February 2015: FII Net Sold – INR 560.00: DII Net Bought – INR – 384.53
I have already quoted yesterday for bounce from lower support. We saw
Nifty going below 7000 and then rebounding back to close above 7100 levels. We added
long at 7000 levels itself. I hope you must have added those.
For today’s trading session, I am expecting market to open on higher
note. Now I am expecting levels of 7200 as of now. I am expecting levels of
7500 before Union budget. So, we should see a decisive crossover of 7200
levels. It will get this crossover by today or tomorrow.
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 – SGX Nifty
is showing for start around 7180 levels. I would not surprise if this surpasses
7200 in initial minutes itself. It will be decisive to see a crossover of 7230
to claim for further strength. I am expecting this crossover. It may come by
today or by tomorrow. If it fails then I will turn cautious.
S&P 500 (USA) – As
expected, we got levels of 1930 now. I am expecting a level of 1945 as of now. Market
may show sign of tiredness at these levels. It will be better if market can
able to spend time at these levels without any remarkable fall. Technical support
will stand at 1915 levels. If it can close above 1945 then we can expect 2000
levels again before getting another top.
