You must read previous articles and watch the given chart carefully to
understand this article completely.
For 24 February 2016: -
On 23 February 2015: FII Net Sold – INR 289.66: DII Net Bought – INR – 257.93
Wave theory gave a caution signal at 7260 and we got a dip of more than
100 points. This reflects the importance of wave theory in any kind of market. Now
from 7100 levels, we are on second make or break level. If it can make then we
can see fresh rise. If it slips below 7100 then a dip is very much possible
which can drag Nifty below 7000 too.
For today’s trading session, I am expecting a flat opening. The time is
on for the test or break for 7100. If it stays below 7100 then one must avoid
long. Dip can be sharp and impressive. I am expecting levels of 7000 also if it
breaks 7100. One can take that upcoming Union Budget may be disappointing for
market.
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 March future – I am
dealing March Future now. Technically, it has support at 7110-7100 levels.
Well, if it breaks these levels then we may see further massive sell off
towards 7000 levels. On higher side bulls attempt will get some meaning only if
this can stand above 7170 which is not going to be easier.
S&P 500 (USA) – This is
expected dip from 1945. This makes a sense as it may represent a desired
consolidation. US market charts may not have any big sell signal sooner
although buy signal is also not so impressive. Market may undergo consolidation
mode. If I have a choice then I will favour buy on dip. My views are applicable
for global trend too.
