You must read previous articles and watch the given chart carefully to
understand this article completely.
For 02 March 2016: -
On 01 March 2015: FII Net Bought – INR 2912.59: DII Net Sold – INR – 829.59
A possible rate cut has driven market and it went up again after budget
day. There are talks of 0.50% rate cut this year. Technically, Nifty has
crossed 7100 and entered a zone of strength. We got 50 points gap up and then further
150 points more. Now, it is ready to take almost 100 points gap up today. So practically,
we may see opening above 7300 levels. This push me back from trading activity
due to sharp move with gaps. Still, I prefer to buy in dip.
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 – SGX Nifty
is suggesting that opening can go around 7330. Market is expecting rate cut. It
has crossed 7130 and got the desired boost. From 7330, I do not see reasons to
act. It’s heavily over bought in price term in very small time. If a dip has to
come then 7410 will act as resistance.
S&P 500 (USA) – Well, it
has saved 1930 and crossed 1945 yesterday. Eventually it went to hit almost
1980. It is coming towards expected 2000 levels. Technical set up is showing
possibility for a move towards 2000 levels. I am expecting trading support at
1975 and short term support at 1960. Think – if this can cross above 2000
levels then what can be levels.
