You must read previous articles and watch the given chart carefully to
understand this article completely.
For 03 March 2016: -
On 02 March 2015: FII Net Bought – INR 1437.50: DII Net Sold – INR – 593.67
Nifty is suddenly looking to move near to the 50 days moving average. Hence,
I am expecting levels near to 7400-7425 as of now. Technical set up looks too
bullish to believe. Technical support will remains at 7300 levels from now. Expect
two days of rise more from here onwards too.
For today’s trading session, we may expect another gap up backed by SGX
Nifty. Gap up may limit intraday gain but overall trend remains bullish. We may
see an intraday dip due to overbought hourly chart. I suggest 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 7420. Market is still moving on expectation
of rate cut. It is looking as 7410 will take out on gap up. If that happens
then I suggest to wait for intraday dip to buy. Take a note that if it slips
below 7320 in any dip then avoid long.
S&P 500 (USA) – It is
moving towards 2000 levels. It seems that in upcoming two trading sessions it
will achieve levels of 2000. We can think about profit taking only after that. Short
term trading support will remains at 1960 and no threat of this up trend as
long as it is staying above 1960.
