You must read previous articles and watch the given chart carefully to
understand this article completely.
For 16 March 2016: -
On 15 March 2015: FII Net Sold – INR 54.01: DII Net Sold – INR – 302.31
A high goes at 7583 and then also we saw a fall from high. This suggests
that we may not see fresh buyer at higher levels. I still quote that technical
support is at 7400 levels. I still believe that Nifty not see easy cross for
bulls for next rising wave.
For today’s trading session, we may see opening around 7480-7490 levels
itself. We may see immediate resistance at 7530 levels. Will it see traditional
sell off from higher levels. If it breaks and sustain below 7450 then we may
expect levels of 7400 levels. General market direction may be –Down from top.
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 still keeping by view bearish for index or choppiness near 7550
resistance levels. Market may remain positive for first half but we may see
selling in second half. I will prefer fresh shorting if it gives sign of
weakness.
S&P 500 (USA) – Well, this
goes with the suggested roadmap. Technically, 2030 is still a stiff resistance
irrespective of news flow. Question is will it break the barrier? There is no
question of if. As long as it stays in the range of 2000-2030 we may not see
any direction. If possible then traders should avoid US indices due to range
bound activity. Wait for fresh break out.
