You must read previous articles and watch the given chart carefully to
understand this article completely.
For 25 April 2016: -
On 22 April 2016: FII Net Bought – INR 191.07: DII Net Sold – INR – 168.64
We are on derivative expiry week and Nifty has closed above 200 DMA
for a crucial last week. This may give hopes to bulls but one pullback is still
missing. I see a possible sign of reversal from psychological hurdle at
7980-8000 levels.
So far, Nifty has saved 7870 levels which is 200 DMA too. As long as
it is near to 200 DMA trading direction may depends on intraday trigger. If it
breaks 7870 then a dip is possible but as long as it is above 7870 it want to
move towards 7980-8000 levels.
For today’s session, opening may go soft but optimism can govern the
rule. I want to see Nifty below 7870 to initiate intraday trade.
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.
Please visit our ‘intraday updates’ to get further updates or to take
good advantage join paid services.
Strategy for Nifty April future
– We already hold short on Nifty Future from 7950+ levels. I am still keen to
see reaction at 7870. I may prefer to exit from my shorts if fall does not come
now. How long to wait? Trading at 200 DMA does not necessarily means bearish as
it is staying above those levels. If Nifty future breaks 7870 then 7800 may be
the possibility.
BANK NIFTY – Bank Nifty has
surpassed 16500 and hence it is giving signs of extension of rise. Now 16500 is
still a key but going in favour of bulls. As long as it holds 16500 we can
expect 16900-17000 levels. Now, Below 16500 do not opt to buy. A fall should be
nearer. Note a point – 16750. It may be a top against all technical levels.
