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31 October 2014: Stock Chart Analysis for intraday – HCLTECH, YESBANK and AXISBANK
Buy above 1580/SL 1568/ Target 1610-1630|| Sell below 1562/ SL 1572/ Target 1550-1540
Buy above 663/SL 659/Target 670-675||Sell below 655/ SL 658/ Target 645
Buy above 431/ SL 429/ Target 435-438||Sell below 425/ SL 427/ Target 419
Read chart → Click √
31 October 2014: Nifty Elliott wave analysis: We will see another life time high. Higher levels demand caution. A top can emerge in the zone of 8210 to 8240, based on wave theory. BANK NIFTY must be first to slide.
You must read previous articles and watch the given chart carefully to understand this article completely.
For 31 October 2014: -
On 30 October 2014, FII Bought INR 1257.49 crs and DII Sold INR 94.01 crs
Expiry goes on highest point for Nifty. I was expecting pullback from high with a sense of double top. Due to global strength we may not able to see immediate pullback. Well, big question is what wave theory is telling us. Every rise is not bullish based on wave theory and we are on one such level. We are at all-time high. Technical analysis will say that now there is no resistance. In reality, in cases optimism used to kill bulls.
I am not short on Nifty future yet but I am expecting weakness in bank Nifty.
For today’s trading session, opening above 8182 will give us levels in the zone of 8210 to 8240. Whatever be the top we may see a meaningful drag from higher levels. Hence, one has to be very cautious at higher levels. Today is the last trading day of the week and month as well. Technology stocks have added strength.
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Strategy for Nifty November future – We may see opening above 8200 as suggested by SGX Nifty. This may be due to global strength. Even after all-time high I must add that traders have to be very cautious at higher levels. Where is resistance? It may come in the range of 8260 to 8300. It is not easily predictable at all-time high. Please refer to intraday updates too.
S&P 500 (USA) – We have seen a high coming near to 2000 but not crossed. My condition for idea short is still on but it seems that I need to have wider stop loss. I still believe that we are almost running near to another short term top. If it is not the top then also buy can be applicable above 2020. We may have scope for 2050+ if it manages to cross above 2020. Rising wave pattern is applicable only above 2020.