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Praveen Kumar

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27 January 2015: Stock Chart Analysis for intraday: ANDHRABANK, BHEL and LT
Buy above 93.50/SL 92.75/ Target 95|| Sell below 90.50/ SL 91.25/ Target 89-88
BHEL (279.10)
Buy above 282/SL 279/Target 286-289||Sell below 277/ SL 279/ Target 272-270
LT (1711.30)
Buy above 1717/ SL 1709/ Target 1730-1750||Sell below 1699/ SL 1708/ Target – 1680

Read chart →Click

27 January 2015: Nifty Elliott wave analysis: We are near to short term top but top has yet to confirm. NIFTY support stand at 8800-8780 levels.

You must read previous articles and watch the given chart carefully to understand this article completely.

For 27 January 2015: -

niftyOn 23 January 2015, FII Bought INR 2019.98 crs and DII Sold INR 1299.76 crs

Once again, good news flow continues. It seems that market want to take advantage of good sentiments building up after Indo-US nuclear deal. I am saying it is just changing sentiments. It will take a bigger time to give any impact on economy. What is the use of this kind of deal when US companies has themselves not installed any nuclear plan in US since 1986. I am taking this as some desperation for improvement by Indian government which will help Indian market to sustain current optimistic levels for some time more.

I am wrong on correction call but I am definitely saying that we are close to 200 points of correction from levels. It is true that Nifty may come near 8900 as of now. I am not going to jump on stocks to buy at higher levels. I will prefer to be on side line or will add fewer long on puts to take limited risk. Technical support is at 8780 levels.

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Strategy for Nifty January future – Week will open on optimistic note again. Technical charts are just not so meaningful after so many gaps up and so many DOJI formations. We still have no correction yet. All we are getting in positive close one after another. Expect stiff resistance at 8870-8880 levels. I can expect correction only if it can sustain below 8800 for 15-30 minutes.

S&P 500 (USA) – Us market is doing nothing on little broad time frame. Technical charts are suggesting that bulls has not yet taken full control after series of rate cut in other part of the world. Well, but above 2075 it can gather many strength which will be definitely against my expectation. On other hand, desired correction will begin if we see close below 2035 levels. Expect a challenging week.