Read my last 2 posts? Nifty Futures target of 4245 was given when Nifty was at 4600+......Target achieved when the world was getting over-bullish....(Please note that I am hugely bullish in the medium term)......
Also did S&P 500 manage to close above 200DMA ? The answer is NO......I asked to keep a close watch on it.......
People often ask me how do I come to these targets so accurately.....If one reads my last 3 months reports, one will find that I gave a target of 4750 when Nifty was at 3300 and everyone was shouting 1900......Again I gave 4245 when Nifty was at 4600+ with everyone becoming bullish for the 1st time since 22nd Jan 2008....
Also did S&P 500 manage to close above 200DMA ? The answer is NO......I asked to keep a close watch on it.......
People often ask me how do I come to these targets so accurately.....If one reads my last 3 months reports, one will find that I gave a target of 4750 when Nifty was at 3300 and everyone was shouting 1900......Again I gave 4245 when Nifty was at 4600+ with everyone becoming bullish for the 1st time since 22nd Jan 2008....
Well, I have my own analysis based on waves, system balance, human psychology and accumulation/distribution theories.......To know it more, please join us for the 1-day exclusive seminar on Derivatives and Advanced Technical Analysis on 4th July in Kolkata.....Details given on top of this page.......
Now lets come to the topic...Where do we go from here?
Well, tomorrow's open will much depend on S&P 500 and Asia. But irrespective of that, I dont think that todays low ie 4231 (all defined in 1st month futures price) should be broken with minor +/-10 points because thats the precise support level for tomorrow. And the close should be above 4265. If this hypothesis holds and Mondays (22nd June) range be from 4245 and close above 4297, then we might possibly be out of this bearish wave and the 3rd upleg of a fresh bullish wave might get created. That extent of that rally can be predicted in the next 3-4 days.
On the other hand, any close below 4225 can create potential danger on the downside........
Still be cautious over the next 3 days....but trade with a slight positive bias on intraday basis. Do note that FII's are still on the sell mode for the last 4 trading sessions where they have unwinded 1500 cr of long positions in delivery.
Do attend the seminar if you happen to be in Kolkata on 4th July.....Hope to see you there......
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