Flat to positive opening is expected with possibility of volatile session either range trading or smooth pull back as per today’s outlook . Yesterday’s prediction not worked well … it was predicted that “ Flat to positive opening is expected with possibility of closing above 5600 ” at http://dhanvarsha.in/expect-positive-opening-on-3rd-sept/ but market closed below 5350 …but Which was marked on Monday moning shown good result …see elliots wave marked in green lines at http://dhanvarsha.in/almost-flat-opening-on-sept-02-2013/ .
EOD nifty chart is indicating that wave 2 is in progress and completed its path in only one session .we can expect wave 3 at any moment.
Trade in Nifty futures as per these levels
Buy at / above: 5347 Targets: 5362 – 5381 – 5399 – 5417
Stoploss : 5329
Sell at / below: 5329 Targets: 5313 – 5295 – 5277 – 5258
Stoploss : 5347
It was advised to buy and carry NF as BTST at chatroom http://dhanvarsha.in/chatroom/
advising to book gains at open at 5355 5360
Fear of downgrade on cradit rating outlook
It was a terrible Tuesday for the Indian stock and foreign exchange markets with the Sensex and the rupee plunging over escalating tension in Syria and a fresh threat by Standard & Poor’s on downgrading India.
The sell-off was so massive that the Sensex tanked 651 points and the currency breached the 68 per dollar mark in intra-day movement. However, standard gold shot up by Rs 970 to finish at Rs 32,510 per 10 grams and the benchmark 10-year government bond rose by 12 basis points to 8.58 per cent.
The sentiment turned more pessimistic after reports said Russia had detected two ballistic objects fired towards the eastern Mediterranean from the central part of the sea. It was later found to be a joint missile test by the US and Israel. “If all this drama was not enough, reports said that Standard & Poor’s chances of a credit ratings downgrade had increased for India. This added to the selling pressure,” said Amar Ambani, Head of Research at IIFL.
Market outlook 04 Sept 13