06 December 2013: Nifty Elliott wave analysis: Expect choppy trading session today with trading support at 6225. Monday is going to be either wild up or wild down.

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



For 06 December 2013: -
On 05 December 2013, FII Bought INR 1151.51 crs and DII Sold INR 674.02 crs
We saw ‘NaMo’ rally yesterday. Well, is it really as strong as predicted in exit poll? Exit poll suggests that we have clarity over only MP and Rajasthan where BJP can form government. Chhattisgarh is a close fight and Delhi is a triangular fight.  
I can say that things are still challenging. We may not as rosy picture as market wants. It is going to be big risk to go with long or short overnight. We have important US data also tonight which may give us a cue before fed minutes.  
I always hate gaps on technical charts. It is not easy to take any call right now. One need to prepare to see wild gap up or gap down on Monday’s trading session. For today’s trading session 6225 will act key threshold support. If it breaks and sustain below 6225 then we can expect some remarkable profit taking. I can still say that 6140 is most important short term support. It is support which will save Indian market from any panic sell off. If today’s closing goes below 6200-6190 then it will reflects odd picture for Monday.
Visit again to read my intraday updates as I can update about those only during market hours.
Strategy for Nifty December future – NIFTY future will open flat today. First trading support will emerge at 6260 levels. If it breaks and sustain below 6260 then one can expect a move towards 6230 to 6210. On higher side 6300 will be stiff trading resistance. We may not find anything great in the range of 6260 to 6300 levels.
S&P 500 (USA) – I said for a sell-on-rise market. We saw a dip coming towards 1780 again. It is very likely to see support near 1780. Any break below 1780 can push it lower further. On higher side 1793 will act as stiff trading resistance. It cannot be a buy as long as it is staying below 1793. I still prefer to short this index from higher levels of resistances. US market will have important nonfarm payroll data today. This is going to be decisive before upcoming fed meeting on 17-18 December.  
Regards,

Praveen Kumar
I’m Praveen Kumar, a seasoned Technical Analyst and stock market trader with over 25 years of experience in the Indian equity and derivatives markets. My passion for numbers and patterns led me to a dual career as a Mathematics Teacher and market technician. I specialize in Technical Analysis, with deep expertise in Elliott Wave Theory, derivatives strategies, and market forecasting. Over the years, my analysis and market views have been featured on NDTV Profit as a financial guest, along with published articles on reputed financial web portals, sharing insights on Nifty 50, Bank Nifty, and stock market trends. As a trader and analyst, I focus on interpreting price action, chart patterns, wave counts, and technical indicators to deliver precise market levels and actionable trade ideas. My approach blends classical charting with modern analysis tools to help traders navigate market volatility. Through VieCapital, I aim to share daily market analysis, trading strategies, and educatio…
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