30 October 2014: Nifty Elliott wave analysis: Here is derivative expiry. Above 8100, it may challenge previous all-time high. Failure @ high can cause impulsive selling. Be cautious at higher levels.

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

For 30 October 2014: -

On 29 October 2014, FII Bought INR 785.61 crs and DII Sold INR 507.29 crs

Technical target above 8032 was at 8100 level which was almost done. It may trade here and there again at 8100 today. We have derivative expiry for October month trade. I am advising caution at higher levels. Take a note that Bank Nifty is missing strength at higher levels although it was a better performer in past few days of trade.

Expiry day is my least preferred day for trading. If you cannot afford the odd volatility then it will be better to take a leave. Based on technical chart, if Nifty can sustain above 8100 then we can see it challenging level near all-time high too. There is no concrete sign of shorting yet.

For today’s trading session, we may see flat opening. Due to so many holidays in past few days and subsequent gap up, we have not able to trade many levels. Technically, we are entering resistance zone now. Technical support is at 8040 to 8030 zone.

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Strategy for Nifty November future – We may see flat opening. After opening, 8160 will act as resistance while support can be expected on levels near 8100. Fluctuation from 8100 to 8160 will just make you tempted. Shall I buy? May ne not. I may opt to be bear on any impulsive high. Only condition is that Nifty spot should not stay above 8100. Impact of Nifty spot above 8100 can be a short covering.

S&P 500 (USA) – yesterday, it took a high at 1991 and then slipped to hit 1970 before bounce in final hour. Now, I say that it is almost a good level to add short here with stop loss above 2000 levels. Take a note that this may be the first correction only after hitting 1805 odd levels few days back. My first test point as shorting will be at 1956 support area.