28 November 2014: Stock Chart Analysis for intraday – LICHSCFIN, BHEL and TATASTEEL

LICHSCFIN (409.95)
Buy above 413/SL 411/ Target 418-420|| Sell below 406/ SL 409/ Target 402-400

BHEL (284.20)
Buy above 286/SL 284/Target 292||Sell below 282/ SL 285/ Target 275

TATASTEEL (460.20)
Buy above 464/ SL 461/ Target 470||Sell below 458/ SL 461/ Target – 454-450

28 November 2014: Nifty Elliott wave analysis: After a dull expiry, Nifty will get key resistance @ 8536-8550 levels. Technical support = 8456. Consolidating wave continues without any significant weakness.

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

For 28 November 2014: -

On 27 November 2014, FII Bought INR 389.73 crs and DII Bought INR 336.85 crs

Nifty rose just 0.20% even on expiry day. I have already said that it is going to be a dull expiry or extremely wild expiry. It cannot be a mid-way trade. We saw some sharp short covering on those stocks which were rising from past few days, like BHEL. It has already passed 17 trading sessions above 8300 and it has just two trading session which has shown movement more than half percent.

Yesterday’s low was 8456 on Nifty which was higher than day before yesterday’s low of 8430. We got three back to back higher low formations. We are still in a range only. We may not get direction for trading. At least, bears has nothing much to deal in index. From 7723, it has spent 27 trading sessions and out of 27 we have 17 trading sessions which are muted and those are in a row.

For today’s trading session, we will have intraday trading support at 8470 to 8456 levels. As I said past few days that above 8500 it may again challenge the levels of 8536 levels. Now, zone of 8536 to 8550 is critical. Charts are saying for rapid move if it can cross above 8550. It may go as high as 8600.

Please visit our ‘intraday updates’ to get further updates or to take good advantage join paid services.

Strategy for Nifty December future – It has moved above 8550 in very last minutes of trades. This is showing for a possibility of move towards 8600 which must be many technicians’ key levels. I am hoping for a move which can go near to 8600 levels and then only it can turn decisive. I still feel that traders must focus stocks in these days. Indices may remain dull.

S&P 500 (USA) – This is so dull. We saw another close with small positive. I like to see reaction at 2075. If there is no pullback then it may try to move towards 2100 levels. From 2000 levels to 2073, it took 20 trading sessions so far without any correction. Today will be 21^st trading session. It has spent 32 trading sessions from the low of 1820 levels. Take a note that 34 is also a Fibonacci number and 21 is also a Fibonacci number. If it does not correct in 1-2 days then this rally can extend for 21 trading sessions more. Think, it may not correct till year end.  

27 November 2014: Stock Chart Analysis for intraday – RELIANCE, RCOM and JPASSOCIAT

RELIANCE (987.05)

Buy above 993/SL 989/ Target 1003|| Sell below 982/ SL 986/ Target 975-970

RCOM (102.95)

Buy above 105/SL 104/Target 107-108||Sell below 101/ SL 102/ Target 99-98

JPASSOCIAT (29.65)

Buy – NEVER ||Sell below 29.50/ SL 30/ Target -28-27

27 November 2014: Nifty Elliott wave analysis: Derivative expiry may be either too dull or may be too wild to trade. Key support for Nifty is 8430-8416 so far. Resistance for Nifty – 8500-8536 !!!

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

For 27 November 2014: -

On 26 November 2014, FII Bought INR 181.46 crs and DII Sold INR 314.64 crs

Well, we are finally on the day of November month expiry now. This is my least preferred day to trade. We have secular up trend for whole month without any meaningful correction. It is still hovering on higher side. I have already said yesterday that 8500 and 8536 will act as stiff resistance. While on lower side, 8430 to 8416 will act as trading support.

I must say that this is not a market where we can get any short to medium term trend. I will not prefer to be active for today’s trading session. It can either be too dull to trade or it can be wild if turns volatile. We have seen support from almost all sectors in past few weeks. We have bearish engulfing pattern but a confirmation will come only on close below 8416. Will that close come sooner? No one can answer.

For today’s trading session, we will have intraday trading support at 8429 to 8416 levels. Expiry can make things wild. If it breaks 8416 then only we can have confirmed and meaningful dip from current levels. If it saves on lower side then it may not be good expect anything good. On higher side, above 8550, it can challenge for 8536.

Please visit our ‘intraday updates’ to get further updates or to take good advantage join paid services.

Strategy for Nifty December future – It may open around 8550 levels. It has key support at 8480 levels. On higher side 8600 is a decisive resistance. It will not easy to find moves between the range of 8480 to 8600. Today is derivative expiry and I am suggesting a holiday for index trading. We may not have anything good for trading as of now.  

S&P 500 (USA) – This is so dull. We saw another close with small positive. I like to see reaction at 2075. If there is no pullback then it may try to move towards 2100 levels. From 2000 levels to 2073, it took 20 trading sessions so far without any correction. Today will be 21^st trading session. It has spent 32 trading sessions from the low of 1820 levels. Take a note that 34 is also a Fibonacci number and 21 is also a Fibonacci number. If it does not correct in 1-2 days then this rally can extend for 21 trading sessions more. Think, it may not correct till year end.  

26 November 2014: Stock Chart Analysis for intraday – DLF, CANBK and UNITECH

DLF (141.95)
Buy above 145/SL 144/ Target 148|| Sell below 140/ SL 142/ Target 135

CANBK (385.80)
Buy above 392/SL 389/Target 398-402||Sell below 384/ SL 388/ Target 378-385

UNITECH (18.15)
Buy above 18.80/ SL 18.50/ Target 19.25||Sell below 18/ SL 18.40/ Target 17.80-17.00

26 November 2014: Nifty Elliott wave analysis: A “Bearish Engulfing pattern” has emerged with the top @ 8536 levels. This issues a word of caution before derivative expiry. Nifty support – 8416 and 8380 !!!

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

For 26 November 2014: -

On 25 November 2014, FII Bought INR 1168.94 crs and DII Sold INR 732.12 crs

Yesterday was first day when Nifty has formed a ‘bearish engulfing pattern’. Adding more spice, it came just a day away from derivative expiry. This can definitely make expiry more interesting, wilder and more volatile. One has to be very cautious in this range of trade. It has raised a significantly higher possibility of some big price cut.

Technical charts are suggesting that Nifty should take an intermediate support at 8416. If it breaks 8416 then we can hope for a quick fire fall towards 8380. Once again, we may go in the same trading range where we have traded for most part of the month. On higher side 8500 and 8536 will play as important resistance.

For today’s trading session, we will have intraday trading support at 8429 to 8416 levels. Expiry can make things wild. If it breaks 8416 then only we can have confirmed and meaningful dip from current levels. Banking index is also looking weak but we need to see some decisive breakdown.

Please visit our ‘intraday updates’ to get further updates or to take good advantage join paid services.

Strategy for Nifty November future – Take yesterday’s low of 8437 as a critical support. If it sustain below 8437 then we can see some quick and decisive dip. On higher side 8500 is a key intraday resistance. Looking on pattern we may have a possibility of 100 points cut anytime now.

S&P 500 (USA) – Based on Elliott wave chart, I cannot advocate for meaningful correction as long as it is above 2040. I have few new words to add here. It seems that 2075 is turning out to be critical reaction point on higher side. I got first hint for some pullback now. Take this straight, if it breaks 2064 then I will take it as hint for a move towards 2040 levels. Medium term trend will be up as long as 2040 holds and race for 2145 will continue. Only something ‘unexpected’ can stop rally. 

25 November 2014: Stock Chart Analysis for intraday – RELINFRA, BALRAMCHIN and TATASTEEL

RELINFRA (618.30)
Buy above 624/SL 619/ Target 633|| Sell below 613/ SL 618/ Target 604-600

BALRAMCHIN (62.55)
Buy above 62.80/SL 62.30/Target 63.50-64||Sell below 61.50/ SL 62/ Target 60

TATASTEEL (476.60)
Buy above 480/ SL 477/ Target 486||Sell below 473/ SL 476/ Target 468-465

25 November 2014: Nifty Elliott wave analysis: Every newer high is flexing more and more muscle in stocks. Key intraday support for NIFTY is 8500-8480. Expiry can make things wild.

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

For 25 November 2014: -

On 24 November 2014, FII Bought INR 407.42 crs and DII Bought INR 162.78 crs

Nifty is still on its life time greatest advance. It has done more than 800 points of rise without any price correction. I am not able to see any sign either. We are getting some intraday sign of weakness but those practically never sustained in past many weeks. Rise governed by banking and technology stocks. All eyes will be on today’s GDP data in US market and even in German market too.

Technical charts are suggesting that Nifty should try to reach near to 8550. Cross above 8550 should result a move towards 8600. We cannot expect correction as of now. If it comes then it will be intraday in nature or something unexpected need to hit.

For today’s trading session, we will have intraday trading support at 8500 to 8480 levels. On higher side, cross above 8550 will guide it towards 8600 levels. We are just close to derivative expiry of November month series. Take a note that we saw secular rise in this month. I am not expecting significant dip as of now. Let us see how market reacts on expiry.

Please visit our ‘intraday updates’ to get further updates or to take good advantage join paid services.

Strategy for Nifty November future – I have already said for top in the range of 8537 to 8550. Nifty and Nifty future came close to each other as premium is turning narrow. For today’s trading session 8550-8560 is a key. Above 8560 it can hit 8600+ levels. Technical support is in the range of 8505-8490 levels. As long as banks are on buy mode, it is impossible for Nifty to see any fall.

S&P 500 (USA) – It did nothing unexpected and nothing new. All most every single global index is moving higher with slower pace. I should repeat just same words, as long as it is above 2045-2040, we can expect rise and rise only. I feel that we have yearend target as 2145 levels. I would not surprise if it comes without violation of 2040 levels. World is running stimulus. After end of QE in USA, firstly Japan eases its monetary policy and then China. Money in stocks are flexing more and more muscle. 

24 November 2014: Stock Chart Analysis for intraday – HINDUNILVR, YESBANK and RELIANCE

HINDUNILVR (753.00)

Buy above 760/SL 756/ Target 766|| Sell below 751/ SL 755/ Target 740

YESBANK (703.00)

Buy above 704/SL 699/Target 713||Sell below 695/ SL 699/ Target 688-680

RELIANCE (997.70)

Buy above 1002/ SL 997/ Target 1015||Sell below 993/ SL 998/ Target 982-978

NIFTY weekly analysis for 24 November’14 to 28 November’14

Elliott wave theory: I have already said that any top will get confirmation only on close below 8290. It saved threshold and hence advance more. One needs to focus on Fibonacci series and sequence. I have few key levels on higher side based on weekly chart. One such key level is 8600. Sound so crazy !!!

Market cycle: Global market has refused all possibility of correction even after sluggish momentum. Indices like DAX has also moved in some unexpected way. Has BoJ really changed the picture?

Technical indicators: Now, it is the time to count for weekly divergence again. A top is sooner as RSI has not moved with any greater strength.  

Charting pattern: I moved out form short on time before it can hit badly. Higher high pattern continues. Three key lows were 8290, 8304 and then 8349. So, it may advance more. 

24 November 2014: Nifty Elliott wave analysis: It is expiry week. Every newer high opens scope for another life time high. Next levels on Nifty can be 8520-8550 !!!

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

For 24 November 2014: -

On 21 November 2014, FII Bought INR 122.50 crs and DII Bought INR 137.59 crs

Nifty moved above 8456 and closed with newer all-time high. It has denied all possibility of price correction even after rise from 7723 and it turned 750+ points now. Once it has crossed above 8416 then it has started a move towards 8520 levels. As of now it seems that we are on the verge of gap up opening. A consolidating expanding wedge is giving a possible test of 8520+ levels. Clearly, there is no sign of correction even from any higher levels now.

Why only Indian market, all major global indices goes on rise. From US to Europe, all major indices have registered good gain on Friday night. Even now, all indices futures are higher.

For today’s trading session, we may see higher opening after good rise in US market. After opening, 8470 will act as key intraday support. We need to note that we are in derivative expiry week now. Should I prefer to trade long after higher opening? At least, I will not prefer long on wild gap up. It’s a tricky deal now on indices. Correction has denied for too long now.

Please visit our ‘intraday updates’ to get further updates or to take good advantage join paid services.

Strategy for Nifty November future – Expect opening goes near or above 8520 levels. After that it may try to hunt levels like 8537 to 8550. It is hard to say buy after gap up. I will not prefer to jump on indices to trade after gap up. No long and no short. I have no trade on it as positional yet.

S&P 500 (USA) – As expected, advance continues in US market. Once it has moved above 2045, it just goes in to another threshold. I am expecting this rise to continue will year end. I am expecting this rise to continue till 2145 based on wave theory if things just not go in unexpected way at any moment. Now, 2040 to 2045 will act as immediate short term support in any dip. Well, market will be slow in momentum. 

21 November 2014: Stock Chart Analysis for intraday – RANBAXY, TATAMOTORS and TATASTEEL

RANBAXY (623.45)

Buy above 630/SL 625/ Target 638-645|| Sell below 615/ SL 619/ Target 608-605

TATAMOTORS (524.75)

Buy above 530/SL 527/Target 536||Sell below 520/ SL 523/ Target 515-510

TATASTEEL (466.60)

Buy above 470/ SL 467/ Target 476||Sell below 463/ SL 466/ Target 458-455

21 November 2014: Nifty Elliott wave analysis: Now even 8350 is also acting as support before 8290. This is limiting possibility of correction. Just another dead day ahead!!!

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

For 21 November 2014: -

On 20 November 2014, FII Sold INR 477.15 crs and DII Bought INR 101.62 crs

Now 8350 is also acting as strong technical support. I still believe that 8290 is actual support for short term. Nifty has spent time above 8290 for 12 trading sessions in a row. Practically, market did nothing in past 12 trading sessions and it is still in consolidation. It seems that if it breaks 8350 then we may expect a small impulsive selling to hit levels near to 8290. So far, it is not looks easy.

Based on key momentum indicators like MACD I am getting a hint that a sell signal may come sooner. We have small problem here, on S&P 500 chart, same MACD has denied sell signal from past many trading sessions. Let us see what it can give. It will clear by next week only.

For today’s trading session, we may see opening on flat note and then meaningful resistance will emerge at 8416 and 8456 on higher side. In the down side we have few key supports as follow – 8350 > 8320 > 8290 levels. My plan may be shorting in second half. Wave theory has no indication on daily chart but hourly chart may be interesting and it may show some weakness.

Please visit our ‘intraday updates’ to get further updates or to take good advantage join paid services.

Strategy for Nifty November future – We may see another positive to flat opening. Immediate trading support will come at 8400 and then at 8380 levels. If Nifty sustain above 8430 then we may see an advance towards 8470 levels. Now, shorting rise can hit above 8470 as we will enter in derivative expiry week. Yesterday’s low of 8371 will play as a key support.

S&P 500 (USA) – It hit a low at 2040 and rebound to close at day’s high. This is magnitude of bulls. I can still say that it is tougher to expect any meaningful correction on S&P now. MACD is just showing peculiar movement with topping sign but not giving sign to sell. I can quote that 2025 to 2020 levels are strong support. As long as it holds above 2020 then we can expect rise and rise only. I have no trade and I have no plan to trade on it. 

20 November 2014: Stock Chart Analysis for intraday – BHEL, RELCAPITAL and HEXAWARE

BHEL (249.10)

Buy above 253/SL 251/ Target 256-257|| Sell below 247/ SL 249/ Target 243-240

RELCAPITAL (510.15)

Buy above 516/SL 512/Target 524||Sell below 504/ SL 509/ Target 496-490

HEXAWARE (215.55)

Buy above 217/ SL 215/ Target 220||Sell below 213/ SL 215/ Target 209

20 November 2014: Nifty Elliott wave analysis: Nifty has crucial support at 8290 for medium term. This may offer just another dead and choppy trading even at higher levels.

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

For 20 November 2014: -

On 19 November 2014, FII Bought INR 71.80 crs and DII Sold INR 491.26 crs

Was that a move to correct? No, it may not correct so easily. You can refer to the chart where we can see an expanding wedge formation. It is showing for support of 8350 levels. I have repeated many times that as long as it is above 8290 we can expect newer high. It has a life time high at 8455.45 levels yesterday but slipped form higher levels in second half.

Wave theory is still indicating consolidating and this consolidation is not giving any edge to positional traders. I opted shorting yesterday in second half from high but I do not prefer to forward any position. I am not saying that it cannot take a dip from high again but those will based on intraday chart.

For today’s trading session, we may see opening on flat note and then meaningful resistance will emerge at 8416 and 8456 on higher side. In the down side we have few key supports as follow – 8350 > 8320 > 8290 levels. My plan may be shorting in second half. Wave theory has no indication on daily chart but hourly chart may be interesting and it may show some weakness.

Please visit our ‘intraday updates’ to get further updates or to take good advantage join paid services.

Strategy for Nifty November future – We may see another positive to flat opening. Immediate trading support will come at 8400 and then at 8380 levels. If Nifty sustain above 8470 then we may see an advance towards 8520-8550 levels but that looks too far now. I am still suggesting to focus stock trade as opportunity may be very limited on Nifty unless is breaks 8320 levels.

S&P 500 (USA) – It has washed its gain after fed minutes. Think, it is again a dead flat close with small negative. This makes market dull again. As long as it is above 2020 to 2025 we cannot expect any significant weakness either. On higher side it may try to advance any higher levels which may not be predicated yet. I am not on trade on it and I have no immediate plan to take any position on it. I am expecting S&P to move higher till year.  

19 November 2014: Stock Chart Analysis for intraday – DLF, RELINFRA and HCLTECH

DLF (138.75)
Buy above 141/SL 140/ Target 143|| Sell below 138/ SL 139/ Target 136-135

RELINFRA (657.25)
Buy above 661/SL 657/Target 670||Sell below 652/ SL 656/ Target 645-640

HCLTECH (1600.70)
Buy above 1611/ SL 1603/ Target 1628-1340||Sell below 1588/ SL 1596/ Target 1575

19 November 2014: Nifty Elliott wave analysis: Nifty may take a move above 8500 levels as long as it is above 8400-8390 levels. There is no hint for any short term top.

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

For 19 November 2014: -

On 18 November 2014, FII Bought INR 101.98 crs and DII Sold INR 232.42 crs

If you take extreme points then also it was just 47 points of trading range yesterday. This market is so dull and choppy on rise. Is it not easy to predict when will these ends. It has just moved by 1% in past 10 trading sessions. Today is eleventh day.

If 8416 is not a short term top then I have no hint from wave theory so far for any possible top. We may say that momentum still continues. I may not surprise if correction denied for very long time. I have already said that US market may not correct till year end. There should not be anything unexpected in between.

For today’s trading session, we may see opening on flat note and then meaningful support may come at 8400. As long as it is above 8400-8390 we may see a move towards 8500 levels. I am expecting another dull and dead index. One  should focus on stock specific view for trading.

Please visit our ‘intraday updates’ to get further updates or to take good advantage join paid services.

Strategy for Nifty November future – We may see another positive opening. Immediate trading support will come at 8430 and then at 8400 levels. If Nifty sustain above 8470 then we may see an advance towards 8520-8550 levels. We may not see any immediate threat as long as it is above 8400. If correction comes then it may come in unexpected way now without any warning. This is beyond the scope of technical predication now.

S&P 500 (USA) – I was out from my shorts on time. It moved above 2050 and showing the power of bulls. Can wave theory able to give me any indication of top or a fresh rally? I cannot say anything with great confidence hence I am avoiding indices. I can just add that it has god trend long support at 2025 to 2020 levels. So far, it looks to move up only with a possible target of 2145-2150 by year end if everything goes smooth. 

18 November 2014: Stock Chart Analysis for intraday – IRB, INFY and RELCAP

IRB (275.15)
Buy above 277/SL 273/ Target 281-290|| Sell below 272/ SL 275/ Target 265-260

INFY (4218.45)
Buy above 4230/SL 4225/Target 4270-4300||Sell below 4190/ SL 4205/ Target 4150

RELCAP (502.05)
Buy above 504/ SL 500/ Target 512-515||Sell below 496/ SL 499/ Target 490

18 November 2014: Nifty Elliott wave analysis: Finally, it moved above 8416 and as long as it is above 8416-8400, we may see another advance. May be 8500 is next in talk!!!

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

For 18 November 2014: -

On 17 November 2014, FII Bought INR 656.37 crs and DII Sold INR 247.86 crs

It hit a high at 8416 and then a low at 8320. After that we saw another fresh move up for a new all-time high. This is not entirely unexpected. When it refused to break 8290 then only I have quoted that 8416 may see overshoot. What we saw yesterday was an overshoot of technical levels. I stopped out from my partial short too after taking partial profit in dip. Equally, I am not long yet on index.  

US indices or any other global indices, it has denied technical correction. So far, it is extending its rise even after technical resistance. Nifty is moving without correction from 7723 levels itself. So far, now it has moved by 700 big points. We saw only some time consolidation which I never say as correction.

Based on Elliott wave theory we had resistance at 8416 on Nifty which was broken on higher side yesterday. It was expected and mentioned for possible overshoot. A high came near to 8438 levels.

For today’s trading session, we may see opening on flat note and then meaningful stiff resistance at 8450 and then straight at 8500. Never short anything as long as it is trading above 8399-8390 levels. Even 8416 may act as opening support. I am not denying the possibility of 8500. Finally, as long as it is not breaking 8290, medium term direction is also up.

Please visit our ‘intraday updates’ to get further updates or to take good advantage join paid services.

Strategy for Nifty November future – It will take another opening on positive side. It will face resistance at 8450-8470 only. In the down side it will get support at 8430 and 8400 levels only. Suppose, if it sustain above 8450 then we may see a possibility for move higher towards 8500-8520 levels. I may not open to trade long if it goes below 8400. Well, these are technical view but I do just not prefer to trade Nifty. Why to break head on choppy index when we have so many stocks to trade.

S&P 500 (USA) – Once again, it has traded in a straight line and closed with small green only. Technical charts are suggesting for time to stop out for shorts also. I have already exited yesterday when futures were trading in red. I still believe that 2045-2047 is a resistance but fact it that it is not turning weak yet. I will go in neutral mode now without any position. Pure wave pattern is suggesting that we can move forward to higher-high pattern with next possible target of 2145- another 100 points rally!!!

NIFTY weekly analysis for 17 November’14 to 21 November’14

Elliott wave theory: It was only and only wave theory which has given the resistance of 8416 which has worked so well. Based on that, I can say that if it breaks 8290 then we can a possible dip towards 8100-8000 levels. Equally, overshoot above 8416 is also possible as long as it is staying above 8290 levels   

Market cycle: Global market may be on the last phase of rise. In general, global market used to take a dip in post QE effect. S&P used to take a dip at least after a month. I still believe that correction is close.

Technical indicators: Now, it is the time to count for weekly divergence again. A top is sooner as RSI has not moved with any greater strength.  

Charting pattern: I still believe that zone of 8350 to 8416 will a zone of short. Charting patterns are indicating for sluggish move before correcting. This upcoming correction can bring down Nifty in the zone of 8100 to 8000 levels. 

17 November 2014: Stock Chart Analysis for intraday – BALRAMCHIN, RANBAXY and SBIN

BALRAMCIN (64.30)
Buy above 65/SL 64.50/ Target 68|| Sell below 63/ SL 63.50/ Target 62-61

RANBAXY (653.45)
Buy above 661/SL 656/Target 670||Sell below 652/ SL 656/ Target 645-640

SBIN (2787.85)
Buy above 2820/ SL 2810/ Target 2850||Sell below 2780/ SL 2795/ Target 2740-2700

17 November 2014: Nifty Elliott wave analysis: 8416 is still a resistance but we can say it as a top unless we see a close below 8290 levels. If not then it can overshoot above 8416 also!!!

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

For 17 November 2014: -

On 14 November 2014, FII Bought INR 645.90 crs and DII Sold INR 517.51 crs

You take wave chart or you take technical chart, one thing is clear that we have spent eight trading sessions here and there at 8350. It is almost half a month. We predicated for a top at 8416 and we got that. Still I am unable to see clear sign of any significant correction. I must say that clear sign of correction will come only and only below 8290 which looks too far for now.

US market or European market, both are higher but near to resistance and those are giving some sign of correction. I must say that those are also not correcting to any good extent. It looks like ‘denying correction’ is global phenomenon. This generally happens on some strong money flow or some reason of money flow.

Based on Elliott wave theory we have resistance at 8416 on Nifty which is only a meaningful technical resistance to talk about. It does not matter if top comes at 8416 or over shoot above 8416. Short term chart is heavily over bought in the absence of any price correction.

For today’s trading session, we may see opening on flat note and then meaningful stiff resistance at 8416. Take a note that I cannot say that 8416 is top for now. Let us see how week begin. This is crucial week. I still hope for pullback from higher levels and strongly suggesting to avoid long on index at least.

Please visit our ‘intraday updates’ to get further updates or to take good advantage join paid services.

Strategy for Nifty November future – It will take another opening on positive side. It will face resistance at 8450 only. In the down side it will get support at 8350 and 8320 levels only. I do not think that higher levels can sustain without any price correction but I will take 8450 as stop loss for short on the hope of correction. Correction has denied so far.

S&P 500 (USA) – Practically it is trading in a straight line. I still believe for stiff resistance at 2045 levels. One correction needs to come. We may see levels of 1990-1980 before any fresh up move near to Christmas. We saw five close in a row near to 2040 levels itself. This is making trading dull at all-time high. So far, I advocate for holding short but stop loss must be small and just above 2045 levels ot above 2046 levels. 

14 November 2014: Stock Chart Analysis for intraday – ONGC, RCOM and RELINFRA

ONGC (385.80)
Buy above 390/SL 387/ Target 395-396|| Sell below 384/ SL 387/ Target 378-385

RCOM (102.75)
Buy above 105/SL 104/Target 107||Sell below 102/ SL 103.50/ Target 100-98

RELINFRA (620.90) 
Buy above 626/ SL 622/ Target 632-636||Sell below 616/ SL 621/ Target 609-602

14 November 2014: Nifty Elliott wave analysis: Repeating, top @ 8416 can get confirmation only if we see close below 8290. Today is 8th day of consolidation. Do not buy rise !!!

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

For 14 November 2014: -

On 13 November 2014, FII Bought INR 690.61 crs and DII Sold INR 738.24 crs

So far, 8415.05 is still a top. We saw a mini sell off yesterday. It is nothing great to observe but just treated as pullback. I was hoping for a move towards 8290 but it bounces in between. Today is 8^th day of consolidation and last trading day of the week as well. Consolidation and choppiness is global characteristic now a day.

European market has seen some correction as those are not on their all-time high. Any market which is near to all-time high has denied price correction. On chart, we have small rising wedge formation which has broken with yesterday’s dip. Take a note that Nifty has closed off the day’s low by last minutes buying. This is confirming that bulls are still willing to buy any dip.

Based on Elliott wave theory we have resistance at 8416 on Nifty which is only a meaningful technical resistance to talk about. It does not matter if top comes at 8416 or over shoot above 8416. Short term chart is heavily over bought in the absence of any price correction.

For today’s trading session, we may see opening on positive note again but this gap up may not sustain. It may be same as of past many days. Technical charts are suggesting that we still need a break below 8290 to say for any price correction. I can still say not to buy the rise. On higher side 8416 is only meaningful resistance. As long as it is above 8290 it may be in race to test 8416 again and again.

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Strategy for Nifty November future – It will take another opening on positive side. It will face resistance at 8420. After 8420 we will get resistance at 8450 only. In the down side it will get support at 8350 and 8320 levels only. I do not think that higher levels can sustain without any price correction but today is 8^th day of consolidation with Nifty spot still running near 8350.

S&P 500 (USA) – It is irritating now. Neither it can give you a joy of all time high nor is it falling. Practically, it did nothing with another 0% close. It has just crossed 2045 to fulfil chart and then slipped. It may not be a trade as of now with just a waiting mode for next move. Based on Elliott wave chart, we must see a short term top at 2045 but top is not confirming yet. Alter view is that cross above 2045 will generate a pop up target at 2145 by Christmas. 

13 November 2014: Stock Chart Analysis for intraday – TATASTEEL, ACC and HCLTECH

TATASTEEL (468.35)

Buy above 474/SL 472/ Target 482|| Sell below 463/ SL 466/ Target 455

ACC (1514.10)

Buy above 1532/SL 1520/Target 1550||Sell below 1510/ SL 1520/ Target 1490

HCLTECH (1600.05)

Buy above 1611/ SL 1605/ Target 1623||Sell below 1590/ SL 1596/ Target 1575

13 November 2014: Nifty Elliott wave analysis: 8416 worked fine yesterday. Will it work today also? A confident call for top will come only if Nifty spot see one close below 8290 as confirmation points.

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

For 13 November 2014: -

On 12 November 2014, FII Bought INR 459.47 crs and DII Sold INR 559.44 crs

Well, we just got the top at 8415.05 yesterday and then a dip of 35-40 points. Just 35-40 points are not enough to say that we have seen a top. It true that 8416 is most desired resistance given by Elliott wave theory which has worked so far. I can see good confirmation for top will come only and only if we can able to see a close below 8290 which is still way too far. Why I am saying too far? If it breaks 8290 then it will be at the lowest point of past seven trading sessions.

Even US market denied a possible correction last night with strong recovery from intraday low. It is just trying to generate a fresh momentum after time consolidation. This may just about to break higher again. Small threshold left for bulls.

It is not that only Indian market is denying correction. No single global index goes under any kind of correction. It gives me a sense that whenever correction comes it will be global phenomenon. I have already quoted few days back that based on wave theory it turned to wave ‘5’.

Based on wave theory we have resistance at 8416 on Nifty which is only a meaningful technical resistance to talk about. It does not matter if top comes at 8350 or over shoot above 8416. Short term chart is heavily over bought in the absence of any price correction.

For today’s trading session, we may see opening on positive note again. Once again it may try to retrace after higher opening. Key support will come at 8290 levels. Another meaningful support will be 8350. I would be more confident on correction call if it breaks and close below 8290 levels. Stiff technical resistance will be around 8416.

Please visit our ‘intraday updates’ to get further updates or to take good advantage join paid services.

Strategy for Nifty November future – It will take another opening on positive side. It will face resistance at 8450 which was defined yesterday itself. One should never short stand above 8450. Meantime we will see a critical intraday support at 8390 levels. It is equally true that as long as it is above 8320, it may try to challenge higher levels only.

S&P 500 (USA) – It gave us all signals of weakness but it never slipped in my desired way. Think, it has not even broken 2030 levels and recovered. This is showing intensity of money. I need to be clearer – if it goes above 2045 then I will not expect any more correction till December end at least. Take it either way – 100 points up above 2045 or 100 points down from near to 2045. So will it come at 2145 by Christmas day? All bullish possibilities are still alive. Take a strong precaution. I may opt to remove my shorts from S&P by today itself with small loss.