11 November 2014: Nifty Elliott wave analysis: It makes trades dull at All-time high. It is just a time corrections of far. There is no price correction. Unless it breaks 8290, it will be in race for 8416.

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

For 11 November 2014: -

On 10 November 2014, FII Bought INR 355.30 crs and DII Sold INR 314.93 crs

From past four trading sessions, Nifty is here and there near 8350 only. It is offering a time correction with this choppy moves but it denying price correction so far. This makes market dull for trading. I still believe that it must offer some price correction after 650 points of run up. Reality is that, none of the global indices wants to correct so far. We have indications that momentum is getting slower but bulls have good control over the market.

It looks like bank of Japan has changed something to this market like quantitative easing.

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 will retrace after higher opening. Key support will come at 8290 levels. 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 – I can say that one should avoid trade in this kind of choppy moves. This market does not make sense to deal which moves in small range even after all-time high. As said yesterday, resistance will come at 8420 to 8430 levels. Unless it breaks below 8320 we cannot be confident for correction either. Very dull days !!!

S&P 500 (USA) – I am surely not expecting the possibility of trades above 2045. It would be a top of megaphone pattern. A possible cross above 2045 will create another up wave. That up wave can push for another 100 points on S&P. Will that be possible without any correction from 1805? It does not make sense. Still, one can try shorting this area of 2038 and keep stop loss just above 2045. If it works then first target would be 1980.