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.
Join the conversation