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.
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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. 
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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