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.

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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.