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.

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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.