02 December 2014: Nifty Elliott wave analysis: “Dark cloud cover” pattern emerges. Key support – 8500, if breakes then dip is possible towards 8400 levels. RBI policy will be a key.

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

For 02 December 2014: -

On 01 December 2014, FII Sold INR 12.36 crs and DII Sold INR 555.15 crs

One day market sense that rate cut is coming and very next day it turn cautious with a dip. This confusion by market has formed a pattern called ‘Dark cloud cover”. Key characteristic of this pattern is – a long while candle followed by a red candle with more than 50% washed out from top. This gives a hint that Nifty may breaks 8500. If this really breaks 8500 then we may see a bearish week. So question is – Is RBI going to disappoint the market? So far, charts are saying ‘Yes’.

Another key point is 8620. I have already said that 8620 is another key resistance suggested by Elliott wave analysis. We saw a top at 8623. Take a note that 8623 was impulse high which came at very first minutes.

For today’s trading session, we will have intraday trading support at 8536 levels and then at 8500 only. I am expecting correction for today’s trading session. It looks like RBI will not give what market wants. I am expecting a volatile session too. Banking index may see big hurt. On higher side, Nifty will see resistance at 8620-8623 only.

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Strategy for Nifty December future – SGX Nifty is showing for opening with 25 points loss. I will not prefer to act till RBI policy comes. We can expect rapid dip towards 8500 levels in odd fall. On higher side 8640 and 8670 is a meaningful key resistance. Let us see what is coming.

S&P 500 (USA) – Wow!!! I was not expecting that index would show this much respect for 2075. Well, it goes in my expected line. I came off from my short at 2035 only and it moved by 2% after that. Now, it is giving some sign of top formation but I am not sure for top yet. Dip will come but it will be limited unless it brutally breaks 2035. I am still not advising to trade this index.

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…

Nifty 50 - Analysis

02 December 2014: Nifty Elliott wave analysis: “Dark cloud cover” pattern emerges. Key support – 8500, if breakes then dip is possible towards 8400 levels. RBI policy will be a key.

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BANKNIFTY FUTURE CHART ANALYSIS

02 December 2014: Nifty Elliott wave analysis: “Dark cloud cover” pattern emerges. Key support – 8500, if breakes then dip is possible towards 8400 levels. RBI policy will be a key.

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