08 December 2014: Nifty Elliott wave analysis: Hope alive for up move as long as Nifty holds 8500 levels. Small correction can hit only below 8500 levels.

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

For 08 December 2014: -

On 05 December 2014, FII Bought INR crs and DII Bought INR 166.05 crs

We are sick and tired of this near 0% move on index but a trader has no better choice. It’s the prime reason that I suggested you to go on stocks. Intraday traders are getting hardly 20-30 points tradable moves on Nifty. We will not see any better change today also if things go in same way. I quoted past week for 8500 support which got a good respect. This 8500 support is applicable for this week too. As long as it is above 8500, market will live with of fresh up wave.

In alter sense; a short term price correction is possible below 8500 levels of Nifty. Take a note that none of the global market goes under correction. In fact, technical charts are not justifying for correction for December month so far. Shorting may be only a stock specific choice. If I have to worry then I am worried for momentum technical indicators like RSI.

For today’s trading session, opening is expected to be soft to flat. Once again, I am not hoping anything great if 8500 holds. We traded Nifty for short side on Friday’s session but that came in very last 20-25 minutes. It is better to deal with long on stronger stocks of stronger sectors like Auto and Finance. Key resistance for Nifty is at 8590 and then at 8620+ levels.

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Strategy for Nifty December future – Once again, key support for Nifty is at 8570 and then at 8540. On higher side, nothing is safe until it takes out 8630 successfully. I am not sure how to act. I can either take long from low or short from high. I am sure that I will go short if it breaks 8540-8535. I do not think that it can take out easily. Let us see. Wait-watch and then think to trade.

S&P 500 (USA) – it is almost two months where we are analysing average daily movement of 3-4 points. It is very dull and boring but rising constantly. It was just 4 points higher close with another newer life time high. I still expect 2100 to be in race but how long will it take. Technically, it still have a very good support it the range of 2050-2035. Well, seeing almost 0% move I can even conclude that 2060 will also become support in any fall. I have already expressed my view few weeks back that we may not see any fall in December. On higher side it can hit 2145 on or before 31^st December. This is megaphone breakout target as well as justified by Elliott wave extension.