30 December 2014: Nifty Elliott wave analysis: Do not take thin volume as sign of weakness. Market is expected to be dull in the range of 8200 to 8280 levels.

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

For 30 December 2014: -

On 29 December 2014, FII Sold INR 204.22 crs and DII Bought INR 360.38 crs

It goes in expected way. It was positive but practical trading range was not big. If you observe then you can find that index was moving in less half percent. Technical charts are still hinting for up. Trading volume is not great in these days. We are in the last week of year 2014.  

After yesterday’s gain we will get support at 8200 to 8215 levels. You may not get easy trading opportunity on index due to thin volume. Do not take this thin volume as reversal in trend. This thin volume is just because of less participation in market as global market is in holiday mood on New Year eve. It has no technical meaning.

For today’s trading session, I am expecting dull activity with lower market participation but biasing may be on positive side. Cross above 8250 will give a hint for 8280. If it can sustain above 8280 then it may try to make a move towards 8320 levels. At some point it will turn dull. What can be that level? This is beyond the scope of analysis. 8250 is a decisive level. I will not consider for strength if it stand below 8250.

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Strategy for Nifty January future – It may open near 8330 levels as indicated by SGX Nifty. I am not going to consider blue chip index for big trading opportunity. It may be dull. Do not opt to trade in first hour. Technical support is at 8300 levels. Let us see what is coming to give year end trades.

S&P 500 (USA) – This is expected dead market with almost 0% change but still positive. I am still hoping for a move for towards 2100 by the end of 2014. Final target may come near 2145 on S&P. I still feel that US market will be dull with positive bias for few more days. Trading support will emerge at 2180 to 2170. Do not expect big change in index unless something unexpected happens.