08 October 2014: Nifty Elliott wave analysis: As expected, we got 7840. Now, if it breaks then we can expect Nifty hitting the range of 7600 in medium term. 7900-7910 will offer stiff resistance now.

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

For 08 October 2014: -

On 07 October 2014, FII Sold INR 332.84 crs and DII Bought INR 327.65 crs

Well, it has almost came to my expected levels of 7840 but not broken yet. This is now a much known support and hence market may misguide near to this levels here and there. There are many stocks which go on multi month low in this price correction. This is alarming fact. Have a look on stocks like DLF, RELINFRA, RCOM and many more.

For today’s trading session, we just have a crucial support at 7840. I believe that break below 7840 should give us a break below 7800 too. It should happen and Wolfe wave may come in to effect. On higher side 7890-7900 may act as stiff resistance. One must note that 50 DMA comes at 7908 levels. I can conclude that zone of 7890 to 7910 will confuse bulls too if higher levels comes. I am not expecting positive for the day.

I am still saying same words. Spoiler for global market can be just one big factor – Currency market. Almost every currency of emerging market is again showing fear on chart against USD. What can be good for US market may not be good for emerging market. I am writing this paragraph from past many trading sessions. I am quoting above remark form past many days. Indian Rupee moved from 60.25 to 61.90 in past 20 days.

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Strategy for Nifty October future – It has broken 7900 levels too. We are gaining over 100 points on our short position. I need a break below 7860 with some big volume. If this happens then we can expect a fresh move towards 7600 levels too in medium term. On higher side 7910 to 7940 will be one of massive resistance. Time has come for effective breakdown.

S&P 500 (USA) – As of now, it goes as per my expectation. It is just coming at 1950. One should expect a move towards 1925 levels sooner by the end of the week. Break below 1925 will cause a test of 1900 levels. I have nothing more to add. We are sufficiently loaded with short and we have planned to hold this short for some time unless a strong buy signal emerges. Just stay short and enjoy. 

07 October 2014: Stock Chart Analysis for intraday – ASHOKLEY, LT and INFY

ASHOKLEY (42.15)
Buy above 42.20/ SL 41.80/ Target 44|| Sell below 41/ SL 41.50/ Target 40-39

LT (1446.15)
Buy above 1460/SL 1452/Target 1472-1480||Sell below 1430/ SL 1438/ Target 1400

INFY (3847.30) 
Buy above 3850/SL 3830/ Target 3880-3900 ||Sell below 3775/ SL 3785/ Target 3740-3720

07 October 2014: Nifty Elliott wave analysis: Nifty will open down after a long weekend. Below 7890, it can hit 7840 too. Do not buy dip in indices or in stocks. Global market may extend loss.

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

For 01 October 2014: -

On 01 October 2014, FII Sold INR 63.24 crs and DII Bought INR 155.69 crs

Welcome back after long weekend. Global market has done a lot of rise and fall in between. We will see gap down but it is not as bad as SGX Nifty did in past few trading sessions. At one time SGX Nifty was even below 7800 during holiday in our market. Well, from 7945, Nifty chart is going to extend its weakness.

I have quoted 7925 and 7850 as crucial level for last week of trade. I feel that 7925 will break in opening minutes only or may go in gap down. So, will it hit 7850-7840 support zone. Chances are there if weakness extends in global market. S&P and DAX are likely to extend loss and hence second half selling is expected.

For today’s trading session, based on chart, 7925 is again crucial. Break below 7925 should give us levels of 7890 and the test towards 7850 too. We may get levels of 7925 in initial minutes itself. We have some 7900 put form good levels which we hold overnight. On higher side 7990-8000 levels will offer stiff resistance. Cross above 8000 will give levels of 8030. Market will wait for earning season to kick off. Once again Infosys will come with its figure on 10^th October.

I am still saying same words. Spoiler for global market can be just one big factor – Currency market. Almost every currency of emerging market is again showing fear on chart against USD. What can be good for US market may not be good for emerging market. I am writing this paragraph from past many trading sessions. I am quoting above remark form past many days. Indian Rupee moved from 60.25 to 61.90 in past 20 days.

Please visit our ‘intraday updates’ to get further updates or to take good advantage join paid services.

Strategy for Nifty October future – SGX Nifty is giving a hint for downside opening of approximately 50-55 points. I have already added short in the last trading day at 7990. If opening comes in the range of 7920 to 7900, then I may prefer to take profit for once. I feel that sooner or later we may see break below 7900. I will add fresh short if it sustain below 7900 levels. We may see quick fall below 7900.

S&P 500 (USA) – When Indian market were on holiday, S&P hit a low near 1926 levels. We saw a rebound after fall. This rebound may not sustain. Technical structure is still showing weakness. It is too early to say but I feel that it may hit levels below 1900 very soon. Stiff technical resistance will be at 1970 to 1-75 levels. I still suggest stay short or add shorts on any rise.