19 January 2015: Nifty Elliott wave analysis: Charts says that above 8445, Nifty should challenge all-time high. Then, it will be make or break story.

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

For 19 January 2015: -

On 16 January 2015, FII Bought INR 1099.93 crs and DII Sold INR 716.91 crs

Indian market is still enjoying the bull’s ride which begins after surprise rate cut. Technical charts are not giving any negative signal as long as it is staying above 8445 levels. Remember, firstly it was Elliott wave resistance which was surpassed in wild gap up.

Elliott wave theory is saying that above 8445, Nifty can challenge its previous all-time high. It means that we may in striking distance of 8626 by early this week. It used to open two way analyses if it comes near 8629. First is another 250-300 points run on higher side to claim for 8900. Another is, if it turns shy near 8629. It can result a quick fire profit taking. There is no way to claim in advance at such levels so let it come.

For today’s session, it will get gap up opening after some good corporate numbers. If it opens in the range of 8600 then I will go on silent mode for intraday again. It may never be easy to deal after gap up of more than 50 points in general. I have no positions and I am free to pick a direction.

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Strategy for Nifty January future – SGX Nifty is saying for opening in the range of 8600. So, if this happens then intraday traders have nothing great to do. Just go for Holiday. I am taking this rise as make or break. One cannot short this kind of momentum. Equally, you may not get any dip to buy either.

S&P 500 (USA) – A bounce came exactly from 1990 support again and it came on the time when it almost gave a sense of give up. What shall we conclude with this bounce from 1990? It is still showing signs that market will put its best effort to save. As long as it holds 1990 it is showing direction as up. How long can this continue? Answer is as long as market wants. I am not optimistic for second half of January. Bears are coming!!!

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…

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19 January 2015: Nifty Elliott wave analysis: Charts says that above 8445, Nifty should challenge all-time high. Then, it will be make or break story.

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