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!!!