28 January 2015: Nifty Elliott wave analysis: Derivative expiry is coming tomorrow for January month series. High chance is that Yearly top is hitting in January month itself or maximum by early February!!! 101% CAUTION ADVISED !!!

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

For 28 January 2015: -

On 27 January 2015, FII Bought INR 953.51 crs and DII Sold INR 783.34 crs

People were talking about 9000 marks for Nifty by December 2015 or maximum by March – April in post budget days. Well, denying all expectations, it almost came by January itself. It is euphoric jump in market by bulls. Whenever bulls turn so mad, it is time to make exit from the market. I used same phrase every time.

I was expecting correction to some from 8750 levels which turned wrong and now nifty is above 8900 levels also. We got a deeper cut last night with almost 300 points dip on DJIA. Think – SGX Nifty is almost unchanged. Indian market has denied past three days fall in US market. Question is how long can it do this?

Technical charts are just up and it will remains up as long as it is fails to give at least one negative close. Take note that Indian market has given eight positive close in a row. I still take 8800 as key support as well as trend reversal support which is almost 110 points from current levels. Have a look on given chart. Nifty has general tendency of staying near to 100 DMA whenever correction used to come. 100 DMA is now at 8278. It is almost 7% away from current levels. Hence, 101% be cautious. We have derivative expiry tomorrow.

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Strategy for Nifty January future – SGX Nifty is giving hint for flat start which will itself going to be achievement after US market selloff. I am strongly suggesting to avoid trades or one must avoid all possibility of long trades. Corrections used to come when least people expect about it. It is true that its technical support stand only at 8810 to 8800 levels.

S&P 500 (USA) – It is down by 1.40% last night. It is a good dip which has transfer the direction to the bear’s hand. On medium term chart too we have yet to see the break of 1990-1980 support. As of now I am expecting this to test those support. I am almost right on take on US market. A correction which was expected has begun on 23^rd January 2015 itself. I just hope this to begin in Indian market too.