10 February 2015: Nifty Elliott wave analysis: Election outcome will put its impression on market. Pure technical say for a move towards 8400 as it is below 8530.

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

For 10 February 2015: -

On 09 February 2015, FII Sold INR 660.30 crs and DII Bought INR 469.55 crs

Here comes another most important day in term of Indian electoral history. We saw Modi wave since May 2014 and today is the day when it may come to real halt as post poll survey is hinting same. What is good and what can be bad for Stock Market? Take a note, it is just another event which can put its impression on market movement but this effect will not last longer.

After today, market will look for upcoming union budget. More than that, correction will be just a market dynamics which has just came in line with event. There is nothing else to conclude. Its 8 am and I suggest to looking for Delhi election outcome for opening minutes.

For today’s trading session, if it comes with gap down then I suggest to avoid trading for the day. It may not be so easy and traders should avoid this kind of day. It is just good for only expert traders who can take quick swings. Technical view point is that break below 8530 may give us 8400 levels or may be even bigger cut.  

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Strategy for Nifty February future – I still say that charts are bearish so far. SGX Nifty is showing below 8500 as opening. We may not get any easy deal and even SGX Nifty may take more chances from current levels till opening. It is better to read for our intraday update.

S&P 500 (USA) – I am still bearish and this will remains my words for whole February month. On long term chart also it seems that there may not be easy cross above 2100 levels. It has again given close below 2050 levels last night. I like to see a break below 2035 to say for a newer lower wave to stat. so far, it is just a roller coaster market which is moving from high to low and then from low to high.