11 February 2015: Nifty Elliott wave analysis: Post BJP Shock will be litmus test today for market. Technical support = 8500-8470. Resistance = 8630

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

For 11 February 2015: -

On 10 February 2015, FII Sold INR 1261.19 crs and DII Bought INR 851.32 crs

So market cheer for the AAP victory in Delhi election. Well, it has nothing to do with Delhi election outcome for rise. Fall could have blamed but not the credit for rise in market. In true political sense, bell is ringing for BJP now. Relative comparison of them self with Congress will not work longer. Setting a new base year to just make a calculative GDP higher is not what we can say ‘growth’. This is just like playing with numbers. Now, is this market not expensive at Nifty near 9000?  

What we said above has nothing to do with my trading plan as those are based on technical. Situation is not so alarming for charts. In fact, those are relatively better. Market got a bounce after seven days of fall. Today will be a litmus test for this revival.

For today’s trading session, one can expect flat opening but we may see stiff resistance at higher levels. 8530 will act as trading support. Break below 8530 will give levels like 8500 and then 8470 too. On higher side 8600 to 8630 will be stiff resistance. I must say that actual test of recovery will come today only.

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Strategy for Nifty February future – After a roller coaster ride market ended with gain. This was eighth day reversal. If Nifty future starts trading below 8585 then one can expect further quick dip. On higher side 8650 and 8690 will be key point of resistance. I do not want to say for direction as it has to be establishing yet.

S&P 500 (USA) – I will not change my words of correction until S&P crosses above 2100. I am repeating this view from levels higher above 2050. The best I can say is to avoid the range of 2050 to 2100 for trading. Time and pattern wise, there is something which is troubling market in a big way and stopping from moving higher on medium term chart. Will Greece make exit from Euro zone to make market crash the way I am seeing it?