23 February 2015: Nifty Elliott wave analysis: Will we get 9000 Nifty on Budget optimism. Petro-gate scam is a treat now. Technical support = 8800-8750 for Nifty.

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

For 23 February 2015: -

On 20 February 2015, FII Sold INR 89.41 crs and DII Bought INR 204.85 crs

Pre-budget euphoria is not over yet. Market is trading wild now a day. We are in budget week. Budget session will begin from today. I have no long – no short as of now. I am just in plan to take fresh view towards the market. Genuine analysis is suggesting that if Nifty can sustain above 8930 then we can expect 9000 levels.

I have already said that we have two targets on budget rally. One is at 9000 and other at 9200 levels. I still believe for same moves. This is going to be interesting week. Take a note that Budget will come on Saturday.

For today’s trading session, one can expect flat to positive opening. Immediate technical support will emerge at 8880-8850 levels. On higher side cross above 8930 may push Nifty towards 9000 levels by today itself. One should expect buying in budget based optimistic stocks. I still believe for buy in dip. Will I go wrong some point? Yes, there are chances due to Petro-gate scam.

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Strategy for Nifty February future – Opening may go around 8870-8860 levels. I consider 8830 as key support before 8800 levels. One thing is sure, above 8930 it can add quick move towards 8960 and then at 9000 levels. I am not very sure so this index is not in my choice of trade. Let us see how it shapes today.

S&P 500 (USA) – It is above 2100 levels. It is surprising but good thing is that I avoided short either in the zone of 2050 to 2100 levels. Technically, it has generated target for a move towards 2145 at least. I was expecting this in the month of January but it took a big dip before that. Now, it is taking fresh attempt. I still believe that this is a toppy market. Top come at 2100 or 2145, on long term chart this is a caution at top.

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…

Nifty 50 - Analysis

23 February 2015: Nifty Elliott wave analysis: Will we get 9000 Nifty on Budget optimism. Petro-gate scam is a treat now. Technical support = 8800-8750 for Nifty.

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BANKNIFTY FUTURE CHART ANALYSIS

23 February 2015: Nifty Elliott wave analysis: Will we get 9000 Nifty on Budget optimism. Petro-gate scam is a treat now. Technical support = 8800-8750 for Nifty.

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