03 March 2015: Nifty Elliott wave analysis: 9000 level is still a challenge for Nifty. It may act as ‘make or break’ levels. Key support = 8880

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

For 03 March 2015: -

On 02 March 2015, FII Bought INR 424.79 crs and DII Bought INR 180.35 crs

Bulls have not given us yet. In my view, Nifty may try to form a double top resistance which maybe at 8996 levels. It is a strong condition that second top must be lower compare to 8996. This study will be invalid if it surpass above 8996 levels. If it has to test or break 8996 then today is most suitable day. Will it happen? If not, then expect a dip based on profit taking.

For today’s trading session, we may see some flat opening. After opening we may see challenging trades. Yesterday’s top was at 8972 which is also a key resistance. Technical support will come at 8880 levels only. There is no big meaning of being bearish unless it breaks 8880 levels.

We heard that there is some rumour of rate cut by RBI next week although next monetary policy will come only on first week of April month. Keep this in mind.

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Strategy for Nifty March future – SGX Nifty is giving hint for opening near 8989 levels. If this happens then market will again go dull. I must say that Nifty Future is most unwanted instrument to trade right now due to its choppy behaviour.  Unless it breaks 8915-8910, we may not get any hint for profit taking either. Yesterday’s high of 9035 and 9065 will be key resistance.

S&P 500 (USA) – So far, it is saving technical support of 2096 and hence attempt for 2145 may continue. I still warn that this may be last leg rise. This is not only US market but there are many key global indices which may be on toppy pattern on long term chart. Remember, on long term chart this rally has multiple years of rise. Key momentum indicators like RSI and MACD have divergence.