04 March 2015: Nifty Elliott wave analysis: Nifty = 9000 Achieved. If follow up trades above 9010 comes, then expect 9100 too. 8900 will be KEY support!!!

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

For 04 March 2015: -

On 03 March 2015, FII Bought INR 772.92 crs and DII Sold INR 303.88 crs

9000 has finally done on the chart. This is one logical target on rise. Now, if it can sustain above 9000 then we can expect extension towards 9100 levels. Will that happen? Will that be as simple as a move from 8000 to 9000 levels? So far, market has strong edge for bulls.

We saw participation by Reliance. Today also, key stock will be Reliance for rise. We have a market cycle where market used to top out with rise in reliance. I feel that as long as market is above 8900 we cannot consider probability for profit taking. It can first take a move towards 9100 if it can sustain above 9010 levels.

For today’s trading session, we may see some flat opening. It must save 8960 levels in opening hours. If it can sustain above 9010 by anytime for this week then we can expect a sharp rise of 80-90 points. We have seen the beginning of divergence after yesterday’s high. Wave theory is saying for a top to emerge sooner.

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 9030 levels. We will get immediate trading support at 9010 levels. As long as it is above 9010 then we can expect a move towards 9065 levels. Yesterday’s high came at 9065 which was quoted in pre-market analysis too. One must note that cross above 9065 will give a target of 9110 to 9140 levels.

S&P 500 (USA) – One day up and next day’s down kind of pattern continues. It is almost at life time high but not showing the desired strength. Equally, as long as it is above 2096, bears have no room to enter yet. I still say, let us wait for some trades below 2096 levels. I strongly believe that this is last leg before fall in US market. So far, there is no trade in this index yet. Upcoming correction will be global phenomenon.