13 March 2015: Nifty Elliott wave analysis: My desired bounce is “ON”. I believe for target of 8830 and then 8900.

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

For 13 March 2015: -

On 12 March 2015, FII Bought INR 733.09 crs and DII Sold INR 381.94 crs

Government has passed insurance bill in parliament. Fine, let us give some value although I never think that these are required steps in the name of reforms. We will see some improved sentiments on related stock price. I went long using my technical tools. We took long on Nifty Future in the range of 8740 to 7860 day before yesterday.

My minimum expectation was 8870 to 8900 which I may get today. This is so good so far. I still believe that this recovery will get sold at higher levels but that level may not be today. Even US market got its desired price recovery.

For today’s trading session, we may see higher opening by 60-70 points. It may go above 8830 in opening minutes only. Take a note that 8830-8850 may be decisive points in term of resistance. I believe that above 8830 we may get 8900 also. Expect support at 8800 and 8770 after opening.

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Strategy for Nifty March future – Now, today it can open above 8860. In this way we will at a point of gaining more than 100 points gain on our long. I will decide if we should take profit now. Technically 8900 to 8930 may also within the reachable limit. Technical support after gap up will be 8835. Remember, 8835 is a decisive threshold which may gone by gap up.

S&P 500 (USA) – It gave the bounce which I was expecting. I was expecting 2060 but it closed above 2065. It does not matter much. It will be interesting to see how long can this recovery sustain. In my view, this recovery will get sold at higher levels. Firstly, it should have sold from current levels, if not then it will get sold at 2085. Now, do not short the recovery. Try to short the top.