16 March 2015: Nifty Elliott wave analysis: Bounce target and breakdown came on same day. Close below 50 DMA is not good. Possible next target can be 8400 based on H&S pattern.

You must read previous articles and watch the given chart carefully to understand this article completely.
For 16 March 2015: -

On 13 March 2015, FII Bought INR 66.98 crs and DII Sold INR 71.55 crs
Nifty has broken 50 DMA support for the first time in past two months of trade. More than that, it has formed a H&S pattern on short term chart. Even if bounce comes it will get sold at higher levels. Charts are suggesting that if it sustain below 8630 then we can expect levels of 8400 by this expiry. It is scary. Truly, it is scary. It is suggesting that some bad news may the market sooner. What that can be? I have no idea.
On higher side resistance will emerge at 8700 levels too. No recovery can be reliable. It is strongly suggested to main distance from mid-cap and small cap stocks.
For today’s trading session, we may see lower opening by 40-50 points. This may push levels near 8600 levels. We may expect panic sell off if it breaks and sustain below 8600 levels. I cannot deny the possibility of price recovery but there is no such signal as of now on chart. We need to wait for intraday development.
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Strategy for Nifty March future – Now, today it can open in the range of 8650. If it sustain below 8650 for 10-15 minutes then we can expect an immediate fall towards 8600 levels. This is definitely a level where optimism is dying. If this continues then we can see a bloodbath sell off.

S&P 500 (USA) – It has done with its recovery in just one day and came to hit a low of 2040 levels. It has bounce to close above 2050 on Friday’s session. I still say that once it breaks below 2035 then we can expect most levels. I still expect S&P to hit 2000 levels before any significant rebound. Based on true technical chart, I am not expecting any more newer high on long term chart. I believe that top for he has done. 
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…
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