19 March 2015: Nifty Elliott wave analysis: FOMC outcome favours market. Key resistance = 8750-8800. Key support – 8630-8600

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

For 19 March 2015: -

On 18 March 2015, FII Sold INR 457.43 crs and DII Sold INR 882.99 crs

We heard that mining bill may be presented in parliament. In my view these bills including Land acquisition bills are just a big waste for nation which looks rosy only for corporate house. Hence, market may like these bills. Stock price will get support from these bills. Let us keep these affairs out from market analysis.

Technical charts are suggesting that Nifty has key resistance at 8750 and then at 8800 levels. We can expect gap up today after Fed statement. It may not be meaningful to trade after gap up. Do not trade the high. It is preferable to avoid trade at higher levels.

For today’s trading session, we will see technical support will come at either of these three levels, 8700, 8660 and then final at 8620. H&S pattern is visible on chart now. Nifty is trading on n-line levels. If decisive dip comes then Nifty can slip towards 8400 in short term.

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Strategy for Nifty March future – Now, today it can open in the range of 8760 after FOMC outcome. Based on chart, bullish view will be applicable above 8794 only. One should avoid higher levels for trade. This gap up may not sustain. Let us see.

S&P 500 (USA) – What FOMC did last night is called a new time frame to buy. Market reacts positive on Jennet Yellen comments that economy has still some problem. It took as a sign that rate hike is not sooner. Fine, it’s their choice. Based on chart, 2056 was saved and hence bounced. It has room to hit 2119 if it can able to sustain above 2100 levels. Can it happen so easily?