23 March 2015: Nifty Elliott wave analysis: 100 DMA support is at 8514 which may act as support before any big fall. Expect a bounce before expiry.

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

For 23 March 2015: -

On 20 March 2015, FII Bought INR 354.59 crs and DII Sold INR 219.20 crs

It has broken 50 DMA and now moving close to 100 DMA but little away from here. 100 DMA support is at 8514 levels. It looks like we should expect a bounce before going lower towards 8400 levels. I must say that H&S pattern will work sooner or later. We can expect one bounce before that due to 100 DMA support.

If market goes lower today near 8514 levels then we can make a soft buy attempt. I booked my Short on Friday with good again and tried few long which has not worked yet.

For today’s trading session, we can expect flat opening. We will get two crucial supports in downside, one is at 8550 and then at 8514 levels. I will prefer to trade only if I see some strength. If not then, I will prefer to ignore the day for trade. I expect one bounce towards 8650-8700. Remember, it is expiry week too.

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Strategy for Nifty March future – From a level of 8600 we may not have big room to go short without any bounce. It may give us a bounce towards 8700 levels for once. Technical support will emerge at 8550 levels. If market turned active then we can expect trades on long side. Ignore range bound session.

S&P 500 (USA) – I waited for the break below 2085 but it has never came yet. Now, I am revising threshold for short and it is at 2096 now. If you remember, it has worked very well last time also. Stiff technical resistance is at 2119-2120. After FOMC meet, Market has not moved the way I was expecting. I like to wait for more confirmation. I do not want to be bullish but it is equally true that above 2120, it may generate target of 2145. I am not level specific now. Rise must be very limited on long term chart.