30 April 2015: Nifty Elliott wave analysis: Derivative expiry may end on wild note. Support = 8150, below this 8000 is not too far.

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

For 30 April 2015: -

On 29 April 2015, FII Sold INR 718.31 crs and DII Bought INR 912.46 crs

Tussle continues near 200 DMA. Although I traded long to get good gain intraday trade, I can say that bears are on winning note. We have derivative expiry today for April month series. Today is last trading day of the week too. Hence, market may go on wild note.

My anticipation is that there must be many traders left in the market who may have forwarded long as they have not got many opportunities to exit. They may go nervous on expiry day. Hence we should give edge to bears only. From past many expiries we saw that expiry day used to follow same direction which market used to stay in past few days. Clearly, market was down from past many days.

For today’s trading session, I am expecting negative opening. It may open in the range of 8200 levels. We will see immediate trading support to emerge at 8150 but I am strongly doubtful about support today. Today be as wild as it can give a crash towards 8000 kind of levels too. Just hope that 8150 works. If not then 8000 is not too far. On higher side, nothing is safe.

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Strategy for Nifty May future – we have derivative expiry today and there is no sign of revival. It may see continuation of fall today also. On higher side it has resistance at 8350 and then at 8380 levels. In the downside 8250 is a support below which it can see a crash.

S&P 500 (USA) – It has again turned down from near to 2120 levels. It is limiting its trading range near to 2120 levels but there is no any good sign to short yet. On higher side it still tough to trade although it has hint for advance towards 2145 levels. I will maintain distance from this index when we have so many opportunities in Indian indices. There is no possibility of good short signal unless S&P close below 2096 at least. 

30 APRIL 2015: Stock Chart Analysis for intraday: DLF, CENTURYTEX and ACC

DLF (133.75)

Buy above 135/SL 133/ Target 138-140|| Sell below 131/ SL 133/ Target 128-126

CENTURYTEX (709.25)

Buy above 720/SL 710/Target 740-760||Sell below 696/ SL 705/ Target 680-670

ACC (1484.45)

Buy above 1500/SL 1494/Target 1515-1524||Sell below 1472/ SL 1481/ Target 1450

29 April 2015: Nifty Elliott wave analysis: Nifty running here and there near 200 DMA. Recovery is still not reliable. Trade less till expiry.

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

For 29 April 2015: -

On 28 April 2015, FII Sold INR 1532.84 crs and DII Bought INR 1537.08 crs

I was expecting technical support at 8150 but it took a bounce form 8185 levels itself. We are near to derivative expiry for this month trades. Market it on sell mode from 15^th April 2015 onwards with just two positive close in between. This shows the pain of the market. We saw 100 points bounce yesterday. I just pass yesterday’s trading session for index to save our self from odd volatility. I definitely do not want to short from low.

I still suggest that we should restrict trade till expiry. Expiry may have ugly volatility where traders may get trapped in illusion of opportunities.

For today’s trading session, I am expecting flat opening. We will see immediate trading support at 8240 and then at 8185 levels. 200 DMA has extended and now it is at 8264 levels. We got close above 200 DMA. Today may be a litmus test for bulls and bears both. Once again, do not trade uncertain market moves.

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Strategy for Nifty May future – close to April month expiry we may see many odd and uncertain moves. This may continue till tomorrow. It looks to give some recovery but there is no reliability for this recovery yet. This may again fall from higher levels. If one get trapped then it can give big pain.

S&P 500 (USA) – Almost all major US indices are knocking for higher breakout. I still feel that bulls are not very keen to see decisive breakout for further rise. Since November 2014 itself it is not showing strength to move much above 2100 levels. We are at no trade zone. Do not trade long and do not trade short either. Just stay on side line. I must say that I like to trade short but I need to see few sell signals first. 

29 APRIL 2015: Stock Chart Analysis for intraday: IDEA, HEXAWARE and TATASTEEL

IDEA (191.85)

Buy above 193/SL 191/ Target 198-201|| Sell below 188/ SL 190/ Target 185-183

HEXAWARE (313.65)

Buy above 316/SL 313/Target 322-325||Sell below 309/ SL 311/ Target 305-302

TATASTEEL (371.45)

Buy above 374/SL 372/Target 380-385||Sell below 368/ SL 370/ Target 365-363

28 April 2015: Nifty Elliott wave analysis: Nifty is slowly giving up at 200 DMA levels. We have no major moving average support now.

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

For 28 April 2015: -

On 27 April 2015, FII Sold INR 1749.33 crs and DII Bought INR 1667.54 crs

Indian market went against US cues from past many trading sessions. Nifty has almost lost 1000 points from its all-time high. All that happened when US indices hit all-time high. Even at 200 DMA Nifty is not taking any support. There is no sign of revival. Time pattern on H&S pattern is suggesting that we may not expect any revival for 5-6 trading sessions more. If that turn true then 8000-7900 may also be on hunt.

Problem is that we have not seen any odd bounce either which could have been good entry point for short trade either. After such sharp dip market always have a possible of sharp bounce. I suggest using odd bounce for short only.

For today’s trading session, I am expecting flat opening. As of now we will get some technical support at 8150 levels. On higher side it will face resistance at 8300 levels. We are inching towards derivative expiry now. One must note that INR is turning weaker compare to USD in past few trading sessions. Situation can be catastrophic in coming few weeks as we have possibility of 70.

Please visit our ‘intraday updates’ to get further updates or to take good advantage join paid services.

Strategy for Nifty May future – Expiry coming closer but there is no sign of revival on any front. Technical support may come only at 8250 to 8225 levels but I do not think that recovery can sustain from any higher or lower levels. I am keen to trade on short side today. I will be happier if we can get some bounce. Majority of decision should be taken during market hours rather than any pre-determined moves. 

S&P 500 (USA) – It hit a high at 2125 but then closed on soft note again. Does this make any sense that it has slipped from top even after new all-time high? Yes it makes sense and sense is that it is in the process of formation of long term top. I am stopped out from short with small loss but I am not convinced enough to be long. I am on side line and still feeling that this market is for fall from 2100+ levels. 

27 April 2015: Nifty Elliott wave analysis: Nifty final hope is 200 DMA i.e. @ 8255. This is decisive week and expiry week too.

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

For 27 April 2015: -

On 24 April 2015, FII Sold INR 775.46 crs and DII Bought INR 896.33 crs

All must agree that Nifty finally came at 200 DMA and still not showing any good sign of recovery. How important is this? I must say that no indices in the world can be comfortable near 200 DMA. So are Indian indices. Do not expect easy move here. Is it all negative only? If you think so then I have a ray of hope which may not be so big but important. We saw rise in blue-chip metal stock – Tata Steel. I spend more than 15 years in stock market and I can say that whenever value money comes in blue-chip metal stocks are such kind of low. Market used to protect from further lower cut. Now, either can see fresh sell off in metal too or a short term bottom is near.

I still say that do not ignore that brutal H&S pattern which is visible on chart. This has a target at 8000-7900 levels. This will come sooner or later.

For today’s trading session, I am expecting flat to positive opening. We have two crucial supports; one is at 8280 before 8245 levels. Corporate earning is just not good enough. Even Infosys has disappointed market sentiment. Once again, as there is no visible sign of recovery yet so we cannot see any safer levels on higher side.

Please visit our ‘intraday updates’ to get further updates or to take good advantage join paid services.

Strategy for Nifty May future – We are going to deal with May month future from today onwards itself as we have holiday on this Friday. So the expiry day will be last trading day of the week too. From 8400 levels we can get support at 8350 only. Shall we buy in dip? We may opt to give another try near 200 DMA. Below 200 DMA, long has big big no.

S&P 500 (USA) – After a real long time S&P came very close to 2120 levels. Do you know that it’s a fresh life time high? I cut my shorts with half percent loss. I am going in wait and watch mode. Pure technical analysis is suggesting for 2145 if it can sustain above 2120. Will it is sustained above 2120? We will get answer tonight. This is beyond the scope of prediction. 

27 APRIL 2015: Stock Chart Analysis for intraday: LUPIN, CANBK and TATASTEEL

LUPIN (1757.10)

Buy above 1765/SL 1757/ Target 1800|| Sell below 1742/ SL 1750/ Target 1720-1710

CANBK (376.15)

Buy above 382/SL 379/Target 386-389||Sell below 373/ SL 376/ Target 368-364

TATASTEEL (370.50)

Buy above 372/SL 369/Target 378-384||Sell below 363/ SL 366/ Target 355-350

24 April 2015: Nifty Elliott wave analysis: Banking stocks are adding additional pressure. Nifty to get support @ 8350 > 8285 and then final @ 8245 !!!

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

For 24 April 2015: -

On 23 April 2015, FII Sold INR 276.83 crs and DII Bought INR 559.60 crs

I have already said that above 8480 it may not be stable due to H&S formation. It is confirming my fear and gave up from higher levels. If meaningful recovery is not coming then it has a bright chance to go choppy at this point of time. I am still sure that 8480 to 8500 levels will act as resistance on higher side. It is still 100 points away from yesterday’s closing quotes.

I still say that Nifty is forming most brutal H&S pattern of recent many years which will cause further fall on index in coming days but right now a price recovery is on. Today is eighth day from the high of 8844 levels. If you take magnitude wise it was from 8844 to 8284. It was 560 points without a single recovery.

For today’s trading session, I am expecting flat opening. We have two crucial supports, one is at 8350 and then at 8285 before 8245 levels. Market may want to see more corporate earning which is not good so far. Infosys is on radar now. I say, trade less on last trading day of the week.

Please visit our ‘intraday updates’ to get further updates or to take good advantage join paid services.

Strategy for Nifty April future – We should get a start near 8400 levels. We will get trading support at 8360 to 8330 levels. Once again anything near to 8500 will not be safe but I am expecting support to emerge at lower side for a bounce. Sooner or later it will take a dip on long term chart but shorting immediately at lower side is not just easy.

S&P 500 (USA) – My study remains same. This is consolidation above 2100 levels. I can say that US indices in the tug-of-war mode where bulls and bears both try to show their power. In normal condition, technical traders should restrict their activity near such levels. My call is short near 2110 with stop loss at 2120 and wait for decisive mode. I am just saying that if this is range bound market (as seen from past 5-6 months) then short the top end of market. Will it cross 2120? 

24 APRIL 2015: Stock Chart Analysis for intraday: HEXAWARE, SBIN and TATASTEEL

HEXAWARE (318.65)

Buy above 322/SL 320/ Target 327-330|| Sell below 316/ SL 318/ Target 313-310

SBIN (277.35)
Buy above 282/SL 279/Target 286-289||Sell below 275/ SL 277/ Target 270-267

TATASTEEL (369.45)

Buy above 372/SL 369/Target 378-384||Sell below 363/ SL 366/ Target 355-350

23 April 2015: Nifty Elliott wave analysis: Recovery will face litmus test at 8470-8480 levels. Recovery can sustain for 3-5 days at the maximum.

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

For 23 April 2015: -

On 20 April 2015, FII Sold INR 1506.86 crs and DII Bought INR 962.50 crs

We saw a low at 8284 levels before bounce. Finally we got closing at 8429 levels. This is a strong intraday reversal. We utilized most of the rise from lower levels with massive gain as we took long on Nifty future from 8315 levels. On 27^th March it had a low of 8269 and hence the zone of 8269 to 8245 was zone for support. Take a note that 8245 is 200 DMA support.

I still say that Nifty is forming most brutal H&S pattern of recent many years which will cause further fall on index in coming days but right now a price recovery is on. We got recovery after five days of consecutive fall. If you take magnitude wise it was from 8844 to 8284. It was 560 points without a single recovery.

For today’s trading session, I am expecting positive opening. Take a note that this recovery can hit a halt at 8470 to 8480 levels. So this is going to be first litmus test for recovery. I am issuing a strong caution. This rally will truncate at higher levels. This recovery can sustain for 3-5 trading sessions at the maximum.

Please visit our ‘intraday updates’ to get further updates or to take good advantage join paid services.

Strategy for Nifty April future – We should get a start near 8500 levels. We will get trading support at 8450 to 8430 levels. I can repeat that no higher levels are safe anymore due to possible brutal H&S structure. I prefer to buy-in-dip but majority of decisive will take be taken during trading hours. We have some forwarded long.

S&P 500 (USA) – This is consolidation above 2100 levels. I can say that US indices in the tug-of-war mode where bulls and bears both try to show their power. In normal condition, technical traders should restrict their activity near such levels. My call is short near 2110 with stop loss at 2120 and wait for decisive mode. I am just saying that if this is range bound market (as seen from past 5-6 months) then short the top end of market. Will it cross 2120? 

23 APRIL 2015: Stock Chart Analysis for intraday: DLF, HDFC and TATASTEEL

DLF (136.80)

Buy above 138/SL 136/ Target 142-145|| Sell below 133/ SL 134/ Target 130-129

HDFC (1277.20)

Buy above 1285/SL 1277/Target 1300-1310||Sell below 1264/ SL 1272/ Target 1250

TATASTEEL (351.35)

Buy above 355/SL 352/Target 362-365||Sell below 346/ SL 348/ Target 342-340

22 April 2015: Nifty Elliott wave analysis: There is no sign of pause so far on Nifty. So far, six negative days in a row. Support = 8350-8245.

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

For 22 April 2015: -

On 20 April 2015, FII Sold INR 1506.86 crs and DII Bought INR 962.50 crs

Once it has sustained below 8400 we have no point to think for recovery. Just one logic is supportive that it is falling from 8844 levels. We saw six negative closes in a row .This is most severe H&S pattern formation. If it comes to act then 8000 to 7900 on Nifty is very much possible. Based on Elliott wave chart too, it is justifying 8000-7900 levels.

This market is clearly a sell on rise market but even bounce has not come to any good extent to short. It looks like good days are over for Indian stock market and it is preparing for big fall.

For today’s trading session, I am expecting negative opening. Key support will be at 8350. If it breaks 8350 then we can expect a fall towards 8245 levels too. There may be individual stocks to buy but indices are just falling knife to catch.

Please visit our ‘intraday updates’ to get further updates or to take good advantage join paid services.

Strategy for Nifty April future – Opening quotes may come at 8400 levels which may goes in favour of bears. Technical support will come at 8370 to 8360. On higher side no levels can be safe after this kind of sell off. If it sustain below 8360 then we may see more deeper cut.  

S&P 500 (USA) – I said yesterday that I will be happy to add short @ 2110 levels if I get.  Check yesterday’s high, it was on dot at 2110. After this we got closing almost at lowest point of the day. Final result will be fall but before that we may see some consolidation in US market. On long term chart this is almost six month near 2100 but we have not seen decisive move yet. If it sustain below 2096, we may see trading dip towards 2090-2085. 

22 APRIL 2015: Stock Chart Analysis for intraday: CENTURYTEX, HEXAWARE and BHEL

CENTURYTEX (714.80)
Buy above 730/SL 723/ Target 745-755|| Sell below 699/ SL 707/ Target 685

HEXAWARE (325.75)
Buy above 328/SL 325/Target 335-340||Sell below 322/ SL 324/ Target 319-317

BHEL (227.00)
Buy above 231/SL 229/Target 235-236||Sell below 225/ SL 227/ Target 222-220

21 April 2015: Nifty Elliott wave analysis: A brutal H&S pattern is developing with fear of fall towards 7900-8000 in short to long term.

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

For 21 April 2015: -

On 20 April 2015, FII Bought INR 108.00 crs and DII Sold INR 60.18 crs

For some time keep technical analysis at one side as here is something very serious to deal. Big question is, “Is this the worse quarterly earning season?” there is nothing called perfectly bad or perfectly well in stock market. We are in a situation where corporate earning goes through a litmus test against its share price.

I say, so far this is worse corporate earnings for past many years. Have a look on technical chart now. An H&S pattern is in formation. This is most severe H&S pattern formation. If it comes to act then 8000 to 7900 on Nifty is very much possible. Based on Elliott wave chart too, it is justifying 8000-7900 levels.

This market is clearly a sell on rise market. If market wants to recover then there is just one possibility that it is falling from past four trading sessions.

For today’s trading session, I am expecting flat opening on cautious note. We can expect some nervousness. From 8448 levels we may not be in great shape to recover either. Most trading decision will depend on online development. It is something where one cannot plan much. I had a plan to buy the dip but I gave up except buying Hexaware which was perfect yesterday.

Please visit our ‘intraday updates’ to get further updates or to take good advantage join paid services.

Strategy for Nifty April future – We can expect opening around 8460 levels. Big question is will recovery from here. I must clear. Any short term recovery if comes will fail at higher levels. Short this market in 2-3 days of recovery. Technical support may come at 8420-8400 levels only. it will well half percent away. No higher level is safe anymore.

S&P 500 (USA) – I considered 2074 as key support levels and it worked perfectly to give a bounce. S&P came at 2100 levels once again. Once again, question is what is coming next. I still say 2120 will act as stiff resistance. I cannot change my view for shorting above 2100 levels as long as it is failing to cross 2120 levels. I will be happy to add short @ 2110 levels if I get.  

21 APRIL 2015: Stock Chart Analysis for intraday: HEXAWARE, RELIANCE and HDFC

HEXAWARE (323.10)

Buy above 326/SL 323/ Target 332-335|| Sell below 318/ SL 321/ Target 313-310

RELIANCE (885.65)

Buy above 896/SL 891/Target 905||Sell below 877/ SL 882/ Target 865-860

HDFC (1268.65)

Buy above 1278/SL 1272/Target 1290-1296||Sell below 1255/ SL 1263/ Target 1240-1230

20 April 2015: Nifty Elliott wave analysis: Nifty 100 DMA support is at 8567. Can it bounce from 100 DMA support? Be cautious.

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

For 17 April 2015: -

On 15 April 2015, FII Bought INR 108.00 crs and DII Sold INR 60.18 crs

100 DMA comes at 8567 levels and 50 DMA is at 8705. Market range may be here and there in this range only. we saw dip on Friday’s session too. Based on Elliott wave chart this is progression of wave ‘b’.

For today’s trading session, I am expecting good technical support in the range of 8565 levels. One thing is for sure on long term chart that Indian indices are spending time at 100 DMA mark. This shows that market comes in the consolidation mode on long term trend. We cannot predict the outcome of long term consolidation as of now.  

I must say as long as it is above 100 DMA it may have bright possibility for many odd bounce which may be a part of trading play. We are at such situation today. A bounce is expected from 8565. If not then we may revisit the levels of 8460-8400 range.

Please visit our ‘intraday updates’ to get further updates or to take good advantage join paid services.

Strategy for Nifty April future – SGX Nifty is showing opening near 8620 levels which is much better compared to the fall which came in US market in Friday’s trading session. If one gets 8590-8580 levels then one can try long with some small stop loss at 8560 levels for a bounce. Still, caution is advised.

S&P 500 (USA) – Finally, once again it has slipped by more than one percent from 2100+ levels. Hope shorts have enjoyed last day of the week. Technically, 2074 may act as support. Can it break 2074 too? Nothing is impossible but we need to accept that US indices are in the range. This range is on the upper end on the long term chart. I am expecting a long term top but decisive profit taking is still missing. My favourable range for long is at 2045. So far, I am comfortable with short. 

20 APRIL 2015: Stock Chart Analysis for intraday: TCS, SAIL and BHEL

TCS (2474.85)

Buy above 2492/SL 2480/ Target 2510-2520|| Sell below 2465/ SL 2474/ Target 2445

SAIL (77.15)

Buy above 78.25/SL 77.50/Target 80-82||Sell below 76/ SL 76.80/ Target 75-74

BHEL (234.85)

Buy above 237.50/SL 265.50/Target 240-242||Sell below 231/ SL 233/ Target 226-224

17 April 2015: Nifty Elliott wave analysis: Nifty is on dot at 50 DMA. Will it make or will it break?

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

For 17 April 2015: -

On 15 April 2015, FII Bought INR 108.00 crs and DII Sold INR 60.18 crs

I do consider that we saw a panic sell off yesterday below 8710. Only good part is that it took a bounce before close but just short off 50 DMA. As said it was end of wave ‘b’ at 8850 and we saw a low at 8645. Market may find in search of global trend. I will not say to short immediately as we may see some recovery if Nifty can sustain above 50 DMA. I must say that around 50 DMA, market may not get easy direction.

For today’s trading session, I am expecting opening on flat note. Take a note that only meaningful support will come at 8645-8630 levels. If Nifty remains below 8710 for long time then it may be first signal of threat of fresh fall. Wild target of this downmove may go near 8450-8400 levels. So, intraday recovery may not decide trend.

Please visit our ‘intraday updates’ to get further updates or to take good advantage join paid services.

Strategy for Nifty April future – Expect opening around 8710 levels as indicated by SGX Nifty. Technical charts are suggesting that we may get trading support at 8680 and then at 8660. On higher side it need to stand above 8740 to think about recovery to sustain till close.

S&P 500 (USA) – I stick with my point. Anything above 2100 is for short with stop loss at 2120 levels. US market is under decisive mode again. This decisive mode is for bulls. It may turn to be opportunity for bears. I played this levels many times in past few months. Key support for downside will come at 2096. Once it breaks 2096 then we can see some steep selling. It will be just like of past many odd moves. 

17 APRIL 2015: Stock Chart Analysis for intraday: IDEA, CENTURYTEX and CIPLA

IDEA (202.75)

Buy above 204/SL 202/ Target 210-212|| Sell below 198/ SL 200/ Target 194

CENTURYTEX (763.20)

Buy above 770/SL 762/Target 785-796||Sell below 750/ SL 758/ Target 735-725

CIPLA (678.85)

Buy above 683/SL 679/Target 690||Sell below 675/ SL 678/ Target 668-664

16 April 2015: Nifty Elliott wave analysis: 50 DMA comes at 8710. Below 8710, bears may kill the market again !!!

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

For 16 April 2015: -

On 15 April 2015, FII Bought INR 108.00 crs and DII Sold INR 60.18 crs

8850 turned to be decisive. It has not crossed above 8850 and hence a fall hit to take a move towards 50 DMA. Right now 50 DMA is at 8710 which will be key for the day. If trades sustain below 8710 then we can see sharp panic sell off.

Based on Elliott wave chart, we may be in corrective up wave ‘b’ right now. It seems that wave ‘b’ has ended with a top just before 8850 levels. It was not very unexpected. It has just denied the threshold at 8850 to add another 60 points. I say it has done with wave perfection.

For today’s trading session, I am expecting opening on some positive note after yesterday’s sell off. I have a strong doubt if it can sustain. Immediate trading resistance will emerge at 8780 to 8800 levels. Final resistance point will come at 8850. I must say that Nifty may not be for short above 8850. This level may be stop loss for those who picked short on rise as we did.

Please visit our ‘intraday updates’ to get further updates or to take good advantage join paid services.

Strategy for Nifty April future – One can expect opening around 8800 levels. You can say that this may be impact of rise US market last night. Indian market may deny positives right now. Technical resistance will emerge at 8810 to 8830. I do expect a violation of 8750 which may be next key bear’s threshold.

S&P 500 (USA) – I stick with my point. Anything above 2100 is for short with stop loss at 2120 levels. US market is under decisive mode again. This decisive mode is for bulls. It may turn to be opportunity for bears. I played this levels many times in past few months. Key support for downside will come at 2096. Once it breaks 2096 then we can see some steep selling. It will be just like of past many odd moves. 

16 APRIL 2015: Stock Chart Analysis for intraday: TATAMOTORS, TATASTEEL and HEXAWARE

TATAMOTORS (540.45)

Buy above 548/SL 544/ Target 555-560|| Sell below 535/ SL 539/ Target 528-525

TATASTEEL (337.65)

Buy above 342/SL 340/Target 346-350||Sell below 336/ SL 339/ Target 330-324

HEXAWARE (324.35)

Buy above 328/SL 326/Target 332||Sell below 321/ SL 323/ Target 315-310

15 April 2015: Nifty Elliott wave analysis: Expect another dull day with trading support to come @ 8800-8780 !!!

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

For 15 April 2015: -

On 13 April 2015, FII Bought INR 417.01 crs and DII Bought INR 46.42 crs

I have quoted for a top end of possible resistance band to come at 8850. We saw intraday top near same levels. Take a note that crossover of resistance can generate further good rise. Can it happen? I have traded long on last trading session but I believe that we may be near to another trading top and we may see a correction towards 50 DMA before fresh bounce.

Based on Elliott wave chart, we may be in corrective up wave ‘b’ right now. This is giving me a possible target of 8910. This is something which is suggesting me to be cautious. If I see strength then long is my preference.

For today’s trading session, I am expecting opening on flat note. Afterward it will go range bound at 8780 to 8800 levels. I will not opt to take positional trade as of now without any strong signal to trade. We have only meaningful support at 8735 to 8715 levels. If I have to buy then we have to buy a dip.

Please visit our ‘intraday updates’ to get further updates or to take good advantage join paid services.

Strategy for Nifty April future – One can expect opening near 8850 levels. Intraday trading support will emerge at 8810 to 8790 levels. Do not expect much today also. As of now, I may have planned to buy the dip with stop loss 8790. I will not opt any long if it sustains below 8790.

S&P 500 (USA) – My study remains same as my short came above 2100. I said for short near 2100 levels and here are the levels. One need to note that one has to keep stop loss just above 2120 levels. It is traditional range of past four to five months. On long term chart this market is just trading a range of 4-5 percent near top or say near 2030 levels. We may not get decisive break our sooner as of now. Hence I opt to trade the range and prefer to short the upper end of range with suitable stop loss.  

15 APRIL 2015: Stock Chart Analysis for intraday: CENTURYTEX, IDEA and SBIN

CENTURYTEX (785.60)

Buy above 796/SL 790/ Target 810-820|| Sell below 775/ SL 781/ Target 760-750

IDEA (202.20)

Buy above 204/SL 202/Target 209-212||Sell below 197/ SL 199/ Target 192-191

SBIN (286.30)

Buy above 289/SL 287/Target 295||Sell below 283/ SL 285/ Target 278-275

13 April 2015: Nifty Elliott wave analysis: Expect another dull day and a mix week. Trading support of Nifty will emerge at 8715 to 8735.

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

For 13 April 2015: -

On 10 April 2015, FII Bought INR 362.79 crs and DII Sold INR 135.18 crs

We got another close above 50 DMA. Market is just turning dull at these levels. Index range has also turned little narrow. I must say that there is no concrete sign of trade for short. It may try to be mixed for this week. 50 DMA is now on shrinking trajectory. It is now at 8716 levels.

It is clear that 50 DMA will act as good support in dip but 8800 to 8850 may act as stiff zone of resistance too. I do not think that market may give any easy move beyond this range.

For today’s trading session, I am expecting opening on flat note. Afterward it will go range bound at 8780 to 8800 levels. I will not opt to take positional trade as of now without any strong signal to trade. We have only meaningful support at 8735 to 8715 levels.

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Strategy for Nifty April future – One can expect opening near 8800 to 8820 levels. Intraday trading support will emerge at 8770 to 8760 levels. Do not expect much today unless something happens big during trading hours. On higher side 8850 may be maximum higher levels.

S&P 500 (USA) – I said for short near 2100 levels and here are the levels. One need to note that one has to keep stop loss just above 2120 levels. It is traditional range of past four to five months. On long term chart this market is just trading a range of 4-5 percent near top or say near 2030 levels. We may not get decisive break our sooner as of now. Hence I opt to trade the range and prefer to short the upper end of range with suitable stop loss.  

13 APRIL 2015: Stock Chart Analysis for intraday: HEXARWARE, BHEL and RCOM

HEXAWARE (330.70)

Buy above 334/SL 332/ Target 340-342|| Sell below 328/ SL 331/ Target 323-320

BHEL (234.60)

Buy above 238/SL 236/Target 242-245||Sell below 232/ SL 234/ Target 228-226

RCOM (71.95)

Buy above 72.50/SL 71.80/Target 74-76-80||Sell below 69/ SL 69.80/ Target 67

10 April 2015: Nifty Elliott wave analysis: Now, this may turn buy in dip market with strong support at 8730. Prefer to buy in dip rather than buying high.

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

For 10 April 2015: -

On 09 April 2015, FII Bought INR 193.81 crs and DII Bought INR 492.79 crs

Nifty has played hide and seek game near 50 DMA. Logically, we can say that if trades sustain above 50 DMA then it can be a good sign of strength. Will it really happen? I am sure that market may take a rise for short to medium term. Equally, I have enough doubt for trading moves. Somehow charts are suggesting for a pullback towards 50 DMA to test this as support and then a final up move should come if it has to come.

Technical charts are saying that market may go in consolidation mode with a range from 50 DMA to 100 DMA. This is giving me a range of 8535 to 8725 (~8750) ranges. It is equally true that momentum indicators are giving me a positive direction for market.

For today’s trading session, I am expecting opening on flat note. Broadly I am expecting an up move as rise is well supported by banking stocks right now. The way it looks it may not go in that way. Best way is to buy the correction and hence it may be a buy in dip market as long as it holds 50 DMA support at 8730 levels.

Technology stocks look good to buy.

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Strategy for Nifty April future – I still like to repeat that above 8800 it should favours bulls only. One can expect a move towards 8850 levels if it sustain well above 8800 levels. We saw a dip from 8799 yesterday before a good bounce. Intraday charts are having a warning for wave truncation at higher levels. I advise caution at higher levels but equally wants to buy dip near 50 DMA.

S&P 500 (USA) – I was expecting this move towards 2096 levels and my preference is to add short in this zone. We got a rise yesterday and I found this level suitable. We all know that this market is in range from past more than four months with upper resistance at 2119. One can keep stop loss at 2120 and add short near 2100 levels. If it breaks 2100 on higher side then we can expect fresh strength.