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.