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.
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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.
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