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.

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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.