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.