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.
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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.
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