28 April 2015: Nifty Elliott wave analysis: Nifty is slowly giving up at 200 DMA levels. We have no major moving average support now.

You must read previous articles and watch the given chart carefully to understand this article completely.

For 28 April 2015: -

On 27 April 2015, FII Sold INR 1749.33 crs and DII Bought INR 1667.54 crs

Indian market went against US cues from past many trading sessions. Nifty has almost lost 1000 points from its all-time high. All that happened when US indices hit all-time high. Even at 200 DMA Nifty is not taking any support. There is no sign of revival. Time pattern on H&S pattern is suggesting that we may not expect any revival for 5-6 trading sessions more. If that turn true then 8000-7900 may also be on hunt.

Problem is that we have not seen any odd bounce either which could have been good entry point for short trade either. After such sharp dip market always have a possible of sharp bounce. I suggest using odd bounce for short only.

For today’s trading session, I am expecting flat opening. As of now we will get some technical support at 8150 levels. On higher side it will face resistance at 8300 levels. We are inching towards derivative expiry now. One must note that INR is turning weaker compare to USD in past few trading sessions. Situation can be catastrophic in coming few weeks as we have possibility of 70.

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Strategy for Nifty May future – Expiry coming closer but there is no sign of revival on any front. Technical support may come only at 8250 to 8225 levels but I do not think that recovery can sustain from any higher or lower levels. I am keen to trade on short side today. I will be happier if we can get some bounce. Majority of decision should be taken during market hours rather than any pre-determined moves. 

S&P 500 (USA) – It hit a high at 2125 but then closed on soft note again. Does this make any sense that it has slipped from top even after new all-time high? Yes it makes sense and sense is that it is in the process of formation of long term top. I am stopped out from short with small loss but I am not convinced enough to be long. I am on side line and still feeling that this market is for fall from 2100+ levels.