05 May 2015: Nifty Elliott wave analysis: Revival at 200 DMA may be the first signal of revival for a short term target of 8400-8450. Buy dip only.

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For 05 May 2015: -

On 04 May 2015, FII Bought INR 60.53 crs and DII Bought INR 146.80 crs

I was definitely talking about this bounce which came yesterday. It was too fast in some part of trading session. Technically it has closed well above 200 DMA. Right now, it is almost 60 points higher than 200 DMA. This may be first sign of revival. Will it revive from here. I can say one thing that if this market has to revive then this must be the levels. Equally, I am not betting for any big rally kind of mode in market. It may be a short term price correction against some sharp fall in past month.

May month is usually a bad month for global equity price. Indian market will open May month trade on nervous note. I still feel that a recovery is nearer now. Nifty is constantly trading below 200 DMA.

For today’s trading session, I am expecting a silent to negative opening. I have not preferred any BTST. I took long on intraday and booked yesterday in last minutes of trade. In true sense support will come only at 8275-8265 levels. On higher side we may have scope for 8400 to 8450 levels. Can it come quicker?

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Strategy for Nifty May future – I took long at 8300 and booked my long yesterday in last 5 minutes at 8380 levels. This was a deal which I like to repeat if I see good opportunity. For caution, I say that one should prefer to buy dip only with suitable stop loss as key support 8300 to 8280 levels.

S&P 500 (USA) – I retain my view for resistance. It is clear that S&P is still facing tough resistance at current levels. I have not picked any trade yet but my view point for correction is still alive. As of now I can say that one should wait for concrete trading signal. Technical resistance is at 2120-2125 levels. Technical support will emerge at 2095 levels. Expect weakness on close below 2095.