18 May 2015: Nifty Elliott wave analysis: Higher targets of 8350 stilt intact. Plan to buy dip for intraday.
You must read previous articles and watch the given chart
carefully to understand this article completely.
For 18 May 2015: -
On 15 May 2015, FII Sold INR 73.76 crs and DII Bought INR
302.57 crs
I still hope for further recovery in Indian market. First key
resistance is at 8300 and then it will face resistance at 8350. My view is that
it may test bother resistances. Well, this week may not be a simple one. We will
see lot of tug-of-war activities now. We may see some good days and some bad
days too.
Nifty will get support at 8100 but only one thing can govern
this week and it is volatility. I advise strong caution if top comes near 8300
or near 8350. No higher levels can be safe for this week.
For today’s trading session, I am expecting a silent opening.
I am expecting a dull first half but momentum can come by second half. We will
see strong trading support emerging at 8330 and 8300 levels. If I have to buy
then I will plan to buy form dip only.
80% chance is that we have tested a short term bottom on last
Thursday only.
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Strategy for Nifty May future – As of now I have no trade on Nifty
future. For today’s session, I have planned to buy if some sudden impulsive dip
comes. If dip comes in the range of 8220 then I may think to give a chance for
buy. I will short Nifty this week but may not today.
S&P 500 (USA) – US indices again coming very close
to make a newer all time high but the energy is missing. This energy is missing
from past more than six months. I will try a soft shorting near all-time high
on the anticipation of fall. Well, it still depends on reaction in the zone of
2120 to 2125. I still feel that only short term chart is favouring bulls and a
brutal top may come at this kind of high.
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