04 June 2015: Nifty Elliott wave analysis: One can expect technical support at 8100-8080 levels but there is no guarantee that it would not break.

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For 04 June 2015: -

On 03 June 2015, FII Bought INR – 727.61 crs and DII Bought INR 412.66 crs

Another crash on Dalal Street and it hit a low at 8094. I booked my short on my expected levels itself. Chart patterns have destroyed all hopes of any sustainable recovery. I took a long near the low of 8100 levels. I am expecting some bounce due to sharp selloff.

For today’s trading session, I am expecting a flat start. Then we can expect technical support at 8100-8080 levels if any further fall comes. I have no idea how long this recovery can continue. I am waiting for such signal. It is my anticipation that it can face a logical resistance at 8200 levels. Things are not suitable for betting investment deal at these levels.

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Strategy for Nifty June future – I am long from near to 8100 lows which I have forwarded for the day. I am expecting technical levels of 8200 or nearby. Technical support will offered at 8100-8080 levels. We can think for this recovery to sustain for opening or first half at least. Rest depends on intraday development. I will plan to exit my long even if mild sell signal emerges.

S&P 500 (USA) – It is expected same old movement. Technically this choppy move may be the part of topping formation. I do not think that we can see decisive trading opportunity here. My waiting is longer than expected for a strong short signal. I have no problem; I will wait with my patience. I retain my view that a big crash is close. A possible crash can signal as big as 1900-1800 levels.