08 June 2015: Nifty Elliott wave analysis: Can it respect 8000 psychological support mark? Clues are not strong for revival yet.
You must read previous articles and watch the given chart
carefully to understand this article completely.
For 08 June 2015: -
On 05 June 2015, FII Sold INR – 550.29 crs and DII Bought INR
879.50 crs
We saw a bounce on Friday which failed by closing hour. This is
something which is not a good sign for any recovery. If I have to take it in
the simple way then I will take this as market mood to be more bearish. If it
is not trying to revive near 8100 levels then break below 8000 may be possible
anytime.
Worst case scenario may result a possible range of 7800 to
7900. On higher side 8150 may be a resistance in offer by index.
For today’s trading session, I am expecting a nervous start again.
If it fails to get support at 8080 then we may see levels near 8040 too. Although
this is support zone we need to see better sign of strength. Can it revive from
8000 levels if comes? I can just hope. There is no great sign.
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Strategy for Nifty June future – I off loaded my long on Friday itself.
I am free to take any direction today as we have no trading position. If I see
a possibility to buy in dip in the zone of 8060-8040 then then I may give one attempt.
This is just a plan. Let us see how much chance market gives.
S&P 500 (USA) – My study remains same. I have
already projected in past few days that a movement in the range of 2100 to 2135
may be adding some sort of signal for a big fall. Last night fall might be a
confirmation for decision mode by investment money. This is definitely not a
level to be optimistic. I go in favour of bears and betting on a long term top.
In short term too, S&P 500 can hit fall around 2075-2060 very soon.
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