09 June 2015: Nifty Elliott wave analysis: 8000 is still a hope. Big question is will revival come from lowest point of the year?

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

For 09 June 2015: -

On 07 June 2015, FII Sold INR – 550.29 crs and DII Bought INR 879.50 crs

I have anticipated a level of support near 8040. I believe that we are in the same range of support of 8040 to 8000 marks but we have not seen any great sign of revival yet. I still believe for revival for support but it is just my hope. There is no point to specify any resistance as recovery has not begun yet.

Worst case scenario may result a possible range of 7800 to 7900. On higher side 8150 may be a resistance in offer by index. It is applicable if it close below 8000 psychological marks.

For today’s trading session, I am expecting a nervous start again. If it fails to get support at 8030-8000 then we may see panic fall. This is support zone but we need to see better sign of strength to buy. 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 took small long again yesterday on anticipation of price recovery. This was a risk which we are taking on the back of good profit. Big question is will it revive? If not then I will definitely throw the long quickly enough. Technical support is at 8020 levels.

S&P 500 (USA) – As given from past few days S&P has almost touching the range of 2075. Big question is can it break further? Well, this is something where I can say that traders should opt a strategy to take profit and wait for next fresh signal. Many times in past it took support at 2075 levels. There is no signal of revival yet but it is my anticipation that it may try to take support at 2075. It is not a buy signal to trade.