10 June 2015: Nifty Elliott wave analysis: 8000 is still a support but not reactive enough. Long term uptrend will break if we see multiple closing below 7960.

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

For 10 June 2015: -

On 09 June 2015, FII Sold INR – 645.02 crs and DII Bought INR 692.29 crs

It just turned dull near the support of 8000 on Nifty. I was expecting revival but there is no such signal yet. I cannot say for short either without decisive break on chart. How long will market intact in this rang? I can conclude that trading opportunity is less in this zone.

Have a look on long term chart pattern. It is suggesting or says giving a hint that we see multiple closing below 7960 then we may be in the position to say that market has done a long term top and scope for fall will open. It may be one of the biggest H&S pattern in past more than 10 years on chart. This can result a fall towards 7000 levels. It is caution time for investment.

For today’s trading session, I am expecting a nervous start again. I just do not expect one fall break below 8000-7960 levels. It should take a bounce before any further fall. This bounce should come anytime now. Technical support is at 7995 to 7960. Every higher level above 8050-8060 is looking as resistance right now.

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Strategy for Nifty June future – My long attempt on Nifty Future has not worked as my desired bounce has never sustained. Let us how will it react at 8000 levels today. I may not participate the choppy market as it just turn a waste for trading. Anticipated support will be at 8000 and then 7970-7960. Nothing is safe unless it go above 8100.

S&P 500 (USA) – I was expecting support to emerge near 2075 and we saw a low of 2072 followed by a bounce. This bounce may have short life. I am expecting a final move which can go around 2100 before defining a fresh sell signal. Now, trading long is not a compulsion. I look for opportunity to trade short from resistance. I still advocate for a long term top formation.

I’m Praveen Kumar, a seasoned Technical Analyst and stock market trader with over 25 years of experience in the Indian equity and derivatives markets. My passion for numbers and patterns led me to a dual career as a Mathematics Teacher and market technician. I specialize in Technical Analysis, with deep expertise in Elliott Wave Theory, derivatives strategies, and market forecasting. Over the years, my analysis and market views have been featured on NDTV Profit as a financial guest, along with published articles on reputed financial web portals, sharing insights on Nifty 50, Bank Nifty, and stock market trends. As a trader and analyst, I focus on interpreting price action, chart patterns, wave counts, and technical indicators to deliver precise market levels and actionable trade ideas. My approach blends classical charting with modern analysis tools to help traders navigate market volatility. Through VieCapital, I aim to share daily market analysis, trading strategies, and educatio…

Nifty 50 - Analysis

10 June 2015: Nifty Elliott wave analysis: 8000 is still a support but not reactive enough. Long term uptrend will break if we see multiple closing below 7960.

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BANKNIFTY FUTURE CHART ANALYSIS

10 June 2015: Nifty Elliott wave analysis: 8000 is still a support but not reactive enough. Long term uptrend will break if we see multiple closing below 7960.

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