11 June 2015: Nifty Elliott wave analysis: Finally, recovery came from desired level of 8000. Now, expect a move towards 8200+.

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

For 11 June 2015: -

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

We got the expected bounce. I was anticipating this bounce from 8050 levels onwards. It took two days for consolidation before recovering. If it remains up on fair side then we can expect levels of 8200 levels too. Technical support will remains in the range of 8100 to 8080. Current patterns are suggesting that we have almost double bottom formation. It is making 8000 as key support.

I still have a warning if it breaks 8000 levels by anytime. 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 good start followed by massive buying in US market. It may be a sentiment booster rise. We may see 8150+ levels in opening. After that 8200 will be a key point to watch. I am expecting advance towards 8200 or more. I have long and I will hold my long unless decisive profit taking emerges.

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Strategy for Nifty June future – We just jump in very initial minutes yesterday but still able to catch long at 8070 levels. Technical charts are suggesting that it may have resistance at 8160 which may be on hunt in opening minutes. My least target is in the range of 8200-8230 levels. Technical support is at 8090 and 8070 levels.

S&P 500 (USA) – This was the expected bounce which came from 2070 levels. A close above 2100 brings us again to the same point where market is moving from past more than seven months. I have already anticipated that a bounce may deserve before fresh fall and I will look for opportunity to trade short from higher levels. Let us see how resistance emerges. Expected resistance is at 2115.