12 June 2015: Nifty Elliott wave analysis: Below 8000, it has opened for 7960. Below 7960, it is on six months low!!! Achhe din ??? Achhe din ??? Achhe din ??? All silent !!!

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

For 12 June 2015: -

On 10 June 2015, FII Sold INR – 482.11 crs and DII Bought INR 788.06 crs

It has broken 8000 and hit 7960 also. It has closed just above 7960. This is very critical marks to trade. I booked my long in initial minutes only in the last trading session. We lost few points on long attempt near 8000 levels but then moved out of market.

Technical charts have warning sign below 8000 on closing basis. 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. Is economy and stock market paying price for over hyped political language?

For today’s trading session, I am expecting nervous start. If it sustain below 7960 then we may see a free fall towards 7900 levels. Do you know that last time Nifty was at this level was 17^th December 2015? So it is on six month’s lowest point. On higher side 8000 and 8030 may be a tougher resistance to cross.

Please visit our ‘intraday updates’ to get further updates or to take good advantage join paid services.

Strategy for Nifty June future – I lost nearly 20 points on long attempt near 8000 levels and then moved out to save by money. Now, I may be in better position to take fresh deal but this deal may not be in favour of bulls. Market trend is down and it has no sign of revival. Discount on Nifty Future is showing nervousness. Panic fall may result 7900-7870 sooner. There is no threshold point for bulls.

S&P 500 (USA) – I can still say that it should have decisive resistance at 2115 in this pull back. I will for shorting opportunity at higher levels. Dull trades are just not good to trade. It has a signal for bounce from the support of 2075-2070. Technical signals are well enough to conclude that it has resistance at higher levels. Long terms top formation should result a decisive fall. Waiting turned too long, longer than seven months now.