16 June 2015: Nifty Elliott wave analysis: Can it above to sustain above 8000 levels on Nifty? We may see decisive moves up or down?

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For 16 June 2015: -

On 15 June 2015, FII Sold INR – 604.86 crs and DII Bought INR 650.47 crs

If we can keep global concern on another side then we can hope for some more recovery on Indian indices. We saw a high around 8060 yesterday before last hour sell off on Greece fear again. US market has closed on negative note only. So far, market has saved 8000 levels and that may be giving some hopes to bulls.

I AM KEEPING CORE OF ANALYSIS AS IT IS. 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 flat to nervous start. We are still not too far from 8000 levels. We may see two good technical supports in the down side one is at 7980 and next is at 7930 levels. On higher side we still need to close above 8060 levels to claim for some up days.

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Strategy for Nifty June future – I do not feel easy to short this market without any meaningful recovery. Equally, long trades are also not giving much profit and chance. Somehow trading range is narrow and volatile. Technical support is at 7970 and 7930 levels. Let us see.

S&P 500 (USA) – I have quoted a support of 2070 levels. Yesterday it has not broken 2070 and took a turn from 2072 levels itself. Will this kind of recovery for lower levels sustain? I do not think so. It has created a sell signal near to 2110-2115 zone and used to be right most of the time. Below 2070 it can hit lower levels of 2045 to 2030 levels in some quick time. On higher side 2110-2115 is stiff resistance.