17 June 2015: Nifty Elliott wave analysis: Sustaining above 8000 has pulled us from threat levels. We can expect 8100 at least as of now.

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

For 17 June 2015: -

On 16 June 2015, FII Sold INR – 521.65 crs and DII Bought INR 644.81 crs

We took a long on the rock bottom of the day in the last trading session. Bounce came in second half as expected. Are we still in threat range? Yes, we are but we moved little far from those levels. I am still keeping caution analysis as the part of my study. Frequent close below 8000-7960 zone will be alarming.

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 a good start for the day. It has closed near 8050 levels but it has yet to move above 8060. Once it sustain above 8060 then we can expect a move towards 8100 levels. Beaten down momentum stock may give good trade opportunity. Technical support for Nifty spot is at 8000 levels only.

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Strategy for Nifty June future – We saw short covering after a long time. I am expecting a test of 8100 marks at least after a good start. Technical support after opening should be at 8050 levels. If day favours then we can expect a big up day today or tomorrow. Condition is that it should not close far from top of the day.

S&P 500 (USA) – Bounce continues and advance towards 2100 levels. Can we expect some more bounce? Yes, there is still a room to go near 2110 to 2115 levels. Technical support will be at 2090 to 2085 levels for trading moves. It is not an easy task to figure out which top will be final but this is equally clear that S&P do not have intensity to move higher. Let us see. It is eighth month of consolidation.