19 June 2015: Nifty Elliott wave analysis: Above 8200, Nifty will have next logical resistance at 8240. Surpass above 8240 will open for another rally towards 8300-8400 ranges.

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

For 19 June 2015: -

On 18 June 2015, FII Sold INR – 940.91 crs and DII Bought INR 1447.07 crs

Yesterday was a choppy session with no action. We can expect a higher opening backed by good rise in US market. This may have improved global sentiment for one-two days. I was expecting nifty to go in the range of 8180-8200 at least in this recovery which I got yesterday. I am still keeping caution analysis too in my study although we are far away from panic levels.  

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, we can expect opening in the range of 8240 levels which is supposed to be next immediate hurdle above 8180-8200 levels. If it can surpass 8240 then we can expect a slow and steady rise towards 8300-8400 levels. Banking stocks need to participate for any further rise.

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Strategy for Nifty June future – I am off to my long yesterday hence I am bound to miss today’s gap up. I decided not to take risk before event. Technically, above 8180 we can expect levels of 8210. It will be interesting to see how Nifty June future reacts above 8220-8230 levels. I have no plan to add short or long yet.   

S&P 500 (USA) – I was expecting levels near 2115 but Fed has given a boost. This boost up again brings a race for 2135 levels. Still we can conclude that higher resistance of 2135 may not be easier to cross. So far, at least fed move has given a cheer to the global market. Technical support for S&P will be at 2115-2110 levels. I am expecting resistance to emerge at higher levels.