16 July 2015: Nifty Elliott wave analysis: Once again repeating, avoiding short. Use any intraday dip to add long for positional gain.

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

For 16 July 2015: -

On 15 July 2015, FII Bought INR – 407.69 crs and DII Sold INR 50.38 crs

Good progress of monsoon and falling crude oil price is giving good support to Indian market. We saw a close above 8500 levels. I still believe that above 8500 we have just one meaningful resistance at 8570. If market react at current levels and give some fall then it will be good opportunity to pick long again.

I must say that reverse H&S pattern on daily chart is getting stronger day by day and hinting for further 300 points of rise. Best case figure can be 8900 or may even 9000 but this is just my wild hope. Litmus test resistance will emerge wither at 8500 or at 8570 levels. For today’s session even if it can able to cross above 8500 then also we can say momentum is building for good rise.

For today’s trading session, I am expecting a flat start. Although there is no great sign of even small profit taking but I want Nifty to come near 8480 to re-test and confirm support. That may be a chance to buy again. Trade long on positional basis and do not scare from volatility if comes. Never ever think to short the base line of Reverse H&S pattern which is at 8480-8570 levels. Above 8570, you will not get any chance of exit. Those who has short should come out.

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Strategy for Nifty July future – We booked our long with good gain yesterday. I like to buy in some impulsive dip which may come although it may not be bigger one. Time has come for decisive test of 8570. Do not plan to buy. Just look for opportunity to buy in dip. Technical support is at 8500 levels and I have a hope for 8600 levels sooner.  

S&P 500 (USA) – It has turned silent after multiple point of rise. Technically resistance were supposed to emerge near 2110-2115. So far, this is true. Take the best case even if it takes a ride towards 2135 then also it is not much impressive. I strongly feel that even the best case of rise may also fail to impress hence there is no trade on US index. A trigger is needed for further push on higher side. Will it come?