03 August 2015: Nifty Elliott wave analysis: Even on upward moves, resistance will emerge in the zone of 8600-8650 levels.
-You must read previous articles and watch the given chart
carefully to understand this article completely.
For 03 August 2015: -
On 30 July 2015, FII Sold INR – 170.68 crs and DII Bought INR
499.65 crs
Having looked up a trend from past one month, we know that
resistance used to emerge in the zone of 8550-8650 levels. We got bounce for
three days in a row in past trading week. This is giving a bullish view for
today too but resistance should come at higher levels.
With a save at 8300, it is still in race for bulls. I am
expecting resistance to emerge sooner. Chances are less for fresh trading zone
to begin sooner.
For today’s trading session, I am expecting a silent to up
opening with resistance at 8600 levels. In the down side we may have meaningful
support only at 8480-8450 levels. Hence trading risk is higher at current
levels. Major for of this week may belong to bears but starting may go in favour
of bulls.
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Strategy for Nifty August
future – Nifty future
should take a dull to negative start. On higher side 8610+ levels are
achievable and resistance too. I am expecting resistance to emerge at higher
levels. In the down side it will get a support at 8520-8510 levels. Below 8510,
it can go in favour of bears. Sooner or later, it will break this level this
week.
S&P 500 (USA) – As I said on Friday that analysing S&P
near 2110 is a big headache, it just turn dull near 2110. This is confirmation
that bulls are not find it easier to break on higher side. Hence, I still have
a conclusion that S&P is on long term top formation. We are in eleventh
months of choppy trades on long term chart. For this week, we have support at
2095. Once again, if it breaks 2095 it will generate a moderate sell.
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