10 August 2015: Nifty Elliott wave analysis: This is showing unwillingness to stand above 8600. It is turning to sell now after a choppy week.

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

For 10 August 2015: -

On 07 August 2015, FII Sold INR – 93.74 crs and DII Bought INR 34.04 crs

I have straight conclusion. Nifty has faced resistance at 8600+ levels and gave up a part in last trading session. So we have seen a choppy week. This week may give a reason to see a fall. Technically, it will face resistance at 8600-8650 this week and we can see a fall towards 8400 levels by the end of the week.

Break below 8490 will give a sell based on Elliott wave theory. We had a reverse H&S pattern two-three weeks back. Now, it is showing a H&S pattern on daily chart. N-line is at 8300 levels. We are on RS right now. My best case deal is for a fall of 300 points for this week with possibility of rise as ‘very limited’ from current levels.

For today’s trading session, one can expect a gap down. One can prefer to short any pullback. In the down side, we can see levels of 8400 by sooner this week. Do not prefer to buy any dip which will come. On higher side 8600-8650 will offer lot of selling pressure. Will there is any possibility of news based selling? May be yes.

Please visit our ‘intraday updates’ to get further updates or to take good advantage join paid services.

Strategy for Nifty August future – Nifty future may take a dull to negative start. Key point for trading will be at 8565 levels. It may not find it easier to break. If any gap down comes and sustain then we can see a fall. Below 8565 we can expect levels of 8500 in quicker time.

S&P 500 (USA) – Fine, it has not got any big bounce but closed below 2070. I am waiting for this kind of formation from past more than 10 months. Technical charts are suggesting that we can see a hit towards 2045-2040 by this week. Big question is will it break 2040 levels. If it does so then we can expect a hit towards 2000 levels. August or September, the long term break out on lower side should come. One can short this market if it stays below 2070 levels.