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.
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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.
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