13 August 2015: Nifty Elliott wave analysis: Make or break day comes. If NIFTY breaks 8300 then it will knock 8200 too. Else a small recovery.

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

For 13 August 2015: -

On 12 August 2015, FII Sold INR – 1855.02 crs and DII Bought INR 1223.80 crs

It has again seen a dip. It fell below 8350 without any recovery since 8600 levels. Now, Fibonacci series count is suggesting today as most crucial trading day. If bears get further support then Nifty can see another round of selling.

I was expecting 8400 for this week which has done and not breaking that support too. Based on chart, it may see further sell off and a new range of support need to emerge which should be only at 8200. Will it hit that too in one go? As of not, I hope that technical indicators has enough ammunition to hit that target too. Sooner or later one can expect 8200.

For today’s trading session, we may see flat opening. It has saved from big negative down opening as US market rebounded from low last night. Else, SGX Nifty has traded 75 points last night at one time. Opening may be oft but it may fail to gain strength. If it breaks 8300 and sustain then 8200 is likely figure to be tested.  

Well, Mr. Prime Minister, have look on equation of INR vs USD. Do controls before things go out of hand? The blind assurance cannot help for longer run. As per economy is concern, I fail to see any great chance with a change in power at centre.

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Strategy for Nifty August future – We make straight 1000 points on Bank NIFTY short and making straight 270 points on Nifty future short position. Hence, I took a risk to be short on Fibonacci count number “3”.  If time favours and by any chance Nifty future goes below 8340 then we can see another big down. If it does not break 8340 then I may opt to exit my short and I will go on rest after three hectic days.

S&P 500 (USA) – It hit a low around 2050 last night before a bounce. It was not only a bounce but it was a massive bounce from low and it has just closed in marginal negative. Based on chart it has done the target in down side but it is still not done on closing basis. Will it face resistance at higher levels again? It should do the same. It will face resistance either at 2095 or final resistance will emerge at 2110.