14 August 2015: Nifty Elliott wave analysis: Expect a choppy session or positive session before fresh fall unless it breaks 8300 in down side.

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

For 14 August 2015: -

On 13 August 2015, FII Sold INR – 625.90 crs and DII Bought INR 545.86 crs

Halt on fall came on Fibonacci count “3”. It is showing that market has tried their best to save technical support of 8300. I must warn that fall got a pause only. It is not over yet. Have a look at technical chart. It has formed a H&S pattern. A break and close below 8300 will warn for another big sell off in quick succession.

So far my expectation is that market may want to give a relief rise which may not be a compulsion. It may end up soft on higher levels. Best case situation for the day is a choppy trade and soft positive.

For today’s trading session, I am not in favour to trade index. Rather I may opt to trade long on pharmaceutical stocks as this sector has a buy signal. This may be defensive buy. For nifty, I have crucial threshold support at 8300. I am off to my short now on anticipated rise which I may opt to recollect my short.    

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 booked our short from Nifty future at 8405-8410 levels. I tried long but my small stop loss has triggered. Afterward we do not have any trade. Now, I am expecting that market should recover little before fresh fall. If not then I may opt short below 8350 only. On higher side resistance will emerge at 8460-8480 levels. Do not trade if trading goes choppy as we have higher chance of seeing a choppy session if remains negative.

S&P 500 (USA) – Most movement goes in intraday session now a day. It hit a high at 2093 and then slipped to close at 2083 levels. It has slipped from given nearby technical of 2095. This makes a sense. This must be indicating something big. It is giving all signs now for the most awaited big fall based on long term chart. I am advising a strong caution for next 20-21 trading sessions. If I am right a real big crash towards 2000 may come anytime.