21 August 2015: Nifty Elliott wave analysis: Here it comes, below 8400, prefer to see 8200. There may not be sign of pause sooner. A BLACK FRIDAY OPENING !!!

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

For 21 August 2015: -

On 19 August 2015, FII Sold INR – 423.72 crs and DII Bought INR 383.22 crs

I added ample shorts to enjoy today’s gap down. It was quoted yesterday, “. If it breaks (8400) then it can be a black Thursday or it may prepare for black Friday.”

So, Thursday was back and Friday it all set to open with term “BLACK” as SGX Nifty is hinting for more than 100 points of gap down. We picked 8400 put as well as fresh short on Nifty Future from 8410 levels. If I am right then we can expect 8200 without any significant pullback.  

My conclusion for resistance remains same. Resistance is in the zone of 8530-8550 but I do not see any decisive direction in market now. It can swing up and down for few move times by this week itself. Some key momentum indicators like MACD is showing negative divergence which is giving a favour for bears. You must have seen the impact of negative divergence. My worst case target is 8000-7800.

For today’s trading session, enjoy your short if you have forwarded like us. If not then just sit outside the market. I must say that if you have not acted on time then this kind of market is just not for you. We may prefer to add more fresh trades if levels favour us. We are making trades with confident and consistency in this wave pattern.

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. Situation is really alarming. Even a small rise in crude oil price will result rupee hitting 70.

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Strategy for Nifty August future – Well, we have again took our profit at 8475 but added at 8410 again. Meantime we added long on 8400 put @ 50 and I am expecting price of 8400 put to hit beyond 200 levels. Do not take fresh short after gap down. If you are missing these moves then it is better to join our Nifty subscription. You cannot catch these trades after proper time. I have no suggestion for fresh trades.

S&P 500 (USA) – Here it comes what I was talking about from past so many days. Always short anything near to 2110. Now it has finally broken 2040 levels and moving towards 2000 levels. Thing what can happen once it breaks 2000? It can see many more sever dip. I am dot right on my call that US market has formed long term top at 2135. My big long term confirmation point is 2000 which I may see by tonight.