14 September 2015: Nifty Elliott wave analysis: 7850 levels are still a tougher resistance. Do not get tempted for buying in current week fall.

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

For 14 September 2015: -

On 11 September 2015, FII Sold INR – 754.27 Crs and DII Bought INR 411.43 Crs

Friday’s high was 7864 and then a close below 7800 again. This is just a retreat at 7850 levels on Nifty which is a quoted resistance. US fed will decide about rate hike this week. I am expecting some nervousness in market before mega event. You may ask what’s if hike doesn’t come. Well, firstly charts are not saying that. Secondly, even most optimistic people will not deny the possible rake hike sooner. If not now then next time but surely it is coming by this year itself.

Time is on and clock is ticking for the possible big dip. This kind of trading pattern used to come once in eight years. On broader view, Nifty is just making attempt to test to n-line again. Technically, failure of this will cause a dip towards 6500 levels. Remember, I am talking about big 1300-1400 points of wash out. Although, I used to trade long for trading then also, I cannot hide this fact.

For today’s trading session, we are going to see a silent opening. We will again see ample resistance to emerge at higher levels in the range of 7850. Below 7750 we can see some steep fall which will be a combination of off-loading by bulls and panic sell off.  

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Strategy for Nifty September future – Nifty September future may prove to be a wild one by expiry. For today’s session one can expect resistance at 7850-7860-7870 levels. In the down side 7760 may be crucial trading support. Below 7760 it can hit 7700 levels too. A soft hearted trader should not trade for this week.

S&P 500 (USA) – This is “the most” crucial week for US market and hence for global market too. I have two important resistance points for this week trading. One is at 1975 and net is at 2000. I may have a plan to add short on any one of these two figures. We must have some early signs and indication on chart for the timing of free fall mode. Do not get tempted at any level for this week if you are trying to be bullish.