22 September 2015: Nifty Elliott wave analysis: 7900 holds and hope turn less for big fall. If not this week then market may undergo a period of choppiness.

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

For 22 September 2015: -

On 21 September 2015, FII Bought INR – 154.87 Crs and DII Bought INR 104.08 Crs

Based on pattern I still hope for a dip but time is running short. If market fails to fall by this week then we may go under a choppy period. It may be named as consolidation and it is hard to predict the outcome of consolidation as of now.

In some sense we can say that once again Fed decision to hold the rate has saved the market. Technical chart has a rising wedge formation which has lesser history of failure. I can conclude that fall may be unavoidable if it breaks and close below 7900 just for one trading session.

For today’s trading session, we may see flat opening. On higher side 8000 and 8055 will be the point of resistance. In the downside 7940 and 7900 will be the levels for support. We are in a short week and moving close to expiry. Last trading day of the week will be expiry day too.

Please visit our ‘intraday updates’ to get further updates or to take good advantage join paid services.

Strategy for Nifty September future – It almost hit 7900 in morning minutes but after that it moves higher for whole day. This has denied the possible weakness. I am not active on Nifty Future yet although I bought some put which is almost running on no cost. This is just a gamble. I may not opt to trade today also if market refuses to fall. Let this rising wedge pattern clear with conclusion.

S&P 500 (USA) – Post fed decision to hold rates seemingly sending another mode of choppy period if S&P failed to fall by this week. I still have some hope for movement for this week but time is running short. If this fails then we may undergo at least two choppy months ahead. Even if it turn choppy then also  long term trend is down.