28 September 2015: Nifty Elliott wave analysis: decisive short term resistance will emerge at 7940-8000. Trading resistance is at 7900-7940. Sell on rise mode.

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

For 28 September 2015: -

On 24 September 2015, FII Sold INR – 115.10 Crs and DII Bought INR 50.67 Crs

Expiry goes on better than expected note. Above 7850 makes the expiry dull on close basis for month to month. I cannot consider any good outcome from expiry day levels. Nifty will face resistance near to 7940. If it does not fall then this market will go choppy for next few weeks. Scope of fall is still alive.

Remember one thing that no one can deny that Indian market is sustaining below 7940 which is n-like of H&S pattern. Longer it sustain below 7940 higher will be threat for fall. Today will be the first day for the beginning for new derivative series. Most of the time, it used to be bad.

For today’s trading session, we may expect a soft to positive start but higher levels has least chance to sustain. Nifty will face resistance at 7900 or 7940. In the down side it may see some panic sell off again if it breaks 7800 which is very likely within one –two day.    

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Strategy for Nifty September future – We may expect some initial rise today. In the process of rising index one can opt shorting for a substantial dip. Nifty may not find it easier to move above 7940 levels if opens around 7900 also. No higher levels can be safe.

S&P 500 (USA) – It hit a low of 1908 on Thursday night before bouncing on Friday. Well, even after bounce it is not looking strong enough to say a buy. I still consider that US market will face resistance at higher side. Simple charting is suggesting that US market will face stiff resistance at 1930-1945 levels. Break below 1900 is very likely by this week.