01 October 2015: Nifty Elliott wave analysis: Will Nifty challenge 8000 above 7940? If yes then 8000 may act as make or break level.

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

For 01 October 2015: -

On 29 September 2015, FII Sold INR – 1112.59 Crs and DII Bought INR 876.20 Crs

Today is the first day for October month. 75% of the time Indian market used to be dull for pre-Diwali days and we are in such mode. Firstly, US fed have saved global market by not hiking rates and then RBI gave a booster rate cut to save market. If one compares the good news then rise seems to be a underperforming rise. Still, rise is rise and I failed to see it coming in this way.

It is time to re-read the meaning of that big H&S pattern which I am talking from past few weeks. Take a note that this is a long term formation on chart and hence target will be long term. Even MACD is running on negative zone for NIFTY. All says that rise can limit at higher levels. I need to be fair and this is difficult to conclude levels for top. Earlier I have anticipated that top can form either at 7940 or at 8000 levels.

For today’s trading session, I may avoid trade. Nifty has closed above 7940 and it has every chance of hitting 8000 levels. After opening, 7940 will act as technical support. Let us see whether it crosses above 8000 or it turn back.

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

Strategy for Nifty September future – I booked long on short deal yesterday and then we have no forward trades. For today’s session, NIFTY Future may face resistance at 8040-8050 levels. If not then 8070 will act as stiff resistance but further rise can result a breakout situation after series of good event. Hence, we are almost on critical days to take a fresh take.

S&P 500 (USA) – It looks like US market is running extra volatility than normal one. A bounce came from 1870 and now hitting 1920 in just a matter of one trading session. What is the meaning of trading at 1920? Well, so far charts are saying that US market may advance little more before going for October choppiness. I must say that rise will limit at some point and then we will see long pause.