08 October 2015: Nifty Elliott wave analysis: 100 DMA resistance at 8225 is still applicable but there is no sign for the end of choppy sessions.
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For 08 October 2015: -
On 07 October 2015: FII Net Sell –
INR 50.60: DII Net sell – INR – 218.75
This is expected choppy moves which
used to come mostly near festival season. Nifty moved just in a range of 40
points. Technically 8225 is still a meaningful resistance before gap fill. I must
say that full gap fill up is not a compulsion every time.
Indian market may be in the mode to
take a decision before upcoming earning season but broadly it is not looking to
take a move now. Traders need to be cautious on such dull days. Based on
technical charts, this market may remain dull in the range of 8080 to 8225. Break
on any side will drive direction and range to trade.
For today’s trading session, we may
see some silent opening now. Technically it has no good sign to say that
trading range can open soon. Well, still the resistance of 8225 may give some opportunity.
Market closed in positive for six days in a row.
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Strategy for Nifty October future – I am avoiding this range
as I see a potentially dull outcome from trade now a day. After a flat opening
resistance may emerge at 8200-8230 zone and support will emerge at 8100. One
can expect many dull days in this range. MACD also justify this possible bull
moves.
S&P 500 (USA) – My study remains same. US market is on reactionary
up trend which is nothing but just a recovery. This gives us a sense that 2020
is a nearest resistance and recovery may not extend beyond 2020 levels. I feel
that market will go on choppy mode now as it has saved itself from further
weakness. Dull days are not suitable to trade but this is giving a sense to
short around 2000 levels now with stop loss above 2020.
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