09 October 2015: Nifty Elliott wave analysis: Festival dullness will continue and volume will go down sooner. Not a good time for index trading. NIFTY Resistance = 8225 (100 DMA)
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For 09 October 2015: -
On 08 October 2015: FII Net Sell –
INR 48.49: DII Net sell – INR – 299.75
I consider these part as the days of
expected choppiness. Traders need to digest this October dullness which used to
come every year. Participation will also go down to significant levels. Take a
note that index may not move anywhere as long as it is ranging from 8080 to
8225 levels.
Positional traders also have no
better choice than to take speculative positions but that also may not give
much direction.
For today’s trading session, we may
see some higher opening backed by rise in US market. Nearest technical
resistance 8225 which is a challenging levels. I am afraid that we are in still
no trade zone for index trading. This is usual dullness which used to come in
the month of October during festival season.
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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. This technical recovery may
end anytime now. 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 current levels now
with stop loss above 2020.
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