12 October 2015: Nifty Elliott wave analysis: All eyes on Infosys result now. Technically, 8225-8250 is still a resistance to be tested on closing basis.
You must read previous articles and
watch the given chart carefully to understand this article completely.
For 12 October 2015: -
On 09 October 2015: FII Net Bought –
INR 483.86: DII Net sell – INR – 369.00
Trading range was little broader
compare to rest of the week on Friday but closing goes on dull note again. Now,
market is on most crucial day of the October months. We have Infosys result
today. Largely, October is assumed to be a dull month but today we may have
some exception. Market may try to make some move today but direction is not
known yet.
Based on technical chart, one can
try some shorting near 100 DMA with small stop loss. If profit taking fails to
come at current levels then rest of the month remains dull again.
For today’s trading session, we may
see some opening backed by Infosys result. Up or down that should depends on
technical index whose behaviour will depend on Infosys result. Technical charts
are justifying for resistance to emerge in the range of 8225-8250 levels. Threat
of trend truncation will emerge only on close below 8080 levels.
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Strategy for Nifty October future – If it wants to be up then it also
it can be up for first hour of trade. Technically we may be on the last leg of
rise. If first hour top emerges below 8250 then it turn to sell anytime now. Note
that we already have eight days of rise.
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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