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.  

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

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.