14 October 2015: Nifty Elliott wave analysis: 8080 will go at make or break levels. If breaks and close below 8080 then then 8000 is inevitable.

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

For 14 October 2015: -

On 13 October 2015: FII Net Bought – INR 272.61:  DII Net sell – INR – 273.51

A dip from 100 DMA is so far just a nominal profit taking. Technically if it breaks 8080 levels then we can see some concerning note. Will this go that much concerning. In normal circumstances if it breaks 8080 levels then we have a possibility to visit 8000 levels.

I cannot name it as sign of weakness unless it closes below 8080. This is key support levels which market may not find easier to cross. Can it go choppy around this level? Yes, it may.

For today’s trading session, we may see some gap down opening. US market is on threat of fall. Technology stocks may spoil market mood as TCS has again presented a bad result. On higher side Nifty will face stiff resistance at 8150-8170 levels. Do not trade long at least from any levels. If you want to buy stocks then move out from market.

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Strategy for Nifty October future – I can say now that if it breaks 8090 levels then it can invite some big trouble with a threat of fall below 8000 levels. October is usually a choppy month for Indian market. I am definitely not in mood to participate much as this market can turn choppy at any levels. Most days are ranging in just 40 points. Technical resistance is at 8170.

S&P 500 (USA) – So, we saw fall from 2020 levels. This was quite expected and well predicted. This fall can extend on serious note if by any chance it breaks 1990 levels. I expect a down side break again. October is historically a bad month for US market. This sluggish move can turn on big sell again anytime. We still need to wait for more confirmation.