16 October 2015: Nifty Elliott wave analysis: Expected resistance can emerge in the range of 8225-8250 once again.
You must read previous articles and watch the given chart carefully to
understand this article completely.
For 16 October 2015: -
On 14 October 2015: FII Net Bought – INR 121.75: DII Net sell – INR – 207.63
Hall mark trade of these days are a close near the opening price. This used
to happen in festival season and volume remains down. There is no great way to
trade in this range. US market saw a big rise last night. This may push some
higher opening for the day.
In the absence of any trading trigger this dull move can extend longer. I
do not see the possibility for the opening of this trading range sooner.
For today’s trading session, we may see some flat to positive opening. It
has saved 8080 support levels and moving towards 8200 levels. I am expecting
resistance to emerge in the zone of 8225-8250 levels. I still say participate
in this month of trade. Technical indicators may not give comfort. Although it
is true that above 8250 Nifty can try to hit 8400 levels.
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Strategy for Nifty October future – We are
not trading index in these days. This can go choppy around 8200-8225 once
again. I will participate in a clear breakout only. it does not matter if it
comes on higher side or lower side. Trading range can see more dullness.
S&P 500 (USA) – It saves
1990 and then it took out the top which it has registered on Fed meet day. This
shows a momentum. The next achievable target for S&P is around 2045-2060
levels. It has every chance of turning choppy near this kind of levels. Equally
as long as it is above 2020 there is no threat of fall. A trading move turns
bullish above 2020.
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