19 October 2015: Nifty Elliott wave analysis: It will open scope to hit 8400+ levels if able to close above 8250 levels.

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

For 19 October 2015: -

On 16 October 2015: FII Net Bought – INR 436.79:  DII Net Bought – INR – 102.49

On Friday it was dead for most part of the day and then suddenly it got a boost to see a sharp rise. Eventually it came near to the high point which it has tested on Monday itself. This set up is definitely bullish and it can turn more bullish once it goes above 8250 levels.

I need to accept that looking on the previous H&S pattern I am keeping my reservation from this up move although room may left for rise. I still consider that upcoming few months are very critical for global indices.

For today’s trading session, I am expecting a flat to negative opening. Big question is still alive. Will it cross 8250? What looks easier but may not be much easier. One thing is for sure that above 8250 it becomes bull’s playground. This up trend remains intact as long as it is staying above 8080.

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Strategy for Nifty October future – It has over done on hourly chart but low volume can result this kind of sharp rise. Just based on technical chart 8400+ levels may be reality for this month of trade. Mostly I am avoiding this month for any positional trades. For today’s trade trading support can stand in the zone of 8190-8200 levels.

S&P 500 (USA) – As long as it is above 2020 it can take attempts to move towards 2045 to 2060 levels. This is a short term move. There is no single signal of weakness unless it tired by itself. Trading trend is us but I still consider that long term trend is down. I need to remind that we are almost on same levels where US market turned sluggish last year.