21 October 2015: Nifty Elliott wave analysis: 100 DMA support comes at 8205 levels. It can be another dead choppy session.

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

For 21 October 2015: -

On 20 October 2015: FII Net Bought – INR 523.69:  DII Net Sold – INR – 354.96

In a choppy session it saved crucial supports. Now 100 DMA support is around 8205 levels. I still feel the choppy days to continue on index. On higher side 8300+ levels are looking like a resistance on tired mode. In general, tired moves need a fresh breakout for further rise. If that can be the case then we can expect a test towards 100 DMA.  

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 opening. This opening may get technical support around 8200 levels if it sees any profit taking. On higher side resistance will emerge in the zone of 8300-8320 levels. Be cautious at higher levels.

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Strategy for Nifty October future – Too many choppy sessions may invite trouble. Hence, traders need to be cautious at higher side. Once again Banking Index is looking weak. If this continues then Nifty can see a fall before trading 8300. Well, downside may be limited around 8200 levels. For further dip it need to give fresh signal.

S&P 500 (USA) – S&P goes to hit a high at 2039 before closing at 2030. As said it took a move towards 2045 but showing tiredness.  Technical support of 2020 is still valid. We can expect revival as long as it holds 2020 levels. It can invite trading trend to open for downside if it breaks 2020 levels. Can it able to cross above 2045? Wait for fresh breakout.