23 October 2015: Nifty Elliott wave analysis: A gap up is coming which may give a pop up top. Nifty resistance – 8400
You must read previous articles and watch the given chart carefully to
understand this article completely.
For 23 October 2015: -
On 21 October 2015: FII Net Bought – INR 48.33 : DII Net Sold – INR – 138.73
Indian market is trading choppy from past many days. As said October
remains range bound. I have already said that close above 8250 may generate a
possibility for a move towards 8400. We got a big bounce in US market last
night. This may push some higher opening.
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 another higher opening which
may be a volatile top. First hour top may be crucial top for the market for
rest of the day. Take a note that we have derivative expiry next week without
doing much for this month. As it is a gap up so there will not be many trades.
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Strategy for Nifty October future – Either it
remains choppy or goes on gap trades. None is tradable and this remains characteristic
of this months. After a gap up we have a possibility to see a pop up top
formation. If that happens then 8350 may be a resistance. Below 8280, bears may
take their stand sooner.
S&P 500 (USA) – S&P
goes on expected move above 2045. A hit towards 2060 is very likely now. It has
generated a momentum. Technically it can move towards 2075 also if able to
sustain above 2060 levels. Be cautious at higher levels. One resistance will
fail sooner. So far up and hence up. Long term trend bound to be down and this is
shirt term up trend only. Current rise is an impact of two breakout crossovers;
one was at 1950 and next was at 1990.
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