27 October 2015: Nifty Elliott wave analysis: Below 8250-8225 it can hit a support at 8180. Below 8180 it can be under firm grip of bears.

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

For 27 October 2015: -

On 26 October 2015: FII Net Bought – INR 724.51 :  DII Net Sold – INR – 530.78

Tiredness is in air now. It has failed to move even close to 8400 even after Chinese booster. So far as long as it is above 8250 charts may not give a firm sign of trade. It was choppy even yesterday. Chances are bright for the range to open today on lower side. I have a figure of 8180 in my mind right now. If it breaks 8250 then it is likely to hit 8180.

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 mild negative opening which may be just a continuation of yesterday’s dip. If it sustains sufficient time below 8250-8225 then we can think for further 50-60 points of fall.  On higher side 8300 and 8330 may act as tougher and decisive resistance.

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Strategy for Nifty October future – We are moving close to derivative expiry. For most part of the trading it was choppy. Hence it may be a tough job to say about direction towards expiry. Based on technical indicators, below 8250 it may be under grip of bears. A firm bears. Can it happen?

S&P 500 (USA) – It just hit a top at 2075 last night and dropped a little. It is still not weak enough but justified my resistance of 2075. Unless it crosses above 2075 we cannot think for further rise. It is the time to talk about resistance as it may be on task now. The best case is that it can turn choppy near 2075 but further rise looks tougher.