28 October 2015: Nifty Elliott wave analysis: A day left for derivative expiry but it is still range bound. 8180 is likely below 8250-8225.

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

For 28 October 2015: -

On 27 October 2015: FII Net Bought – INR 9.50 :  DII Net Sold – INR – 165.45

Practically, Nifty spends time in just 10 points range for most part of the time yesterday. This is expected October month’s choppiness. Now, we are just one day away from derivative expiry. This makes market uneasy for trade on index.

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. Unless market opens its range by itself it may remain range bound. As it is trading below 8250 so I have few reasons to accept for the downside target at 8180.

Index may not give flavour to trade.

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Strategy for Nifty October future – We are just a day from derivative expiry and we can only hope for the end of this choppy days. Usually it used to remain choppy till Diwali. If that’s the case then we have no great reason to expect moves for two weeks more. If may be down but it has to say about magnitude of down side.  

S&P 500 (USA) – As expected it is choppy now. It has drop from 2075, a pause at 2060 with a close at2065. I expect some choppy moved near this resistance of 2075. Most of the global indices are in range bound mode. Many looks tired too. Technically there is no great sign of weakness. So far market looks to take a fresh move. It can be down and it can be up too. It is 50-50 call now. Hence there is no trade.