29 October 2015: Nifty Elliott wave analysis: Avoid expiry day to trade. A bounce possible if Nifty can spend time above 8180.

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

For 29 October 2015: -

On 28 October 2015: FII Net Sold – INR 731.17:  DII Net Bought – INR – 107.17

It has broken and stays below 100 DMA. Nifty future finally settled lower. Today is derivative expiry and I do not prefer this day for trading. Can we expect a contra bounce? Well, if Nifty stays below 8180 then a chance for such bounce is very low. If it can stand above 8180 then we may have a possibility.

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. The first impact of H&S is coming in line with my expectation.

For today’s trading session, I am expecting a mild negative opening. A view is that Indian market will decide it course of action for November month by today itself. If bounce is a desire then it should come today only. If not then I can see expiry going near 8100-8080 levels. I strongly say that derivative day can be dicey as market was in range for most part of this derivative month.

Index may not give flavour to trade.

Please visit our ‘intraday updates’ to get further updates or to take good advantage join paid services.

Strategy for Nifty November future – A simple deal is short below 8175 and long above 8230. Can this happen easily? It may be not. Let us see how it shapes up. If bounce comes lower then we can see a firm bounce. This is just an expectation based on technical.  Elliott wave pattern is giving signal for a possible short term dip. I may opt to take trade sooner on this signal.

S&P 500 (USA) – I said a 50-50 deal at 2075 and it goes in favour of bulls. Sequentially it hit a level of 2090 and it opens the scope of hitting 2100 levels. How to deal on S&P near 2100? I must say that old days are back and it may try to add more advances. Big question is will it challenge all-time high. I have no trade but my view is to give an edge to the bulls as long as it is above 2075-2060 levels.