30 October 2015: Nifty Elliott wave analysis: As it is below 100 DMA so expect a test of 50 DMA which is at 8025.

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For 30 October 2015: -

On 29 October 2015: FII Net Bought – INR 174.12:  DII Net Sold – INR – 299.20

Expiry ended at 8110 which is just not good enough to say for further rise. Take a note that Nifty has failed to revive near 200 DMA. It has seen fall from levels before that. Now it is trading below 100 DMA. It seems that next achievable target can be around 50 DMA which is at 8025 levels.

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 again. I am expecting levels around 8025 levels. A fall towards 8025 may invite panic too. Take a note that bank Nifty has seen further weakness and looking weaker than Nifty. As much lot size is increasing in a big way from today one can expect less participation by retail traders. I am strongly criticizing this sort of havoc lot size. This is an attempt to keep small traders away from market and giving leverage to big players. It invites unhealthy activities in market.

Index may not give flavour to trade.

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Strategy for Nifty November future – I say a short below 8175 and I wend on it. My first expected target is at 8080 levels. If it breaks further then we can expect levels 8000 too in very small time. It may take 1-2 trading sessions to challenge 8000 levels. A level near 8000 may be a point to watch.

S&P 500 (USA) – I am keeping my study remains same. 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. Zigzag range bound session has no great meaning for trade. This is not short as long as it is above 2075.