05 November 2015: Nifty Elliott wave analysis: Resistance at 8125 came in act. Will it get support @ 7990 or slip further?
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understand this article completely.
For 05 November 2015: -
On 04 November 2015: FII Net Bought – INR 33.16: DII Net Sold – INR – 74.90
It was 8125 resistance levels which were on duty yesterday. Nifty opened
higher and hit a high at 8116 but slipped to close much below. This shows that market
is developing a newer trading range which is lower than the previous one. This kind
of movement definitely put market in danger for the application of the previous
big H&S pattern to take effect.
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. These are zigzag
bounce in between the pattern.
For today’s trading session, I am expecting market to open flat but it
will trade with a possibility to test the support of 7990-8000 levels. Trading range
may shift to 8125 to 7900 levels in pre-Diwali days.
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 have no
participated in market yesterday for Nifty. It gave up in last 30 minutes of
trades. One should take support at 8020-8110 levels. I just do not prefer to
trade in this kind of moves but trading opportunity will come today. Let us
see.
S&P 500 (USA) – I have
already suspected this kind of move hence I have decided to trade long only
above 2135. Now it has bright chance of showing dull and unpredictable move
near 2100 levels. It may spend many days. Equally a good sell signal will
emerge below 2080 levels at least. If someone wants to take hourly chart signal
then yes it has a sell around 2110.
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