09 November 2015: Nifty Elliott wave analysis: End on Modi magic. Market to test the levels of 7800-7750 now.

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

For 09 November 2015: -

On 06 November 2015: FII Net Sold – INR 219.17:  DII Net Bought – INR – 39.45

Here comes big disappointment from Bihar. A back to back two Major losses for Prime Minister. He lost both Delhi as well as Bihar which was knows as heaven for BJP. It’s time to accept reality. This is definitely something which market would not like. Just see how n-line of H&S pattern came in to effect as market may take a big gap down today. Based on chart it could have been an easy conclusion that below 7925-7900 it can challenge 7800-7750. I have already quoted this on Friday although I have no taken risk of forwarding.

For today’s trading session, I am expecting market to open on negative note. Take a note that unfortunately market is on a level where H&S pattern may take its effect. Note that we are almost on n-line of that bigger H&S pattern. Nifty can see 7800-7750 too by today itself. On higher side 7880-7900 will be resistance for rebound. Take a point – 7760 can be a possible support.

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 – Opening will go around 7820 levels which are well 170-160 points negative. In such days I do not prefer to trade. If recovery does not come from 7820 then one can expect further dip towards 7760 levels.

S&P 500 (USA) – As suspected US market turned choppy at 2100 levels. I am keeping my study unchanged. 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.