10 November 2015: Nifty Elliott wave analysis: As long as it is saving 7760-7750, it can give buy from low but applicable resistance is at 8000.

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For 10 November 2015: -

On 09 November 2015: FII Net Sold – INR 861.06:  DII Net Bought – INR – 621.18

I have quoted for support at 7760-7750 levels and we saw bounce from 7771 itself. So far this is good to say that market has saved and digested some odd. Question is how far this can go. Nearing to Fed meeting global market may see nervousness. One such nervousness hit yesterday in Wall Street.

For today’s trading session, I am expecting market to open on negative note again as indicated by SGX Nifty. I bought yesterday at low but not long on rise. As long as Nifty is below 8000 levels even short term trend is not up. Still I expect a trading support to emerge today also. It can take support near or around 7825-7800 levels. If this happens then some festival based stocks may see buying. Right now Tata Motors kind of stocks looks good for rise.

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Strategy for Nifty November future – Opening will go around 7860-7850 levels and immediate support will emerge at 7820 levels. If this happens then we may have a long trade opportunity before Muhurat trading. On higher side 7940-7950 is a resistance. Can trading range go bigger? Yes, we have a bright possibility to see a bigger trading range this week.

S&P 500 (USA) – I have quoted for support at 2080-2070 levels. Yesterday night it has seen a fall to hit a low at 2069 and then bounced. This bounce may keep bears little shy. Technically one more close below 2080 will trigger sell. So today’s trading is very crucial. If bounce comes to keep it above 2080 then 2100 may be on hunt. If not then a possible sell signal is coming. I do not buy at 2100.