20 November 2015: Nifty Elliott wave analysis: Expect another positive day to close week on good note. Decisive resistance is 7860-7870.

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

For 20 November 2015: -

On 19 November 2015: FII Net Sold – INR 343.18:  DII Net Bought – INR – 233.82

We got a perfect reversal in trend. There is still one thing missing. Nifty needs to move above 7860. If this happens then we can expect some good up move. Good part is that Nifty has closed above 7830 and this may itself be a trigger. One must note that this is a pullback towards n-line again on long term chart.

For today’s trading session, I am expecting market to open on silent note. Global market is silent right now after two days of rise. Technically as long as Nifty is above 7800 levels we can expect rise anytime. Today is the last trading day of the week and we have derivative expiry next week. We may get a short covering rise. Will this come?

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Strategy for Nifty November future – Positive divergence is still on play. Based on technical chart, Nifty Future needs to go above 7880 levels to claim for further gain. I hope for this to happen. Technical support is at 7800-7990.

S&P 500 (USA) – This is a silence but good part is that this silence is above 2075 levels. This makes sense for bulls. I still believe that sell signal may not come sooner. I was bullish for this week and today is last trading day. As long as it is above 2075, bulls are safe. Equally I do not buy S&P at or above 2100 levels. Let us see how it shapes to close on weekly note.