07 December 2015: Nifty Elliott wave analysis: It is essential for Nifty to go above 7850 and sustain to avoid the possibility of 7530.
You must read previous articles and watch the given chart carefully to
understand this article completely.
For 07 December 2015: -
On 04 December 2015: FII Net Sold – INR 1745.73: DII Net Bought – INR – 1069.01
US market goes on recovery has put global indices on forward note again. I
still found too many sign of caution for Indian market although a bounce is
like. Nifty has saved support of 7760 as quoted on Friday but it has not bounce
to significant levels. We may get a possible gap up which has again killed the
possible intraday move. Shall I be bullish after gap up? It may not be easy.
For today’s trading session, we can see a gap down. One can expect
technical recovery to continue if and only if it can stand tall well above 7850
levels. This is a big demand in current situation. Note that we are on very
crucial time frame. It can either make from 7760 support or it can invite 7530
as target for this month.
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Strategy for Nifty December future – I have no
forward trade so far. Technically we can expect a move towards 7900. If it can
sustain above 7900 then only it can save big dent on market. Well, if above
condition does not satisfy sooner then we can get a possible big dip. How big
that can be? Let us see what comes for the day. A up or a Down?
S&P 500 (USA) – We saw
another bounce from lower levels again. This 2% bounce on Friday again put
S&P near 2100 levels. Have a look on long term chart; S&P is here and
there on average basis near 2100 from last one year. This is supposed to be longest
consolidation in global history. Outcome is also likely to be historical. Once again,
I am not bullish at 2100 unless it surpasses 2135 levels.
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