17 December 2015: Nifty Elliott wave analysis: Hope for 7800 is still alive. A pullback expected from any levels between 7800-7850.
You must read previous articles and watch the given chart carefully to
understand this article completely.
For 17 December 2015: -
On 16 December 2015: FII Net Sold – INR 503.22: DII Net Bought – INR – 1024.03
7800 is my fairly expected target. Take a note that 7800-7850 may not be
easy level to trade or say to cross. One pullback is possible near 7800-7850
before any rise. I am expecting a trade near 7800 and then a pullback from
levels between 7800 to 7850.
I must say that one should not neglect the formation of H&S pattern
emerges twice. This kind of pattern used to give fluctuation between n-line and
shoulder.
For today’s trading session, market may see a gap up. If this gap up goes
to 7800 in first minutes of trades then wait for some pullback. The day should
still favour bulls from lower levels. What that lower levels can be? I will be
happy to see something near 7740-7725. If not then we may not get good trades.
Please visit our ‘intraday updates’ to get further updates or to take
good advantage join paid services.
Strategy for Nifty December future – As I said
yesterday 7800 is still under expectation. I rather say that traders should use
pullback to trade long. Avoid first half of trade if pullback fails to come. If
not today then tomorrow a pullback may come.
S&P 500 (USA) – It goes
as expected. We got S&P above 2070. Will this hit 2100? Yes, it can hit but
once again I will not prefer to trade long at 2100 levels. I must add that 2100
is a fair possibility before fed meet. Technical support is at 2060 and 2045. I
advise strong caution near fed meeting. Take a note that even after pullback no
global indices is convincing for new wave of rise.
Join the conversation