18 December 2015: Nifty Elliott wave analysis: I said for profit taking from 7850 but it may not be a big one. I may opt to buy in dip again.
You must read previous articles and watch the given chart carefully to
understand this article completely.
For 18 December 2015: -
On 17 December 2015: FII Net Sold – INR 638.01: DII Net Bought – INR – 366.23
I have said for profit taking to emerge from a level between 7800 to
7850. We saw a high yesterday at 7850+. Now we are about to get a gap down
which is fairly accepted based on chart. Down the line, 7800-7780 may act as
good trading support.
One must look on positive divergence on MACD. It is really a huge one and
can be capable to nullify the effect of H&S pattern which has emerged on
long term chart. If this goes right then we should buy every dip. It’s too
early to conclude hence it is just a view so far.
For today’s trading session, I may opt to buy the fall after gap down. I am
expecting an intraday recovery. I may
plan to buy in the zone of 7800-7780. I see Nifty going towards or above 7900.
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Strategy for Nifty December future – I am
expecting a trusted support at 7780 levels in gap down. Suppose if it opens
with gap down and able to save 7780 then we can expect a intraday rebound.
Below 7780 do not attempt any long trades. Days may be dead if trades below
7780.
S&P 500 (USA) – It was
not entirely unexpected. A profit taking from levels near to 2070. Well, once
again I repeat, S&P never goes for comfortable trades near 2100. It does
not matter how much time it has spent in that zone. So far I am not bullish or
bearish on US indices. If things has to favour bulls from lower levels then
2030 must be protected.
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