21 December 2015: Nifty Elliott wave analysis: Do not panic at lower levels. Support range = 7725-7700.

You must read previous articles and watch the given chart carefully to understand this article completely.
For 21 December 2015: -

On 18 December 2015: FII Net Sold – INR 6.99:  DII Net Sold – INR – 404.98
I was expecting a profit taking and we got this. I have not picked long yet. Good part is that Nifty came to the next support around 7725 levels. For today’s trading session it may trade near to 7725 here and there. Key thing is that if it can misguide at 7725 then 7700 is also possible and there will be an opportunity for long trades. I am not going to be easily bearish.
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 as I have not bought the gap down yet. Technically 7725-7700 will be the range of good support. For this week market may be mixed but over all direction may be up from lower levels. It will be good if we see lower levels by today only. I may opt to buy depending on conditions and strength.
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Strategy for Nifty December future – I am expecting opening around 7740 levels irrespective of SGX Nifty. We may see some immediate of panic sell off around 11 am. If I have to be long then I may opt to buy after 11 am trades. Buy with caution with smaller stop loss.  

S&P 500 (USA) – It has broken 2030 support levels and took a dip towards 2000 levels. It has opened wide uncertainty in this zone. Below 2000-1990 there may not be scope of pullback. I may turn a buy if it can save 1990 levels. I repeat buying can be possible from lower levels only. No higher levels looks safer to say as threshold for bulls. 
I’m Praveen Kumar, a seasoned Technical Analyst and stock market trader with over 25 years of experience in the Indian equity and derivatives markets. My passion for numbers and patterns led me to a dual career as a Mathematics Teacher and market technician. I specialize in Technical Analysis, with deep expertise in Elliott Wave Theory, derivatives strategies, and market forecasting. Over the years, my analysis and market views have been featured on NDTV Profit as a financial guest, along with published articles on reputed financial web portals, sharing insights on Nifty 50, Bank Nifty, and stock market trends. As a trader and analyst, I focus on interpreting price action, chart patterns, wave counts, and technical indicators to deliver precise market levels and actionable trade ideas. My approach blends classical charting with modern analysis tools to help traders navigate market volatility. Through VieCapital, I aim to share daily market analysis, trading strategies, and educatio…
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