24 December 2015: Nifty Elliott wave analysis: 7870 has done but challenge is on for a good crossover.

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

For 24 December 2015: -

On 23 December 2015: FII Net Bought – INR 385.82:  DII Net Bought – INR – 632.64

I am optimistic but market is showing lot of hesitation in crossing above 7870 levels. Suppose if it does not cross then we can expect a dull trading here and there near 7850 only. We can expect a good trading support at 7825-7800 levels. Short term support will be at 7780 levels.  

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, we may see a flat opening. I am keeping my biasing positive for the day. I will prefer to buy index in dip. There are many stocks which are showing sign of revival from lower consolidation mode. Some stocks are mentioned in our stock analysis.

Please visit our ‘intraday updates’ to get further updates or to take good advantage join paid services.

Strategy for Nifty December future – Can we see easy and sustaining crossover of 7870 levels. So far it is just not turning easier. If it does so then we can expect levels of 7925-7940. If not then consolidation will continue. Chance for moving higher side more than the chance of lower side. Do not short. Technical trading support will emerge at 7830-7810.

S&P 500 (USA) – For US market, it may be called Santa rally. We saw levels above 2065 too. Current move has enough momentum to suggest for 2100 levels. Once again note that 2100 has history of being dicey levels for traders.  Up as long as it holds 2045 as of now. Hope for more extension in rise for today also. I hope traders are enjoying long from lower levels of 2030.