28 December 2015: Nifty Elliott wave analysis: Derivative week is likely to be dull or bullish. I still expect a move towards 8000 !!!

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

For 28 December 2015: -

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

I have talked about the positive divergence. Based on that positive divergence I believe that Nifty may give an attempt towards 7940. We are on derivative week and will enter to New Year too. If it can able to above 7940 then next key will be towards 8000 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. It will be good to wait for intraday dip towards 7850 as 7850 to 7800 may act as key support.

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) – It ended last week on good note with small amount of profit taking in last trading sessions. Technical charts are still favouring the direction towards 2100 from current levels too. 2045 will act as key support for the move. I say one can opt buying in dip for this week too. On higher side I am expecting 2100 levels by this week itself.