30 December 2015: Nifty Elliott wave analysis: Keep your eye on 7940 again. This is decisive before 8000.

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

For 30 December 2015: -

On 29 December 2015: FII Net Bought – INR 8.49:  DII Net Bought – INR – 6.44

We saw a dot pause at 7940. It hit a top and turned silent. This is suggesting the importance of 7940 levels. Once it starts trading above 7940 then it can start moving towards 8000 levels. Based on technical charts I am hoping for levels above 8000 sooner or later.

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 to positive opening. Now market is building over budget expectations too. If that’s the case then we may see some sector picking up very soon and those will give good fruit. If Nifty can stand above 7940 then today will be very impressive day for bulls. I am not saying that Nifty can get a top at 8000. It can extend more.

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Strategy for Nifty December future – Once again key is at 7940-7950 levels. If it can stand above 7940-7950 then we can see quick addition of 50-60 points on higher side. That should be equivalent to 8000 levels on Nifty. Do not short this market although there may be some such signal emerges.

S&P 500 (USA) – This is just expected bounce which I was anticipating from past few trading sessions. Big question is will S&P revise above 2100. This is something which is beyond the scope of speculation. So far technical charts are hinting for a move towards 2100 and then market may go on decisive mode. Somehow I feel that it can move higher but it is just my hope.