03 February 2016: Nifty Elliott wave analysis: So, how was 7610 and how many has added short? Logical target is 7360 and then 7200.

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

For 03 February 2016: -

On 02 February 2015: FII Net Sold – INR 113.98:  DII Net Sold – INR – 323.23

It has broken 7500 levels and low hit at 7428. I have already given a hint for shorting on rise. Take a note that 7610 was first anticipated by us and it acted perfectly. So if it goes the way I am seeing then we can expect 7200 as short term target. This target may come sooner or later.

For today’s trading session, we may get a down opening. This downside opening may not fill and it may go to hit many lower levels. Technical charts are advocating for a target around 7360. If it opens around those levels then fall can extend towards 7300 also.

Let me clear what weekly charts are saying. A full 1500 points of fall is possible from 7500 levels. I have no idea if it gives 100% result what it is showing on theory but the target lies near 6000. Sorry, if words hurts you but this is what I feel. I do not see Nifty going at 8000 anymore in easier way.

It looks like H&S pattern is taking its effect. Well, if H&S pattern goes on its true mode then 7200-7100 is the possibility. Meantime Nifty is over sold for short term and intraday chart. This says that market may ignore MACD positive divergence and sooner or later it will hit 7200-7100 levels. After that 6500 will be the figure which people will talk about.

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Strategy for Nifty February future – We added some put options for positional deal and deal with short on Nifty Future in last hour of trade. This gave well. Technical chart are suggesting for first around 7400 levels. If it breaks those levels then one can expect further 60-70 points fall by intraday only.

S&P 500 (USA) – It has broken 1915 and we saw a fall of around 1% from that levels and this goes on expected line. I have already said yesterday that below 1915 it will invite around of selling and futures are indicating same. Technically, as long as it is staying below 1945 it will try to hit 1860-1850 levels. Intermediate resistance will be at 1915 levels.