08 March 2016: Nifty Elliott wave analysis: Resistance is still applicable at 7500-7530 and we may see a price correction from here.
You must read previous articles and watch the given chart carefully to
understand this article completely.
For 08 March 2016: -
On 04 March 2015: FII Net Bought – INR 671.57: DII Net Sold – INR – 533.10
Market is going to open after a long weekend. In my view my expected
levels of 7500 has done and market may turn soft any moment. One must note that
7500-7530 will offer stiff resistance. This suggests that we may not have good
range for upside immediately without any price correction.
For today’s trading session, we may see opening around same levels as
of last trading session. I have already said on Friday that this may be last
ride for rise. Technical support will stand at 7425-7400 levels. A possible
sell signal will emerge on break and close below 7400 levels.
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 March future
– We may see opening around 7470 but it may not be sign of strength. I am
expecting stiff resistance at 7500 levels. Let us see if this breaks from
higher levels as I am expecting. This may be opportunity to add short. So far
this is an anticipation.
S&P 500 (USA) – This
hit the levels of 2000 and the desired target has done. Technical charts are
advocating for a price correction. If things goes in favour of bulls then it
will not going to break 1960. This is just study based support which should not
break. I have already quoted for resistance in the zone of 2000-2015. Do not
plan to buy the dip immediate as it may turn to be a strong sell any moment.
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