10 March 2016: Nifty Elliott wave analysis: Multiple resistances above 7530. It may not be easy to cross but it’s not short as of now if stays above 7550.

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

For 10 March 2016: -

On 09 March 2015: FII Net Bought – INR 462.86:  DII Net Sold – INR – 823.56

A hit above 7530 and a close above 7530 have forced me to believe for some more upside left. In true sense, if this manages to stay above 7530 then it may be short term buy breakout. I am still saying that we need more confirmation. It may not be easy to sustain above 7550 either. Let us see.

For today’s trading session, we may see opening around 7520. This suggest that if this sustain below 7490 in first half then we may expect big sell off in second half. Still, I do not suggest for shorting as of now but we may take a deal during trading hours.

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 7525 and we may get a sell signal in first hour itself. Do not try to speculate the index for few days. 7550-7560 is make or break levels. Can we get a short at top? Who knows?

S&P 500 (USA) – So far, it goes as per my road map. It has saved 1960 and trying to make hit for 2000 levels. This level may turn as flop flip flop zone. I still consider that 1960 is a good support to deal but I am not too confident for buy either due to multiple resistances at 2000-2015-2030 marks. Hopefully, up side may have some steam left but levels may not be too big.