11 March 2016: Nifty Elliott wave analysis: I hope 7547 remains a short term top. I opt sell on rise but not to remains short above 7550!!!!

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

For 11 March 2016: -

On 10 March 2015: FII Net Bought – INR 1063.11:  DII Net Sold – INR – 598.03

We saw almost 100 points intraday dip from top. I have already quoted about the importance of 7550 in last trading session. We saw a top at 7547. Well, it seems that it should a short term top but we need a confirmation. I believe that if market closes in red today then we may see a turn around. Take a note that 7400 is still a short term support. As long as it holds 7400 we can expect multiple bounce from low. Above 7550, do not remain bearish.

For today’s trading session, we may see opening around 7490 as hinted by SGX Nifty. I believe that market may not hold this kind of levels for long for today. If it sustain below 7460 then one can expect a move towards 7400. Can we get this? This is still under doubt.

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.

Please visit our ‘intraday updates’ to get further updates or to take good advantage join paid services.

Strategy for Nifty March future – We may see opening around 7490 and we may get a sell signal in first hour itself, if it can able to make crucial top. Do not try to speculate the index for few days. 7550-7560 is made or breaks levels. Below 7470-7460, we may expect dip. Friday factor may govern.

S&P 500 (USA) – We saw a dip and then a last hours recovery. This makes sense to the support of 1960. As long as it holds 1960, bulls will not give up so easily irrespective of events. Now the time is still for dull trade in the zone of 1960 to 2000. I strongly believe that the range of 2000-2030 is a zone of stiff resistance and will not cross sooner. My call is short from high, may be from 2000+