14 March 2016: Nifty Elliott wave analysis: Once again 7550 is crucial and critical “Make or Break” levels.

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

For 14 March 2016: -

On 11 March 2015: FII Net Bought – INR 378.36:  DII Net Sold – INR – 432.81

So far, bulls are giving their best to break 7530-7550 resistance levels. If it fails then market may change direction. If not then also we may not have much steam left in the market. It can extend max to 7600 levels.  It may be looking strong but this may be misguiding.

For today’s trading session, we may see opening around 7530 levels itself. We may see immediate resistance at 7550 levels. Do not be bearish unnecessarily.  Technical charts are suggesting that above 7550 it can extend some gain. My long term study remains same as of past few months.

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 –7550-7560 is made or breaks levels. Below 7470-7460, we may expect dip after higher opening. One should wait for the sign of weakness from higher levels. If this desired signal fails to come then it may generate a buy eventually. I may be a buyer but I will look for opportunity to be on short side on weakness.

S&P 500 (USA) – This good move came at a point when bulls might have lost their patience. S&P is going to hit 2030 levels. Well, one can a price correction will be very much expected from current levels. Equally, if this can stand above 2030 then a possible move towards 2060 is expected. So 2030 should act as make or break levels.