12 September 2014: Nifty Elliott wave analysis: Hourly chart may emerge with H&S pattern with n-line at 8050. Close below 8050 will give target of 7920 levels. Question is – Will 8050 break?

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

For 12 September 2014: -

On 11 September 2014, FII Bought INR 433.55 crs and DII Sold INR 530.71 crs

We again saw a good pullback in last half of trade. It has broken 8080 and came near to 8050 with a low at 8057. At one time, it was almost 50 points rebound before cooling off. Only noticeable part is that it has lower high and lower low from past three trading sessions in a row. Still it is above 8050 support and bulls are showing their activity.

Looking at hourly chart, I have a feeling that it is forming H&S pattern with n-line at 8050. Close below 8050 may guide this market towards 7920 levels.  20 DMA is now at 7980 levels. I have quoted a level of 8111 yesterday. It has failed to break 8111 in second half of trade.

For today’s trading session, I am suggesting for a threshold point at 8050 after opening. If it breaks then we can see some good selling as consensus is for 8050 as support. On higher side 8111 and 8132 may offer good resistance. I like to add that market has not corrected the way I was thinking. These corrections are slow and not even impressive to name as correction. It may just be time correction. If it does not break 8050 then it cannot be price correction.

Today is last trading day of the week. If it breaks 8050 then only we can expect something good for correction if not then it can again see pull back from low. It has not yet closing at lowest point of the day.

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Strategy for Nifty September future – Nifty September future hit a low 8072 but rebounded to close at 8116. SGX Nifty is showing opening near 8100 levels. I suggest shorting if it breaks 8072, i.e. yesterday’s low. On higher side 8150 is a resistance and only cross above 8150 will be meaningful. Actual support may be near to 8060 only. Break below 8060 will give confidence to bear for 100 points slide.

S&P 500 (USA) – What we are witnessing is tremendous bulls attempt to save supports. It hit a low at 1986 and closed at 1997 which was also day’s high. So far, it is still below 2000 psychological levels. Nothing has changed so far in term of technical chart. It is juts consolidating near 1990 area. A decisive close below 1990 should give a push. I still hope that this rise from near to 1980 is to form right solder. 

12 September 2014: Stock Chart Analysis for intraday – ASHOKLEY, SUZLON and VIJAYABANK

ASHOKLEY (41.90)

Buy above 113.50/SL 112.50/ Target – 115-116|| Sell below 110.50/ SL 111.50/ Target 109-107

SUZLON (23.10)

Buy above xxxxxxxxxxxxxxxxx||Sell below 23/ SL 23.50/ Target 21-20

VIJAYABANK (46.80) -

Buy above 47.40/SL 47/TARGET 49-50 ||Sell below 46/SL 46.50/Target 45

11 September 2014: Stock Chart Analysis for intraday – RCOM, SSLT and HDFC

RCOM (111.30)

Buy above 113.50/SL 112.50/ Target – 115-116|| Sell below 110.50/ SL 111.50/ Target 109-107

SSLT (286.20)

Buy above 287.50/ SL 286/ Target 290-293||Sell below 284/ SL 285.50/ Target 282-280

HDFC (1035.05) -

Buy above 1045/SL 1039/TARGET 1054-1060 ||Sell below 1030/SL 1036/Target 1020-1015

11 September 2014: Nifty Elliott wave analysis: Once again, I will say to watch 8080 support carefully before 8050. Unless Nifty close below 8050, bulls just have upper hand over this market.

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

For 11 September 2014: -

On 10 September 2014, FII Sold INR 9.91 crs and DII Sold INR 511.25 crs

I said yesterday that 8080 is a threshold point for bears. It hit a low at 8082 and bounced to hit a high at 8110 in last hour of trade. There is a cycle of bounce in every last hour of trade from past many trading sessions. It just suggests that bulls are taking charge in last hour to trap bears. As long as this cycle sustain we cannot think about any meaningful correction. Yesterday’s dip was 0.60% which is biggest correction after 7540 levels.

My focus will be again at 8080 to get a way for 8050. As long as it is above 8050 it is hard to say any top formation yet. Alter way is that if it fails to break 8080 then it will be named as only one pull back. I usually do not visit currency market but I heard that Indian rupee has shown usual weakness in past two trading days and now near to 61. FIIs money flow has turned negative yesterday. These are few factors which is still giving a strong word of ‘caution’.  

For today’s trading session, I am suggesting for a threshold point at 8080 after opening. If it sustain below 8080 for 15 minutes then we can expect 8050 levels. Further, if it breaks 8050 then we can see a drag towards 8000 levels too. I would not be surprised if it hit levels of 7900 too in quick succession. On higher side it will again in the grip of bulls if it manages to stay above 8111.

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Strategy for Nifty September future – Nifty September future should has defined a support at 8100 levels. In a clear way it is a band of support from 8100 to 8070 levels. A break below 8070 will give concern to bulls. So far, it is way higher than those as every dip get bought. Just a 50 points cut in one trading session is not enough. 50 points more sell off as follow up will open door for bears. It is not impossible but not easy too.

S&P 500 (USA) – It is a bounce from 1980 to come at 1995. I still have reasons to be bearish on S&P. This bounce may have come to form a H&S pattern with n-line to form at 1980. So far, this is acceptable. I need to be patient as this is still at striking 1% away from all-time high. Charts are saying that it has top at 2011 and it will get good confirmation if stays below 1990. From past 14 trading sessions it is at same levels of 1990.