Nifty Open interest indication

Nifty 6000 and 6100 call added huge 25 lac and 22 lac contract in open interest indicating that both strick price has been written today. Nifty loosen its all rise which it gained in three days. Price fallen in less time rather than rise time indicating that fall is impulsive. As per Elliott wave if this falling wave is 3 than it may surprise many and price may slide sharply with gap down action.  In my previous update we wrote that any break below 6100 will slide nonstop to 5800 level. Any jump of 30-50 point should use to sell on rise.

Nifty Latest update

Yesterday wrote that current Elliott wave pattern for short term view is doubtful. Nifty resisted around 6210 level and fell sharply and halt at 6110 level. Yesterday wrote also until nifty break 6110 view is positive. Be careful at this level break below 6100 will drag nifty towards 5800 nonstop.

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ELLIOTT WAVE POSSIBLE SHORT TERM MOVE

ELLIOTT WAVE POSSIBLE SHORT TERM MOVE

Here i am posting three possible Elliott wave count for short term perspective. Market fell consecutive 8 days in previous week but we have not seen any sharp downfall of 100 or more than 100 points. But nifty recovered up to 61.8% retracement level in just two days indicating that upside momentum is very strong.

Any move above 6260 will force nifty to jump upto 6500 level very sharply. Untill unless nifty break 6110 level towards downside my very short term view will be positive. 

As per Elliott wave perspective short term view is very doubtful. Chart no 2 possibilities are very much.

Click on chart for its larger view.

CHART 1

CHART 2

CHART 3 MONTHLY CHART

Caution ahead

Market reversed from the top as my technical assumption was and we have given many times about the possible road map of nifty. Currently We have some doubt because Elliott wave formation has not giving clear picture on the chart. Market fell consistently eight days but we have not seen any impulsive down move of more than 80 points which happen few weeks ago 100-150 points rally in a single day. In other words market fell but in very slow momentum. 

So I feel that 6141 Spot Level on closing basis will flow water on bears who is dreaming for lower level. So This week price action will be very important for both bulls and bears. Any move above 6141 (spot price) with gap up action will provide strong and fast up move to create new high. Any fall below the gap or previous day low will provide us down indication that one more down wave is pending towards 5876 level.

Aggressive trading will be very dangerous this weak. Trading without proper guidance can be adventurous.

Go for Positional long above 6150 for target 6250

and go for Positional short below 6100 for target 5920