26 June 2014: Nifty Elliott wave analysis: Gas price hike differed for three months more and it may have an impact on gas stocks. Nifty has technical resistance at 7600 and 7630. Be cautious ahead of derivative expiry.
You must read previous articles and watch the given chart
carefully to understand this article completely.
For 26 June 2014: -
On 25 June 2014, FII Bought INR 694.63 crs and DII Sold INR
433.63 crs
I was expecting a dull move before expiry and we got that. Now,
today is derivative expiry of June month contract. There is little odd news
which market needs to face today. One is that gas price hike deferred for three
months more. This was unexpected. It gives us a sense that NDA is also going on
UPA way where decisions goes pending. We can only hope that market would not
take such message.
US market recovered a little last night and Asian shares are
higher with Iraq concern. It just means that US market has not got the follow
up selling. So, now there is a strong possibility of few days of side wise
trading direction to continue for few more days.
For today’s trading technical support will be at 7550 and 7500
levels and resistance will be at 7600 and 7630 levels. Derivative expiry day is
always beyond expectation. It looks like it can be volatile and wild but it may
not. It may be relatively silent. Let us see where it ends.
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Strategy for Nifty July
future – Nifty June
future may open near 7600 levels as suggested by SGX Nifty. Immediate trading
support will be at 7590 levels. Break below 7590 will again push bulls back and
bears may take a charge. On higher side, resistance will emerge at 7650 levels.
Cross above 7650 will drive new wave of rise. Technical set up are same as of
yesterday.
S&P 500 (USA) – S&P closed with a gain of more
than 9 points and made an equalizer. It is fair to say that we have not got follow
up selling yesterday but still resistance are supposed to high in the zone of
197X. Even to be bearish, I Want trade below 1945 to conclude. So, US indices
are a avoid right now with side wise move to continue for few days more or unless
it goes below 1945.
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