You must read previous articles and watch the given chart
carefully to understand this article completely.
For 20 June 2014: -
On 19 June 2014, FII Sold INR 420.51 crs and DII Bought INR 117.81
crs
Indian market remains in a jitter mode after giving up all gaps
up in just one hour of trade yesterday. Have a look on the given chart; it is
breaking daily support line. I have
already given a support of 7485 based on gap which is visible on hourly chart.
Now, Nifty has 20 MDA at 7473 levels. So the range of 7485 to
7470 will be most crucial and decisive support in downside. If it breaks this
range then we can see panic sell off which can give range of 7400 to 7300. Take
a note that, Elliott wave trend is already giving same target from past few
days.
Now, let us concentrate the charting pattern. Based on
Elliott wave theory we got a top at 7700 levels. If I draw it for target then
we should get minimum of 7400 levels which can be violent in the area of 7400
to 7300. Hence, I believe that Nifty can enter in the zone of 7400-7300 before
giving fresh rebound.
For today’s trading technical support will be at 7510 and
7485 levels and resistance will be at 7570 and 7600 levels. I must add that
from lower levels, one must wait for the break of 7485 to add fresh short. Else
it will be better to short from higher levels, near to 7600 to add short.
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Strategy for Nifty June
future – Nifty June
future may open near 7540 levels as suggested by SGX Nifty. Immediate trading
support will be at 7510 levels. Break below 7510 will cause the fall of
immediate 40-50 points. On higher side 7580 to 7610 will be zone of stiff
resistance. It seems that we stuck in the side wise direction now. This will
not remain side wise if it breaks 7500. Today is the last trading session of
the week. Let us see what is coming.
S&P 500 (USA) – S&P has closed above 1956. It
is on new life time high again but not running with rapid euphoria. As long as
it is above 1945, this up trend will remain in race. We are likely to see the
range of 1970-1980. There is nothing great to add as trend will be side wise
with small positive or negative. Although, at new all-time high bulls have
upper hand. Let us see what can come before weekend.
