You must read previous articles and watch the given chart
carefully to understand this article completely.
For 11 July 2014: -
On 10 July 2014, FII Bought INR 161.55 crs and DII Sold INR
4.89 crs
We make mammoth winning trades on Nifty yesterday with
prediction of bounce and bloodbath as well. Fine, that’s the history now. I have a simple
message after going through budget details. NDA need to remember that they got
a mandate to prove themselves different from UPA. They are not here to even
compare themselves from UPA. They are here to deliver promises. It’s just note
make a sense to give plan for 10 years and 20 years in a philosophical ways. My
biggest worry towards this budget is excessive expenditure and no hint about
the source of funds. Please do not tell me that FDI can give any money.
Well, hope is hope and here hope means rally in stock market.
We can still hope that Prime minister and finance minister may have some magic
in implementing their plans. If they do then we make be saved. If not then
prepare for disaster. Now, Indian stock market will enter in earning season and
market will focus on those. Infosys will kick start the season.
I need to revise few technical supports. These are – 7479 >
7399 > 7275.
Based on Elliott wave theory we are still living with a
possibility of a move towards 7400 levels sooner or later. Bounce will get
resistance at 7605 for intraday. Are we really going to get any sustaining
bounce? I doubt after yesterday’s sell off in post 2 pm hours.
For today’s session, I have a strategy to short weak stocks
near 7600 resistance on Nifty, if comes as we may get better risk reward ratio.
Take a note that if Nifty able to stand above 7605 levels then I will go off to
my short. I do not have big short as after 200 points quick dip, I took most of
my shorts.
I talked about primary trend yesterday. Unfortunately, it
looks down now. This is not new after predicting 7800-7840 range for short term
top. I have another simple warning for traders and investors do not invest
money for medium and long term. Go and sit in cash. If you do not listen this
then chances are very high that you will burn your fingers.
Please visit our ‘intraday updates’ to get further updates or
to take good advantage join paid services.
Strategy for Nifty July
future – Nifty July
future will still have a threshold at 7570. Bulls are on back seat now. Nifty
future may start near 7570 levels but it will face resistance on every step. In
down side, it can easily retrace towards yesterday’s low. It’s alarming. For intraday
trade, use some bounce to short and plan to short near 7600 as this will give
better risk reward ratio. It is advisable to cross check my intraday updates
before executing trades or better be a subscriber to get clear call.
S&P 500 (USA) – I was almost right for a bounce
towards 1970 and then fall again. We saw a bottom at 1952 and then S&P got
intraday bounce. Remember, US has strongest bulls of the world and they will
not give up easily. The bounce from 1952 to 1969 is an indication that bulls
are still in the race. In view, bulls are close to lose their race this time. As
I said earlier, I am repeating. Short the rise, anything above 197X-198X-199X.
