You must read previous articles and watch the given chart
carefully to understand this article completely.
For 25 July 2014: -
On 24 July 2014, FII Bought INR 282.44 crs and DII Sold INR
290.35 crs
Nifty has broken 7809 marks and goes with support of charting
formation. Once it was above 7660, it was already hinting for 7860 as next move
although it was against Elliott wave move. From past 7808 to this time at 7808+
almost 33 Nifty stocks has underperformed the move. Mid cap and small cap
stocks are already under performing. Hence, bulls are also not feeling like
party time.
This is happening almost everywhere in the world. What I mean
to say is that everywhere in the world mid cap stocks has underperformed in
past one month. Take a note that new all-time high is not a guarantee of rise. Charting
target is still at 7860 but I am sceptical towards trades. This rise is coming
from 7422 and stretched by 400 points.
I suggest starting the day in neutral mode. Technically it is
still a buy as long as it is above 7809 levels. Crucial trading support for
short term move will be at 7770 to 7750. Momentum indicators are not justifying
the rise and hence we may be near to top either now or very soon.
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Strategy for Nifty July
future – Nifty July
future is giving a hint for opening at 7830 levels which must be flat. As long
as it is above 7800, it can extend rise near to 7860 and then we may see a top
formation. If it goes below 7800 sooner then we may say that top may go for
misguide or pullback? I still say, do not buy pullback as one pullback will
come to trap bulls too. Most protecting level to save this up trend is 7750.
S&P 500 (USA) – These are soft trading days with
small magnitude of rise. It hit another new all-time high at 1991. It is still
looking for a move towards psychological 2000 marks. As far as it is above
1950, it will just head higher. There are no great technical levels to explain.
Only one formation can have some meaning from current levels and that level is
1950. Small trading reversal may appear below 1978. So far, it looks up for
2000 marks.
