29 May 2015: Stock Chart Analysis for intraday: BHEL, ANDHRABANK and ARVIND

BHEL (252.70)

Buy above 255/SL 253/ Target 260 || Sell below 248/ SL 250/ Target 245-243

ANDHRABANK (80.55)

Buy above 82/SL 81/Target 84-85 ||Sell below 79/ SL 80/ Target 78-77

ARVIND (238.20)

Buy above 241/SL 238/Target 246-250||Sell below 235/ SL 235/ Target 229

29 May 2015: Nifty Elliott wave analysis: Nifty cannot be fresh short from near to 8260 support zone. If it breaks then 8200-8150 is expect levels.

You must read previous articles and watch the given chart carefully to understand this article completely.

For 29 May 2015: -

On 28 May 2015, FII Sold INR – 792.54 crs and DII Bought INR 683.29 crs

Today is last trading day of the week and first day of new derivative month. There is no great signal for buy and sell. These are moderate days where market in under consolidation on long term chart. Nifty has shown respect to 8260 support levels on expiry day. It was definitely a dull expiry.

A simple conclusion is that 8260 is a crucial support. It has chance for bounce as long as it holds above 8260. If it breaks 8260 then we may see levels of 8200 to 8150. Nifty is here and there at 200 DMA which is definitely not in favour of bulls.

For today’s trading session, I am expecting a flat to cautious start. I am expecting technical support at 8260. I am suggesting a buy on capital goods stocks as those has revived better on expiry. On higher side we may expect 8360 to 8380 as crucial resistance zone. I cannot deny the possibility of another dull day.

Please visit our ‘intraday updates’ to get further updates or to take good advantage join paid services.

Strategy for Nifty June future – Nifty future may see start above 8300 which may be fairy a ok kind of start. Technical support is at 8275-8260 zone. Big question is shall we buy the dip on support? I may opt to give one attempt for intraday on long side. So far, this is my only plan. If I have to consider short then I will prefer to wait for break of threshold support.  

S&P 500 (USA) – Once again it has a dead session hence my studies remains same. I was not expecting this kind of bull’s attempt but it was not so unexpected. It used to happen near top when bull’s refuse to give up. What is not justifying is that bulls are not making serious attempt to make a higher cross over. Near to top, I am advising strong precaution. 2135 is still tough resistance to offer. I am least interested to trade long looking on VIX. 

28 May 2015: Nifty Elliott wave analysis: Trade less due to derivative. 8260 is a key support.

You must read previous articles and watch the given chart carefully to understand this article completely.

For 28 May 2015: -

On 27 May 2015, FII Sold INR – 934.98 crs and DII Bought INR 594.03 crs

We have derivative expiry of this month series today. Technical support should be only at 8260 levels. As long as it holds above 8260 we can hope for some recovery. I must say that I am expecting another dead session today based on normal circumstances but expiry may add volatility.

Current dip is from near to 8500 and seen a low near 8277 levels, almost 3% downside move. Take a note that we have seen a dip below 200 DMA but final closing is much higher than the lowest point of the day.

For today’s trading session, I am expecting a flat to cautious start. First logical support will emerge at 8320 and then at 8260 which may be a form of panic dip if comes. On higher side we may have a sense of 8400 but this may be tough day to claim.

Please visit our ‘intraday updates’ to get further updates or to take good advantage join paid services.

Strategy for Nifty June future – We booked our short at 8300 and this turned to be another good trading decision. Take 8280 as key support which may try to give support in any impulsive dip. On higher side 8420 is the expected levels but that’s on short covering rise if comes. Trade less.

S&P 500 (USA) – I was not expecting this kind of bull’s attempt but it was not so unexpected. It used to happen near top when bull’s refuse to give up. What is not justifying is that bulls are not making serious attempt to make a higher cross over. Near to top, I am advising strong precaution. 2135 is still tough resistance to offer. I am least interested to trade long looking on VIX. 

28 May 2015: Stock Chart Analysis for intraday: BHEL, TATAMOTORS and YESBANK

BHEL (249.85)

Buy above 251/SL 249/ Target 256-260 || Sell below 246/ SL 248/ Target 242-240

TATAMOTORS (471.75)

Buy above 476/SL 471/Target 482-486 ||Sell below 463/ SL 466/ Target 455-450

YESBANK (870.90)

Buy above 876/SL 871/Target 885||Sell below 864/ SL 868/ Target 854-848

27 May 2015: Nifty Elliott wave analysis: Another time, below 8320, it can hit 8260 and then straight to 8200-8150 !!!

You must read previous articles and watch the given chart carefully to understand this article completely.

For 27 May 2015: -

On 25 May 2015, FII Bought INR – 114.81 crs and DII Bought INR 123.85 crs

This dip is in line with my expectation. Yesterday it has challenged 200 DMA on down side. Basics of technical analysis are suggesting that below 8320 (which is 200 DMA) we may see some impulsive dip which should be because of nervous nature of investors. Equally, we are just one more trading session away from derivative expiry of May month series.

If 8500 is a short term top or say a trading top then we have chance of hitting 8200-8150 as next level of support which is giving a scope of further 2% fall at least from here. Expiry can make things more odd and volatile. Adding more spices, US indices seen a massive dip last night. We have STBT on Nifty future.

For today’s trading session, I am expecting a big negative opening. If it fails to recover after initial dip then we may see panic sell off too. Technical charts are suggesting that below 8320 we have chance to see 8200-8150 as next range of key supports. You may expect trading support at 8260 before that.

Please visit our ‘intraday updates’ to get further updates or to take good advantage join paid services.

Strategy for Nifty June future – We had short on May Future from 8380 which we booked @ 8345 and then make a switch to June series from 8370 which we hold. Now, it is close to make a break below 200 DMA support. One 200 DMA breaks then we may expect a panic sell off. Nifty June Future can slide towards 8300 to 8260 as of now.

S&P 500 (USA) – This is the dip which I have talked in recent few days. Hope traders have saved themselves from a bull’s trap. This is a key level to watch. I feel that long has done for now and a decisive dip is on its way. After all, this is a range bounce indecisive market from past more than six months. Below 2115 to 2120, it has generated a sell signal. It may have first target in the zone of 2095 to 2090 levels. 

27 May 2015: Stock Chart Analysis for intraday: DLF, TATAMOTORS and RELIANCE

DLF (116.90)

Buy above 119/SL 118/ Target 121-122 || Sell below 116/ SL 117.25/ Target 113-110

TATAMOTORS (497.60)

Buy above 505/SL 500/Target 513-518 ||Sell below 492/ SL 497/ Target 484-480

RELIANCE (884.60)

Buy above 890/SL 886/Target 898-903||Sell below 882/ SL 886/ Target 875-868

26 May 2015: Nifty Elliott wave analysis: Time to quote 200 DMA as support again. Now it is at 8320. Below 8320-another fall.

You must read previous articles and watch the given chart carefully to understand this article completely.

For 26 May 2015: -

On 25 May 2015, FII Bought INR – 74.14 crs and DII Bought INR 0.17 crs

Yesterday’s dip was just a reaction at the resistance level of 8500. Can this fall extend? Yes, it may. Take a note that 200 DMA is at 8320 levels which is in the striking distance from current levels. Hence, it is a meaningful support for the day. We are in derivative expiry week.  

It has another possible short term top near 8500 levels. I must say that this is just a possibility so far. We need to wait for some more technical confirmation. Two close below 8320 will push this market lower again. Derivative expiry effect may cause some odd moves.

For today’s trading session, I am expecting a silent to negative opening. Before expiry it may turn volatile. On higher side 8400 and 8430 may be decisive intraday resistance. If banking stocks turn weaker then we may see some big fall on index sooner.

Please visit our ‘intraday updates’ to get further updates or to take good advantage join paid services.

Strategy for Nifty May future – I take yesterday’s dip as signal for opening the wide range in downside. If this is true then Nifty May Future has every chance of hitting towards 8300 levels. On higher side 8420 to 8450 will be zone of resistance. One can expect good volatility but this may not be easy to trade. Avoid if you do not like uncertainty.

S&P 500 (USA) – These are soft negative trades on Wall Street. It is just choppy days to trade and it should be avoided at these levels. Moving forward 2145 is a resistance although 2135 will also act as tougher levels to cross. In the downside 2115 may act as support. There is no strong trading signal to trade. I am waiting for short signal to emerge at topping market. A long term top is just here and there. 

26 May 2015: Stock Chart Analysis for intraday: DLF, TATASTEEL and ACC

DLF (121.30)

Buy above 124/SL 123/ Target 126-127 || Sell below 120/ SL 121.25/ Target 117

TATASTEEL (332.00)

Buy above 335/SL 332/Target 342-345 ||Sell below 329/ SL 332/ Target 324-322

ACC (1495.45)

Buy above 1505/SL 1495/Target 1525||Sell below 1489/ SL 1496/ Target 1470-1460

25 May 2015: Nifty Elliott wave analysis: Expect another dull trading day with resistance at 8500 and support @ 8420!!!

You must read previous articles and watch the given chart carefully to understand this article completely.

For 25 May 2015: -

On 22 May 2015, FII Bought INR – 211.42 crs and DII Bought INR 237.62 crs

We are in derivative expiry week now. There is nothing so great to trade. We saw a dull trading last week. Nifty is experiencing resistance but there is no any significant weakness yet near top. I have anticipation for resistance to emerge in the zone of 8450 to 8500 levels. It has entered in the same range now.

If this market does not fall then it will turn choppy in this range which is just making trading dull. One should prepare for some decisive move anytime now. If it picks to go higher then also it can be wild but chance of going up is less. Equally, there is no sell signal.

For today’s trading session, I am expecting a silent to negative opening. Before expiry it may turn volatile but technical signals are just justifying for dull moves only. Firstly, we have to wait for trading range to get open. I hope that trading momentum for bulls will favour above 8500. It is just my hope. Technical support is at 8420-8400.

80% chance is that we have tested a short term bottom on last Thursday only.

Please visit our ‘intraday updates’ to get further updates or to take good advantage join paid services.

Strategy for Nifty May future – I do not see big trading range even now. Technical resistance at 8490-8500 levels while support can emerge at 8420-8400 levels. One should trade less in this kind of choppy days. Let us see what comes.

S&P 500 (USA) – Once again it is choppy on new life time high and this is most irritating part. Trading range has also turned smaller. From past more than six months US indices were hardly in lime light. This kind of choppy behaviour at top may be the indication of long term top. I have no trade of now. Trading support is at 2120-2115. I am interested in shorts but not getting any kind of confirm signal. It’s matter of time. Will it really hit 2145 which we have projected in November 2014. 

25 May 2015: Stock Chart Analysis for intraday: TATASTEEL, TCS and SBIN

TATASTEEL (341.30)
Buy above 345.50/SL 343/ Target 350-353 || Sell below 339/ SL 342/ Target 332-330

TCS (2617.90)
Buy above 2630/SL 2615/Target 2680-2700 ||Sell below 2595/ SL 2610/ Target 2575-2560

SBIN (282.45)
Buy above 285/SL 283/Target 288-290||Sell below 279/ SL 281/ Target 275-273

22 May 2015: Nifty Elliott wave analysis: It is another topping formation with resistance at 8450. No buy as long as below 8450.

You must read previous articles and watch the given chart carefully to understand this article completely.

For 22 May 2015: -

On 21 May 2015, FII Bought INR -  crs and DII Bought INR 404.01 crs

I can conclude that 8450 is a true and working resistance which is in line with our expectation. Technically, as long as it is staying below 8450 we cannot trade long on indices. Although, we may see stock specific rise this may not be the part of index.

If this market does not fall then it will turn choppy in this range which is just making trading dull. One should prepare for some decisive move on last trading day of the week but so far there is no such indication. If it comes then I will take this as surprise only.

For today’s trading session, I am expecting a silent to negative opening. I do not have any forward trade as of now. Technical support will come at 8380 and then at 8340 levels. On higher side 8450 is a decisive resistance. Banking index may play some key role for the day. I must say that volatility may come at peak if it comes.

80% chance is that we have tested a short term bottom on last Thursday only.

Please visit our ‘intraday updates’ to get further updates or to take good advantage join paid services.

Strategy for Nifty May future – I still believe that nifty future may not give comfortable trade on higher side. I am expecting volatility on every top now. Technical resistance is at 8450 levels. Once it is above 8450-8460 we may see some quick 30-40 points of rise but then we may see fresh resistance again. Below 8370 we may see easy dip.

S&P 500 (USA) – My study remains same near this kind of high. VIX can bottom out in the range of 11. It is going in the same way and turning soft on high. I repeat that there is no momentum in the market to keep these higher levels. It is only the matter of time for a slip. Yesterday’s high of 2134+ is not invincible but it is tough to maintain such levels. I wait for a hard-core concrete sell signal. I expect dip and a big dip is very close to come. 

22 May 2015: Stock Chart Analysis for intraday: YESBANK, BAJAJ-AUTO and COALINDIA

YESBANK (860.80)

Buy above 867/SL 862/ Target 875-882 || Sell below 852/ SL 857/ Target 843-835

BAJAJ-AUTO (2300.30)

Buy above 2318/SL 2300/Target 2350-2360 ||Sell below 2284/ SL 2301/ Target 2250

COALINDIA (373.70)

Buy above 376/SL 373/Target 380-382||Sell below 369/ SL 372/ Target 364-361

21 May 2015: Nifty Elliott wave analysis: Indecisive mode to continue with resistance in the zone of 8450-8500 levels.

You must read previous articles and watch the given chart carefully to understand this article completely.

For 21 May 2015: -

On 19 May 2015, FII Bought INR 48.06 crs and DII Bought INR 451.02 crs

We may be on some kind of resistance zone as quoted yesterday. Nifty has a high at 8440 which in accordance with resistance at 8450 levels. I still believe that another trading top may come in the range of 8450 to 8500 levels. We may be in the phase of topping global market.

I cannot deny the possibility of some hangover rise before fall. Fall is also not a guaranteed as it is just a speculation. What I mean to say that Nifty is on decisive resistance zone. Once it goes above 8500 then we may see a fresh wave for bulls. Keep this thing as note one can prepare short term trading strategy.

For today’s trading session, I am expecting a silent opening. We may see resistance at 8450+. It will face resistance as long as it is below 8500 levels. In the down side support will emerge at 8380 which may act as bear threshold too. Below 8380 we may see some sharp giving up on Nifty and in some premier stocks too.

80% chance is that we have tested a short term bottom on last Thursday only.

Please visit our ‘intraday updates’ to get further updates or to take good advantage join paid services.

Strategy for Nifty May future – I still believe that nifty future may not give comfortable trade on higher side. I am expecting volatility on every top now. Technical resistance is at 8450 levels. Once it is above 8450-8460 we may see some quick 30-40 points of rise but then we may see fresh resistance again. Below 8400-8390 we may see easy dip.

S&P 500 (USA) – It is going in the same way and turning soft on high. I repeat that there is no momentum in the market to keep these higher levels. It is only the matter of time for a slip. Yesterday’s high of 2134+ is not invincible but it is tough to maintain such levels. I wait for a hard-core concrete sell signal. I dip and a big dip is very close to come. 

21 May 2015: Stock Chart Analysis for intraday: DLF, BHARATFORG and SBIN

DLF (123.25)
Buy above 125.50/SL 124/ Target 128-129 || Sell below 122/ SL 123.50/ Target 120-118

BHARATFORG (1238.20)
Buy above 1252/SL 1243/Target 1275-1280 ||Sell below 1224/ SL 1233/ Target 1200-1190

SBIN (292.60)
Buy above 295/SL 292/Target 300-302||Sell below 289/ SL 292/ Target 284-282

20 May 2015: Nifty Elliott wave analysis: Indecisive moves may cause lesser trading opportunity. Key resistance is at 8450-8500 levels.

You must read previous articles and watch the given chart carefully to understand this article completely.

For 20 May 2015: -

On 19 May 2015, FII Bought INR 48.06 crs and DII Bought INR 451.02 crs

Nifty has given a logical resistance before 8450 levels. This is again raising a point that higher levels are not safe. I was also expecting resistance at 8450 to 8500 levels for Nifty. This may be a part of volatility near top after a bounce from 8000 levels.

We may expect such moves to continue for 2-3 trading sessions from now. It is more important to note that development of resistance at 8450 may invite another round of sell off. Take a note that 8450-8500 levels are a n-line resistance for H&S pattern.

For today’s trading session, I am expecting a silent opening. Opening quotes may face resistance at 8400 while trading resistance should emerge in the zone of 8450 levels. In the down side we can expect support at 8330 levels. Note that 200 DMA is now at 8307 levels.

80% chance is that we have tested a short term bottom on last Thursday only.

Please visit our ‘intraday updates’ to get further updates or to take good advantage join paid services.

Strategy for Nifty May future – I still believe that nifty future may not give comfortable trade on higher side. Following same it has turned volatile yesterday in second half. One can still expect such odd moves with massive volatility. We can expect resistance on higher side. Key resistance will emerge at 8410 and then at 8440.

S&P 500 (USA) – I keep my study same. It came on newer high again. I had a point to add anticipated short but I am still in wait and watch mode. Basic of technical analysis suggests that one should not try to short all-time high and I am following that only. I like to see how long can it extend. It has given a target of 2145 last year November itself. It took almost six months to come near to that. There is no momentum. 

20 May 2015: Stock Chart Analysis for intraday: TATAPOWER, HEXAWARE and TATAMOTORS

TATAPOWER (75.85)

Buy above 77/SL 76/ Target 79-80 || Sell below 74.50/ SL 75.25/ Target 73-72

BATAINDIA (1110.35)

Buy above 1120/SL 1112/Target 1135-1150 ||Sell below 1099/ SL 1106/ Target 1085-1080

TATAMOTORS (509.80)

Buy above 515/SL 509/Target 524-530||Sell below 504/ SL 509/ Target 498-492

19 May 2015: Nifty Elliott wave analysis: After hitting levels above 8350, we may expect volatile choppy moves now. Trade less in this period.

You must read previous articles and watch the given chart carefully to understand this article completely.

For 19 May 2015: -

On 15 May 2015, FII Sold INR 38.31 crs and DII Bought INR 563.60 crs

First big question is that can it hit 8450 to 8500 levels. My first anticipation is yes it can but it will not move in easy way anymore. We should see a trading choppiness for coming few days before a conclusive move. As of now, I can say that we may see some kind of trading top to emerge based on minute wave on Elliott wave chart.

I still say that no matter what short term charts are saying but long term chart may have a reversal mode. Whatever rise came in between is that part of corrective up.

For today’s trading session, I am expecting a silent to negative opening. If it opens 30-40 points down and maintains this gap down then it may be first sign of weakness at top. There should not be hurry in concluding that. Technical key support is at 8340 and then at 8300 itself.

80% chance is that we have tested a short term bottom on last Thursday only.

Please visit our ‘intraday updates’ to get further updates or to take good advantage join paid services.

Strategy for Nifty May future – I have no plan to buy the rise anymore as resistance can emerge anytime now. 8400 to 8420 may be the key resistance. In down side 8310-8285 may be zone for support. I may be in better position to suggest during trading hours only. so far, it looks like for a dip for the day.

S&P 500 (USA) – It came on newer high again. I had a point to add anticipated short but I am still in wait and watch mode. Basic of technical analysis suggests that one should not try to short all-time high and I am following that only. I like to see how long can it extend. It has given a target of 2145 last year November itself. It took almost six months to come near to that. There is no momentum. 

19 May 2015: Stock Chart Analysis for intraday: RCOM, HEXAWARE and CANBK

RCOM (67.60)

Buy above 269/SL 167/ Target 274-276|| Sell below 262/ SL 264/ Target 258-256

HEXAWARE (269.95)

Buy above 272/SL 269/Target 278-280 ||Sell below 265/ SL 267/ Target 260-258

CANBK (353.70)

Buy above 359/SL 354/Target 365-370||Sell below 349/ SL 535/ Target 340-335

18 May 2015: Nifty Elliott wave analysis: Higher targets of 8350 stilt intact. Plan to buy dip for intraday.

You must read previous articles and watch the given chart carefully to understand this article completely.

For 18 May 2015: -

On 15 May 2015, FII Sold INR 73.76 crs and DII Bought INR 302.57 crs

I still hope for further recovery in Indian market. First key resistance is at 8300 and then it will face resistance at 8350. My view is that it may test bother resistances. Well, this week may not be a simple one. We will see lot of tug-of-war activities now. We may see some good days and some bad days too.

Nifty will get support at 8100 but only one thing can govern this week and it is volatility. I advise strong caution if top comes near 8300 or near 8350. No higher levels can be safe for this week.

For today’s trading session, I am expecting a silent opening. I am expecting a dull first half but momentum can come by second half. We will see strong trading support emerging at 8330 and 8300 levels. If I have to buy then I will plan to buy form dip only.

80% chance is that we have tested a short term bottom on last Thursday only.

Please visit our ‘intraday updates’ to get further updates or to take good advantage join paid services.

Strategy for Nifty May future – As of now I have no trade on Nifty future. For today’s session, I have planned to buy if some sudden impulsive dip comes. If dip comes in the range of 8220 then I may think to give a chance for buy. I will short Nifty this week but may not today.

S&P 500 (USA) – US indices again coming very close to make a newer all time high but the energy is missing. This energy is missing from past more than six months. I will try a soft shorting near all-time high on the anticipation of fall. Well, it still depends on reaction in the zone of 2120 to 2125. I still feel that only short term chart is favouring bulls and a brutal top may come at this kind of high. 

18 May 2015: Stock Chart Analysis for intraday: HEXAWARE, SBIN and ONGC

HEXAWARE (266.30)

Buy above 269/SL 167/ Target 274-276|| Sell below 262/ SL 264/ Target 258-256

SBIN (287.45)

Buy above 290/SL 288/Target 295-297 ||Sell below 284/ SL 286/ Target 280-278

ONGC (318.90)

Buy above 320/SL 317/Target 326-330||Sell below 315/ SL 318/ Target 311-307

Net Gain = Profit 775 points – Loss 148 points = 627 Points of optimum profit

May month Nifty Future deals:

04 May 2015: Bought @ 8300/ Profit @ 8320(Intraday) Gain = 20 Points

06 May 2015: Bought@ 8300/ Loss @ 8280 (Intraday) Loss = 20 Points

06 May 2015: Bought@ 8145/ Loss @ 8128 (Intraday) Loss = 17 Points

07 May 2015: Bought@ 8070/ Profit @ 8140 (Intraday) Gain = 70 Points

07 May 2015: Bought @ 8040/ Profit @ 8270 (Positional) Gain = 230 Points

11 May 2015: Bought @ 8320/ Profit @ 8350 (Intraday) Gain = 30 Points

12 May 2015: Bought @ 8220/ Loss @ 8209 (Intraday) Loss = 11 Points

12 May 2015: Bought @ 8160/ Profit @ 8240 (Positional) Gain = 80 Points

12 May 2015: Bought @ 8120/ Profit @ 8260 (Positional) Gain = 140 Points

13 May 2015: Bought @ 8130/ Loss @ 8110 (Intraday) Loss = 20 Points

13 May 2015: Bought @ 8140/ Profit @ 8230 (Intraday) Gain = 90 Points

13 May 2015: Bought @ 8250/ Loss @ 8170 (Positional) Loss = 80 Points

14 May 2015: Bought @ 8165/Profit @ 8200 (Intraday) Gain = 35 Points

14 May 2015: Bought @ 8180/Profit @ 8240 (Intraday) Gain = 60 Points

15 May 2015: Bought @ 8240/Profit @ 8270 (Intraday) Gain = 20 Points

15 May 2015: Nifty Elliott wave analysis: Yesterday’s dullness at top is critical. It needs to sustain above 8260 to say for 8350. I am limiting trades now.

You must read previous articles and watch the given chart carefully to understand this article completely.

For 15 May 2015: -

On 14 May 2015, FII Sold INR 73.76 crs and DII Bought INR 302.57 crs

Now my hopes are not as strong as earlier. Every recovery got sold but every dip was also bought. What to conclude? This kind of pattern is known as a mess. If I have to favour then I will favour bulls. Equally, I must say that I neither have long nor short as of now. I will take trade as intraday deal only.  

Nifty must respect 8100 levels as key support before 8000 levels. I believe that it was just one day sell off to wash weak bulls. If that’s true, then also real challenge will emerge at 8350 levels.

For today’s trading session, I am expecting a silent opening. I have fewer cues for first half of trades. Most of the time it was wild for first hour in this week trades. Technically it may have good support @ 8180 and 8140. I suggest trading less for today. If banks favour bulls then only it can be different day. Else a dead trading is ahead.

80% chance is that we have tested a short term bottom on last Thursday only.

Please visit our ‘intraday updates’ to get further updates or to take good advantage join paid services.

Strategy for Nifty May future – I trades long yesterday which I booked in very last minutes of trade but I have no long forward trades. Technically, one can expect two supports; one is at 8200 and next is at 8140. Both are wild and gaps are big between supports. This may add volatility. I may prefer to trade long near support.

S&P 500 (USA) – I favour bulls for short term and it again went up. It is confirming my views. For today’s trading session it will face decisive resistance at 2120 to 2125 levels. Well, now I can say that if market reacts at higher point then it can be a level for short with stop loss just at 2125 levels. It is still a question if it can react at top or not. My long term view remains intact that US market is under a long term top formation.  

15 May 2015: Stock Chart Analysis for intraday: ANDHRABANK, IDEA and BPCL

ANDHRABANK (79.65)

Buy above 80/SL 79/ Target 82-84|| Sell below 78/ SL 79/ Target 77-76

IDEA (172.40)

Buy above 174/SL 172/Target 178-180 ||Sell below 169/ SL 171/ Target 167-165

BPCL (756.70)

Buy above 760/SL 754/Target 775-790||Sell below 749/ SL 755/ Target 735-730

14 May 2015: Nifty Elliott wave analysis: Litmus test will emerge at 8350 levels. We can expect rise with support at 8200 to 8180 levels.

You must read previous articles and watch the given chart carefully to understand this article completely.

For 14 May 2015: -

On 13 May 2015, FII Sold INR 71.20 crs and DII Bought INR 254.00 crs

At one time, yesterday’s fall has shocked me. We took long at lows as I was already anticipating support at 8100 levels on Nifty. Them we saw a nice recovery on blue-chip indices. I have already discussed about the possibility of inverse H&S pattern. Key resistance will emerge at 8350 levels which is still 120 points away. I still believe for a move towards 8350. Will it breaks higher? I have no clear as of now but rise towards 8350 must be expected.

Nifty must respect 8100 levels as key support before 8000 levels. I believe that it was just one day sell off to wash weak bulls. If that’s true, then also real challenge will emerge at 8350 levels.

For today’s trading session, I am expecting a silent opening followed by smooth rise towards 8350. If inverse H&S has to form then frequent attempt will come towards 8350. Technical support will be at 8170 and 8100 levels but this support will be for volatile condition of market. If market turns less volatile, then 8200 may also act as support.  

80% chance is that we have tested a short term bottom on last Thursday only.

Please visit our ‘intraday updates’ to get further updates or to take good advantage join paid services.

Strategy for Nifty May future – We had long from 8140 levels again from yesterday after taking profit at higher levels. Now, if trades sustain above 8280 then one can think for a move towards 8350-8360 levels. Key trading support will be at 8210 to 8190 levels. I hope that we should not see any more panic sell off. One fall was expected to wash weak bulls but we got two so far.

S&P 500 (USA) – Study remains unchanged. I was right that this index has no trade as of now. It is misguiding bulls and bears both. A down opening and then a recovery is just reverse of the day before. Technically, once again it is just a time to ignore for trades. If I have to favour then I can favour bulls based on short term chart but I do not trade. I still say that long term charts has different words. A long term top is under formation. 

14 May 2015: Stock Chart Analysis for intraday: RELIANCE, RCOM and CIPLA

RELIANCE (885.10)

Buy above 890/SL 885/ Target 900-905|| Sell below 879/ SL 884/ Target 870

RCOM (64.30)

Buy above 65/SL 64.30/Target 67-68 ||Sell below 63/ SL 63.80/ Target 61-60

CIPLA (676.60)

Buy above 680/SL 676/Target 690-700||Sell below 671/ SL 675/ Target 663-658

13 May 2015: Nifty Elliott wave analysis: Possible inverse H&S pattern may form a support at 8100 levels. If breaks then no long.

You must read previous articles and watch the given chart carefully to understand this article completely.

For 13 May 2015: -

On 12 May 2015, FII Sold INR 1329.43 crs and DII Bought INR 1331.93 crs

I was expected a bounce from low yesterday but I never saw any bounce for whole day. Even low goes to a level which was not expected. Well, to some extent charting analysis says that there is a formation of inverse H&S pattern. One can refer to the chart given.

Nifty must respect 8100 levels as key support before 8000 levels. I believe that it was just one day sell off to wash weak bulls. if that’s true then also real challenge will emerge at 8350 levels.

For today’s trading session, I am expecting higher opening after yesterday’s massive sell off. I am expecting 8200 levels for today’s trading session. Can we expect 8350? Well, if we see close above 8200 levels then only we can see some hope. Right now, recovery is my hope which will get support from technical front if it can close above 8200.

80% chance is that we have tested a short term bottom on last Thursday only.

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Strategy for Nifty May future – We off loaded our long at 8270 yesterday and added again in very last minutes of trades. I am expecting opening above 8180 levels. If it can sustain above 8220 then only we can hope for this recovery to sustain. Technical support and stop loss will be at 8100 levels.     

S&P 500 (USA) – I was right that this index has no trade as of now. It is misguiding bulls and bears both. A down opening and then a recovery is just reverse of the day before. Technically, once again it is just a time to ignore for trades. If I have to favour then I can favour bulls based on short term chart but I do not trade. I still say that long term charts has different words. A long term top is under formation. 

13 May 2015: Stock Chart Analysis for intraday: HDIL, LT and HINDALCO

HDIL (110.80)

Buy above 111/SL 110/ Target 113-115|| Sell below 109/ SL 110/ Target 107-105

LT (1559.40)

Buy above 1565/SL 1555/Target 1580-1590 ||Sell below 1540/ SL 1550/ Target 1520

HINDALCO (137.60)

Buy above 138/SL 136/Target 141-142||Sell below 136/ SL 137.50/ Target 134-133