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.
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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.
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