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.
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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.
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