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.
Join the conversation