24 June 2015: Nifty Elliott wave analysis: A day before expiry, advising caution near 8400. A reversal is very much possible.
You must read previous articles and watch the given chart carefully
to understand this article completely.
For 24 June 2015: -
On 23 June 2015, FII Sold INR – 374.97 crs and DII Bought INR
404.20 crs
Heading towards derivative expiry market has closed positive
for eight days in a row. This is the time when confidence must go less to hold
long. Buying for fresh is just not easy. We can expect to emerge at current
levels sooner. If rise comes then it may be just a expiry factor. It is hard to
say that anymore short has left in this market after almost 450 points of rise
in past eight trading session.
For today’s trading session, I am expecting a resistance to emerge
at 8400 levels. It may open flat only. Technical support can be only at
8330-8300 levels. I am advising strong caution due to expiry. Charts may not
have that great sign of caution yet but Fibonacci sequence is giving strong
hint for reversal.
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Strategy for Nifty July future – I am not suggesting any trade as of
now. If I have a chance then I will pick trades on short side only. Technical
support is at 8350 only. Break below 8350 will cause a slip towards 8280 levels
in quick succession. Trade less and small quantity due to uncertainty.
S&P 500 (USA) – I can keep analysis same as of
yesterday. Core is that it has turned shy again near 2135 resistance zone. Will
it try to break? I doubt. I still stick on my point that US market has no big
room for rise and it is under a long term top formation. Even SPX VIX is
justifying the views from past few months. Only thing which is saving market is
that market-men are not ready to give up but they will give up sooner or later.
Expect a down week.
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