25 June 2015: Nifty Elliott wave analysis: Derivative expiry day is going to be wild due to 8 days of rise and a subsequent weak day. Avoid trades !!!

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

For 25 June 2015: -

On 24 June 2015, FII Bought INR – 92.57 crs and DII Bought INR 13.52 crs

Today is derivative expiry of June month future trades. Technically this is going to be most volatile expiry. Nothing is going to be certain for today’s trade. Normally today should be litmus test trading day for bulls and bear both but this fall on expiry day. What I mean to say is that even after yesterday’s last hour sell-off weakness cannot be guaranteed.  

For today’s trading session, I am expecting a resistance to emerge at 8360 and then 8400 levels. It is possible to expect a short term top at yesterday’s high. If today’s closing goes in negative then it can be almost certain. If that turns true then we may see retest of 8000 levels too. One should trade less today, due to uncertainty. Key support is only at 8280 levels.

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

Strategy for Nifty July future – I am not suggesting any fresh trade for today. If I have picked long on 8200 Nifty July put from 69 which has closed at 100 and I picked short from 8400 levels. I may opt to close this deal if market fails to stay in negative. Key level is 8300 !!! If breaks then bears can show some power.

S&P 500 (USA) – I was already expecting this kind of dip. Once again, a top around 2135 came but remains untested at 2135. It has shown weakness and came off. I still advocate that US indices are in top formation mode. Trading support may emerge around 2010. Once it starts trading below 2010 then we can expect a re-test of 2095 levels. I want to see the most desired long term break out on down side.