26 June 2015: Nifty Elliott wave analysis: Opening for July month series may go on weaker note. Resistance @ 8420-8450!!!
You must read previous articles and watch the given chart
carefully to understand this article completely.
For 26 June 2015: -
On 25 June 2015, FII Bought INR – 280.21 crs and DII Sold INR
8.45 crs
Yesterday we took our profit in initial minutes forwarded short
trades and then went on silent mode. It was a right decision every day is not
for trade. In past two trading days, technical charts have shown that Nifty has
faced resistance at 8420+ levels. It may not find it easier to cross levels
like 8450 right now.
For today’s trading session, I am expecting a weak opening
which got a base from SGX Nifty right now. One must note it cautiously that
Nifty has support only in the range of 8300-8280 which is far away from
yesterday’s closing levels. On higher side we have closest resistance at 8450
levels.
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Strategy for Nifty July future – I had a view yesterday that if I do
not take short on caution at higher levels then we have high chance to regret. It
looks like same way. Technical resistance is in the zone of 8450-8460. SGX
Nifty is giving a hint for opening at 8380 levels which is negative 40 points. Technical
support is at 8330 and then at 8290 levels. Expect follow up of selling.
S&P 500 (USA) – It is coming close to 2095 levels.
This is again showing weakness around 2100 marks as of past many occasions. Technical
charts are advocating for targets around 2070 if it breaks 2095. I have already
expressed my concern for a decisive dip in July month of trade. On higher side
2110 will act as stiff resistance on higher side. Let us see if it can break on
down side or not.
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