31 July 2015: Nifty Elliott wave analysis: Up session will be dull to trade. Down can be good if it breaks 8400.

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

For 31 July 2015: -

On 30 July 2015, FII Sold INR – 170.68 crs and DII Bought INR 499.65 crs

Past few trading sessions were showing that expiry may go on dull note and it goes in same way. Based on pattern analysis of wave chart, we may have a halt of three choppy sessions in a row. This makes sense as today’s market may also be soft if it remains up. Immediate technical hurdle can be at 8477-8480 levels.

Somehow it has saved 8300 levels before expiry and then a bounce. Take a note that most part of July month was on higher side only and at one time it was giving all hints for 8800 too. Afterward we saw selling from FII. If 300 points dip were the trend then this rise is just a small recovery and selling may hit again after completion of this rise.

For today’s trading session, I am expecting a silent to up opening. I am yet to take a decisive call on index for trade. Honestly, I missed the dip for shorting. Some has asked me the fresh conclusion based on reverse H&S. Well, failure of such pattern makes chart brutal. It can retest low point of RS or even head in worse case. For today, technical is at 8470-8480.

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Strategy for Nifty August future – Nifty may go on dull trade if it remains positive. I expect this to be positive for first hour of trade at least. One can say that if it breaks below 8430 then only we can expect some technical hunt for trade. Till then, it may be avoid kind of market. On higher side Nifty August future will face resistance at 8500-8510 levels.

S&P 500 (USA) – A dead makes no change in analysis. It became a big headache to analyse S&P near 2110. Throughout 2015 so far we are just writing here and there near 2110. It is just a boring index. On one hand technical indicators are saying for some move up move and then suddenly one faces few choppy sessions. This makes things ugly to trade. I still believe few more points upside before a fresh fall. Well, honestly I do not know the magnitude of up move. 

31 July 2015: Stock Chart Analysis for intraday: INDUSINDBK, RCOM and BPCL

INDUSINDBK (973.70)

Buy above 978/SL 971/ Target 990-1000|| Sell below 963/ SL 968/ Target 950

RCOM (68.40)

Buy above 69/SL 68/Target 71-72||Sell below 67/ SL 68/ Target 65-64

BPCL (947.20)

Buy above 958/SL 951/Target 972||Sell below 943/ SL 950/ Target 934-925

30 July 2015: Nifty Elliott wave analysis: Avoid trading on expiry day. Technical resistance at 8400-8425.

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

For 30 July 2015: -

On 29 July 2015, FII Sold INR – 186.24 crs and DII Bought INR 642.69 crs

We have derivative expiry of July series today. Ideally, I do not trade expiry day. As of now, Nifty has neither broken 8300 support nor able to cross any higher resistance. Few technical momentum indicators are on sell side. This makes this market sell-on-rise.

Once it has broken 8470 it has generated a support at 8300 but not it is looking to break that support too. We can expect expiry to go around lower levels. Clearly, it has altered the effect of reverse H&S pattern. Sooner another round of sell off may start.

For today’s trading session, I am expecting a silent opening and then we can see see-saw movement. I still expect that market may head lower any moment. There are two decisive resistance on upside. One is at 8400 and next is at 8425. Above 8425, it may resume momentum for bulls.

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Strategy for Nifty August future – It is just not easy to trade expiry. I may open near 8440 as indicated by SGX Nifty but it will face resistance at higher levels. I do not like to trade expiry day and hence I will avoid trading on index for today too. Just like, we have no trade yesterday either. I like to see resistance emerging at higher levels. If this higher levels can be 8450 then it will be very fine but it is just a hope.  

S&P 500 (USA) – Bulls can say another awesome return. S&P is getting closer towards 2110. It is up and firm up above 2100 marks to give a hint for short term bullish view. How many times bulls get trapped at these kinds of higher levels? Equally, one cannot short these levels this time. I expect some more upside on S&P. It may head towards 2130-2135 levels. Trades are not suggested at these levels as I am firm on my view for long term top formation since November 2014 itself. 

30 July 2015: Stock Chart Analysis for intraday: CENTURYTEX, LT and SBIN

CENTURYTEX (680.80)

Buy above 686/SL 680/ Target 700-710|| Sell below 674/ SL 680/ Target 660-655

LT (1790.30)

Buy above 1801/SL 1794/Target 1825-1840||Sell below 1782/ SL 1789/ Target 1760

SBIN (253.60)

Buy above 256/SL 254/Target 261-264||Sell below 252/ SL 254/ Target 248-246

29 July 2015: Nifty Elliott wave analysis: Below 8300 it can penetrate towards 8200 levels too. Technical resistance now is at 8400 levels.

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

For 29 July 2015: -

On 27 July 2015, FII Sold INR – 859.94 crs and DII Bought INR 238.66 crs

We need to be fair to expect that Nifty is breaking all crucial moving average support. Many momentum indicators have turned in to sell mode. It is happening when global indices are firm. Indian market is relatively weaker in spite of better than expected monsoon progress.

Once it has broken 8470 it has generated a support at 8300 but not it is looking to break that support too. We can expect expiry to go around lower levels. Clearly, it has altered the effect of reverse H&S pattern. This market has turned to a sell-on-rise market.

For today’s trading session, I am expecting a silent opening but we can expect another round of sell off. Expect technical resistance to emerge in the zone of 8370-8400 levels. A target seems to be around 8195 levels. Can it fall more? The way MACD is showing it can break lower levels.

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Strategy for Nifty August future – It is just not easy to trade near expiry. I always try to reserve myself from deals near to derivative expiry. I just have a view that market has generated a sell and this market has turned sell on rise. Technical charts have given a support at 8350 levels. If it breaks then we can expect more fall.  One can expect resistance in the zone of 8425-8450 levels.

S&P 500 (USA) – It again took a wild swing from a support near to 2045. Moment it goes above 2075, it never look back and climb towards 2100 levels again. The reason due to which I do not deal extreme points in US market. It is its ability to reverse. Is this a sign of strength? No, it is just confirming that market wants to be in range only. For today’s session, it may face resistance at 2100. Another reversal will emerge soon.     

29 July 2015: Stock Chart Analysis for intraday: DLF, IDEA and CANBK

DLF (95.40)

Buy above 97/SL 96/ Target 99-100|| Sell below 95/ SL 96/ Target 92-90

IDEA (169.00)

Buy above 172/SL 170/Target 175-176||Sell below 167/ SL 169/ Target 164-160

CANBK (260.50)

Buy above 264/SL 262/Target 269-272||Sell below 259/ SL 261/ Target 254-250

28 July 2015: Nifty Elliott wave analysis: A fall continues like free fall. Expect support to emerge at or before 8300 levels. If not then?

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

For 28 July 2015: -

On 24 July 2015, FII Sold INR – 859.94 crs and DII Bought INR 238.66 crs

It has suddenly violated all patterns and goes below 100 DMA as well as 200 DMA. Yesterday’s low was just near to 50 DMA. I was expecting a moderate dip but selling turn horrible near to expiry. I do not prefer to trade in this kind of mood near expiry due to the possibility of unpredictable volatility.

I must repeat like yesterday that below 8470 it has generated a target towards 8300. Take a note that today’s gap down will be back to back three gaps down in a row. This makes trading more complicated. If it takes support at 8300 then its fine. If not that we may need to think for 8195 too.  

For today’s trading session, I am expecting a gap down and then a support to emerge at 8300. If this happens then only some technical buy may emerge from low. Else, near to expiry this market needs to be avoided. MACD gave a sell. It looks like sell on MACD is stronger than buy on reverse H&S. N- line has broken and bulls can just hope for another RS to form as buy. It can just be a hope as there is no such signal.

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Strategy for Nifty August future – I miss this fall although I had a sell signal. Afterward we did not participated much in trade on anticipations which has not gone in favour. Near to expiry I just do not prefer to trade. I am expecting support to emerge at 8340. If it breaks 8340 then it can slide as big as further 100 points more.

S&P 500 (USA) – It continues with fall and broken 2075 also. Now it has a low at 2062. This sell mode continues as long as some support emerges near 2045. We saw many such pop-up support near 2045 many times in past. Things may not be good for bulls as long as it is below 2075. One must note that below 2045 it may invite a move for 2000 levels. Can it come? Will it come?    

28 July 2015: Stock Chart Analysis for intraday: TECHM, ARVIND and M&M

TECHM (519.55)

Buy above 525/SL 520/ Target 535-540|| Sell below 514/ SL 519/ Target 505-500

ARVIND (292.60)

Buy above 296/SL 294/Target 302-305||Sell below 289/ SL 291/ Target 284-280

M&M (1315.95)

Buy above 1324/SL 1317/Target 1340-1350||Sell below 1309/ SL 1318/ Target 1295-1290

27 July 2015: Nifty Elliott wave analysis: Below 8480-8470, market may head for panic sell off. Minimum target before expiry can be 8300

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

For 27 July 2015: -

On 24 July 2015, FII Bought INR – 6.62 crs and DII Bought INR 196.38 crs

We have not seen charting breakout above 8650. It seems that Reverse H&S pattern is losing its shine. We still have a support at 8480-8470 levels which is n-line for reverse H&S pattern. I have a view from current levels of 8520. Expiry can either go around 8300 levels or at 8700+ levels. It means that we can expect a wild swing in market this week. Remember, we are in derivative expiry week.

I have no call right now but issuing about warning for massive volatility. Traders need to be cautious for odd moves. Can it violate “Reverse H&S”? Yes, it can if it breaks the support of 8480-8470. History suggests that even such kind of reverse H&S can fail for 18% of the time. If it sounds too bearish for you then I like to quote that it’s only a warning call, not a bearish call.

For today’s trading session, I am expecting a gap down as suggested by SGX Nifty but this down side should followed by bounce. Based on reverse H&S pattern we support at 8480-8470. If it opens in that range then only should wait for clear moves to emerge. Has this market turned to Sell-on-Rise? I cannot deny with great confidence. Below 8480-8470, we can have reasons to expect 8300. On higher side we need to see it above 8570 to add some degree of confidence for long trades.

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Strategy for Nifty July future – I have not trade on Nifty Future now and I will take fresh trades on August month Future from today onwards. So far, July month future may have support at 8500-8480 levels. For August month Future, watch out for support at 8530. If works then fine else this market may head for panic sell off.

S&P 500 (USA) – It hit 2079 in just one trade session after it broke 2100 levels. These are just confirming the resistance of 2135 levels but we got many such moves in past nine months. On long term chart it is in a range and making a top formation. Based on trend line study we can expect resistance at 2095-2100 levels. Trade below 2075 can have potential to hit 2045 in downside.   

27 July 2015: Stock Chart Analysis for intraday: BHEL, DLF and AUROPHARMA

BHEL (280.35)

Buy above 283/SL 281/ Target 287-290|| Sell below 280/ SL 282/ Target 277-275

DLF (103.20)

Buy above 105/SL 104/Target 107-108||Sell below 102/ SL 103/ Target 100-99

AUROPHARMA (734.75)

Buy above 745/SL 738/Target 760-770||Sell below 724/ SL 730/ Target 710-700

24 July 2015: Nifty Elliott wave analysis: Can we get the desired short covering rise before weekend? Technical support = 8560-8500.

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

For 24 July 2015: -

On 23 July 2015, FII Bought INR – 185.42 crs and DII Sold INR 276.69 crs

We saw trading near 8600, here and there for six days in a row but decisive breakout on higher side is still missing. This makes chart dull to trade. So far, I still believe that it should move higher on the effect of reverse H&S pattern. Although, I need to confess that it is my hope which is dominating my views. Real charting breakout will come above 8650 which has traded once yesterday.

Major support at down side is at 8560 and then at 8500. How will market shape up before last week of derivative expiry? I am still missing the short covering rise which used to come near expiry whenever market moves unidirectional for most part of the month.

For today’s trading session, I am expecting a gap down as suggested by SGX Nifty but this down side should followed by bounce. Based on reverse H&S pattern we have target at 8800-8900 which should come by end of this month. Let us see if we can get a bounce today.

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Strategy for Nifty July future – I have not trade on Nifty Future now but we have small quantity of 8600 call which we picked yesterday. My desired higher breakout has not come so far in this month. I have no clear take today for trade. I want to live with 8600 call only unless clarity emerges for trades. We gained good in first half of this month so we can afford some risk.

S&P 500 (USA) – US market is still in a range bound mode on long term chart. Since November 2014, it has neither broken higher nor lower. On one side we can say that it’s a WoW factor that S&P has sustained above 2000 for really longer time. On another side, even after that it is not crossing 2135 in last nine months. Trading average of last nine month is almost at 2100 which is almost current trading price range. One may not like this kind of words in analysis but this is reality. Best of my sense is still suggesting me that this is a toppy pattern. 

24 July 2015: Stock Chart Analysis for intraday: LICHSGFIN, TATAMOTORS and TATASTEEL

LICHSGFIN (497.00)

Buy above 502/SL 496/ Target 508-520|| Sell below 489/ SL 494/ Target 478-472

TATAMOTORS (401.75)

Buy above 404/SL 399/Target 415||Sell below 395/ SL 399/ Target 385-380

TATASTEEL (269.90)

Buy above 273/SL 271/Target 278-280||Sell below 268/ SL 270/ Target 264-262

23 July 2015: Nifty Elliott wave analysis: Follow up buying may have potential to take it to 8800 levels before month end. Do not short unless Nifty breaks 8580 levels.

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

For 23 July 2015: -

On 22 July 2015, FII Bought INR – 450.32 crs and DII Sold INR 351.77 crs

I was expecting this bounce from near to 8500 levels as key support were at 8480 which was saved successfully. Closing was impressive yesterday. We have five more trading sessions before expiry including today. Somehow, Elliott wave charts are denying any big possibility of fall and the strength of reverse H&S need come in effect.

Technical charts are giving a view that as long as it is above 8580, it may try to attract for one short covering rise before the end of this rally. Now, above sentence is not very clear to me also as short covering cannot be a compulsion for any rally. It just depends on the net outstanding position in the market. This is just my hope.  

For today’s trading session, I am expecting a gap down. This gap down may be an opportunity to buy only. I am not very sure before trading hours. My first objective for rest of the month is to get target based on reverse H&S. My minimum target is 8800 levels. I took yesterday’s lower trade as action to wash out weak bulls.

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Strategy for Nifty July future – It is not easy to conclude for trade right now. I tried long yesterday which works but lost by shorting in second half. Shorting was a mistake yesterday although we may see lower opening today. I will just look for an opportunity to add long. As long as 8600 holds, do not short this market.

S&P 500 (USA) – Resistance is still applicable but dip is also not getting momentum. So for the time being we may see market trading in a range. This range may be from 2110 to 2135. Let it go in this way only. There is no need to trade in this range. Since November 2014, it just trade in the range without any decisive breakout. Indian market will give better trading opportunities. 

23 July 2015: Stock Chart Analysis for intraday: TATAMOTORS, ARVIND and RELIANCE

TATAMOTORS (389.55)

Buy above 395/SL 391/ Target 403|| Sell below 385/ SL 389/ Target 378-375

ARVIND (309.15)

Buy above 312/SL 309/Target 319||Sell below 305/ SL 307.50/ Target 300-298

RELIANCE (1050.40)

Buy above 1055/SL 1047/Target 1070||Sell below 1043/ SL 1049/ Target 1030

22 July 2015: Stock Chart Analysis for intraday: LT, TATASTEEL and DLF

LT (1844.95)

Buy above 1860/SL 1852/ Target 1880-1900|| Sell below 1838/ SL 1845/ Target 1820-1800

TATASTEEL (274.70)

Buy above 279/SL 277/Target 285||Sell below 273/ SL 275.50/ Target 265-260

DLF (106.60)

Buy above 108/SL 107/Target 110-111||Sell below 105/ SL 106/ Target 102-100

22 July 2015: Nifty Elliott wave analysis: Tired bulls gave a win for bears. Last and most crucial support range is from 8480 to 8450. Can it bounce from n-line of reverse H&S?

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

For 22 July 2015: -

On 21 July 2015, FII Sold INR – 226.88 crs and DII Bought INR 146.32 crs

I said that Nifty is tiring now but I was not expecting what has happened in last hour yesterday. It was too brutal crushing of bulls. We were out from our last long only at 8622 and saved our self to a big extent. Equally, we have not opted to trade short either as it was supposed to re-test of n-line of reverse H&S pattern. So far I am taking this as same way.

Technical charts are giving one vital support at 5480 levels which is still 50 points away. If it has to bounce then it has to save 8480. At one sense failure at 8650 is itself a sign of weakness which I definitely missed to short on anticipated strength of reverse H&S pattern. Shorting now in dip may be mistake number two.

For today’s trading session, I am expecting a gap down. It may open around 8480 levels. Now, this may be critical point to trade. It can either bounce to hit 8600+ levels again (in case of confirmation of reverse H&S) or it may go back to 8300 levels. This time it wouldn’t stop at 8300. If this goes to test 8300 then we have higher chance of knocking 8000 levels again.

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Strategy for Nifty July future – It is going to be difficult to trade short now as yesterday’s last hour selling was too steep to trade. At least, I missed this. Here, I have levels of 8500-8490 which I like to see before concluding for trade. On higher side, there is no levels which can be named as safer so far. One point is 8570. Let us see how safe trade can be for today.

S&P 500 (USA) – 2135 was never be easier for S&P. It bounced from 2045 and turns weak exactly on 2135 resistance mark. What is next now? Can it fall? Yes, it can. If it falls then it can fall very brutally again. Technical charts are suggesting that we can expect a dip towards 2115 first and then it can hit 2095 levels sooner by this week itself. In worse case it can break 2095 also. Do not prefer to take any long unless it breaks 2135 levels. 

21 July 2015: Nifty Elliott wave analysis: Will a short covering rise come before the end of this up turn? It should but market is on tiring mode. Support – 8550 | Resistance - 8640

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

For 21 July 2015: -

On 20 July 2015, FII Bought INR – 714.40 crs and DII Sold INR 848.76 crs

Nifty is looking tired after six-seven days of rally. Only good part is that it has closed above 8600 levels. Bulls are giving their best efforts. Based on charts, I can say that, after a consolidation it will again try to a make a move towards 8800 levels.

There is no strong sell signal but we may expect consolidation now. For higher momentum to continue we need to see Nifty settling above 8640 levels. Can it give this breakout? I can say that it has potential. Somehow, monsoon progress is good in India which is against the IMD forecast. After a long time, I am focusing on some parliamentary development. I heard that some crucial bill may be tabled soon. Let us see.

For today’s trading session, I am expecting a flat start.  We may see this going choppy for today also. I may be interested to trade only if it can generate some euphoric momentum above 8640. Take a note that we have only support at 8550 levels. I still expect a day or two for some short covering rise before expiry. Generally unidirectional rally used to give a short covering rise before end.

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Strategy for Nifty July future – It is going to be difficult to trade if it goes choppy. We got a rise yesterday in second half. One can expect similar trading behaviour for today also. We tried long yesterday @ 8585 and then booked half at 8640 levels. We still have half quantity with us now. If it does not extend above 8660 then I may have a plan to exit now.

S&P 500 (USA) – It came near to 2135 and now turning silent again. This is just one sided bounce from 2045 levels. We are again on critical point. Big question is will it cross 2135? This is something which is beyond speculation. Trading technical support will come at 2115 levels. Time chart suggest that we should avoid this index from now. If it crosses above 2135 then only we can take this in to consideration. I am still on my view that US market is under major top formation. 

21 July 2015: Stock Chart Analysis for intraday: ARVIND, RELCAPITAL and BPCL

ARVIND (303.25)

Buy above 305/SL 302/ Target 310-313|| Sell below 299/ SL 301/ Target 293-290

RELCAPITAL (392.30)

Buy above 396/SL 392/Target 410||Sell below 385/ SL 389/ Target 378-375

BPCL (963.40)

Buy above 970/SL 963/Target 990-1000||Sell below 954/ SL 961/ Target 940-930

17 July 2015: Nifty Elliott wave analysis: After yesterday’s breakout, follow up buying can trigger massive short covering anytime. Technical support – 8570-8540

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

For 17 July 2015: -

On 16 July 2015, FII Bought INR – 745.81 crs and DII Sold INR 98.51 crs

Based on chart we got a clear breakout as expected from past few days. I started trading long from 8350 on the anticipation of this breakout to for ‘reverse H&S’ pattern. Here is comes. Now the next important thing is that it just needs to spend some time at current levels. If I am right then we can expect at least 8800 levels on Nifty. In best scenario we can see levels of 9000 too.

Nifty has surpassed two important points for rally. One was at 8500 and next was at 8570. We didn’t even saw a 30 points pullback anytime during run from 8500 to 8570. I tried one small short but failed. This is justifying support and a possible run up.

For today’s trading session, I am expecting a positive start which will bring optimism. Today is the last trading session of the week. I am expecting some consolidation in first half which is very usual. Anytime and any day we may see a big short covering. This short covering used to come to take the majority of bearish people from market. Technical support wil be at 8570. On higher side I expect 8800 by next week.

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Strategy for Nifty July future – We tried a small short yesterday which failed. Then we again went on buy side which has given some good gain by close. I still expect market to go higher. I am optimistic about 8800-8850 for next week. Only concern is that so far this is a straight line rise. Technical support is at 8570-8550 levels. There is no threat on chart. It is a breakout situation which will get confirmation today. If follow up buying comes then we may see a short covering rise.   

S&P 500 (USA) – It moved further and came at 2125. This move has successfully predicted. Take a note that this bounce is coming from 2045 and extended much.  Now all eyes must be on 2135 levels. Will it give a breakout or will it turn shy again. I cannot say with any degree of confirmation. This is something which will happen by its own. Wait and watch is suitable strategy. 

17 July 2015: Stock Chart Analysis for intraday: CIPLA, YESBANK and BHEL

CIPLA (679.85)

Buy above 683/SL 678/ Target 693-700|| Sell below 672/ SL 678/ Target 663-660

YESBANK (830.35)

Buy above 838/SL 832/Target 848-854||Sell below 824/ SL 830/ Target 815-810

BHEL (280.20)

Buy above 282/SL 280/Target 288-290||Sell below 277/ SL 279/ Target 273-270

16 July 2015: Nifty Elliott wave analysis: Once again repeating, avoiding short. Use any intraday dip to add long for positional gain.

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

For 16 July 2015: -

On 15 July 2015, FII Bought INR – 407.69 crs and DII Sold INR 50.38 crs

Good progress of monsoon and falling crude oil price is giving good support to Indian market. We saw a close above 8500 levels. I still believe that above 8500 we have just one meaningful resistance at 8570. If market react at current levels and give some fall then it will be good opportunity to pick long again.

I must say that reverse H&S pattern on daily chart is getting stronger day by day and hinting for further 300 points of rise. Best case figure can be 8900 or may even 9000 but this is just my wild hope. Litmus test resistance will emerge wither at 8500 or at 8570 levels. For today’s session even if it can able to cross above 8500 then also we can say momentum is building for good rise.

For today’s trading session, I am expecting a flat start. Although there is no great sign of even small profit taking but I want Nifty to come near 8480 to re-test and confirm support. That may be a chance to buy again. Trade long on positional basis and do not scare from volatility if comes. Never ever think to short the base line of Reverse H&S pattern which is at 8480-8570 levels. Above 8570, you will not get any chance of exit. Those who has short should come out.

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Strategy for Nifty July future – We booked our long with good gain yesterday. I like to buy in some impulsive dip which may come although it may not be bigger one. Time has come for decisive test of 8570. Do not plan to buy. Just look for opportunity to buy in dip. Technical support is at 8500 levels and I have a hope for 8600 levels sooner.  

S&P 500 (USA) – It has turned silent after multiple point of rise. Technically resistance were supposed to emerge near 2110-2115. So far, this is true. Take the best case even if it takes a ride towards 2135 then also it is not much impressive. I strongly feel that even the best case of rise may also fail to impress hence there is no trade on US index. A trigger is needed for further push on higher side. Will it come? 

16 July 2015: Stock Chart Analysis for intraday: HDFC, TATASTEEL and ULTRACEMCO

HDFC (1340.15)

Buy above 1348/SL 1341/ Target 1370|| Sell below 1329/ SL 1336/ Target 1315-1310

TATASTEEL (280.40)

Buy above 283/SL 281/Target 288||Sell below 277/ SL 279/ Target 272-270

ULTRACEMCO (3200.05)

Buy above 3220/SL 3200/Target 3250-3260||Sell below 3179/ SL 3193/ Target 3150

15 July 2015: Nifty Elliott wave analysis: Avoid shorting on base line of ‘REVERSE H&S’ pattern. On higher side above 8500 it can quickly run towards 8570.

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

For 15 July 2015: -

On 14 July 2015, FII Bought INR – 269.90 crs and DII Sold INR 130.90 crs

It was a day of consolidation after a good rise from recent low. Equally, near to 8500 some pause was expected. I can say that it will cross 8500 levels sooner or later. The structure of reverse H&S is getting strong day by day. It can result two three days of big rise.

Litmus test resistance will emerge wither at 8500 or at 8570 levels. For today’s session even if it can able to cross above 8500 then also we can say momentum is building for good rise.

For today’s trading session, I am expecting a positive start. If time favours then it may break 8500 by today itself. Take a note that once it crosses above 8500 then we can expect a quick run todays 8570 levels. In the lower side 8440 to 8400 will act as strong base for the bigger targets of reverse H&S pattern.

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

Strategy for Nifty July future – As long as it holds yesterday’s low we cannot expect any kind of substantial profit taking. Technical charts are suggesting that this market has turned for buy in dip. Second half of this month may go in favour of bulls only. Above 8510 it can see rapid short covering. Never think to short this kind of market which is just near to base formation.

S&P 500 (USA) – I am not so bullish for US market. US indices are again in resistance zone. My focus is towards Indian market. I am feeling that there must be some more positive news flow coming. I do expect either is flat market or a rising market towards 2135. So, my expected long term top formation goes in line but the required big fall is still saving. We got a fall from 2135 to 2045, almost 90 points on one short signal. More fall will come after bounce.  

15 July 2015: Stock Chart Analysis for intraday: TATAMOTORS, HINDPETRO and LUPIN

TATAMOTORS (385.95)

Buy above 392/SL 387/ Target 400|| Sell below 380/ SL 384/ Target 370-365

HINDPETRO (848.80)

Buy above 856/SL 849/Target 870-880||Sell below 838/ SL 845/ Target 824-820

LUPIN (1916.30)

Buy above 1928/SL 1921/Target 1950||Sell below 1904/ SL 1913/ Target 1890-1880

14 July 2015: Nifty Elliott wave analysis: My expected rise hit the market on Greece news. Nifty has decisive cross over point at 8500 and then at 8570. Rise to hold.

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

For 14 July 2015: -

On 13 July 2015, FII Bought INR – 527.98 crs and DII Sold INR 171.55 crs

I have already expressed for a bounce from near to 8300 levels. We saw a low at 8315 and the desired bounce came on very first day of the week. We took long from almost low point of the day before Greece news hit the market and we utilized it all.

Litmus test resistance will emerge wither at 8500 or at 8570 levels. For today’s session even if it can able to cross above 8500 then also we can say momentum is building for good rise.

For today’s trading session, I am expecting a flat to positive opening. Technical support will emerge at 8450 to 8430 levels. Let us see if it can settle above 8500. If this happen then we can have good hope the test of 8570 levels by this week itself without any major profit taking.   

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Strategy for Nifty July future – We took two positions on Nifty. One we bought Nifty July Future @ 8375 and another we bought 8600 call at 31. All goes with major profit by closing hour. If this goes in my way then I have intention to hold all long. Technical support is at 8450 levels. I will not buy on rise but I may opt to trade long from dip again for intraday. Just do not short this kind of market. It will invite you to short but will not fall much.  

S&P 500 (USA) – I was expecting 2075 levels but it moves as big as 2100. Global market goes on cheer note after Greece deal. Technical charts were saying for some positive development which came later. Problem has once again avoided. I still stick on my view that euro nation has just pushed the problem for time being. Well, based on technical chart S&P goes on resistance zone of 2100-2110. I will not prefer to trade this. 

14 July 2015: Stock Chart Analysis for intraday: CIPLA, HEXAWARE and BPCL

CIPLA (661.25)

Buy above 666/SL 662/ Target 674-680|| Sell below 656/ SL 661/ Target 648-645

HEXAWARE (264.80)

Buy above 266/SL 264/Target 272-275||Sell below 261/ SL 263/ Target 258-256

BPCL (909.30)

Buy above 917/SL 910/Target 935-945||Sell below 896/ SL 904/ Target 880-870