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?
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