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.
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