You must read previous articles and watch the given chart
carefully to understand this article completely.
For 28 April 2015: -
On 27 April 2015, FII Sold INR 1749.33 crs and DII Bought INR
1667.54 crs
Indian market went against US cues from past many trading
sessions. Nifty has almost lost 1000 points from its all-time high. All that
happened when US indices hit all-time high. Even at 200 DMA Nifty is not taking
any support. There is no sign of revival. Time pattern on H&S pattern is
suggesting that we may not expect any revival for 5-6 trading sessions more. If
that turn true then 8000-7900 may also be on hunt.
Problem is that we have not seen any odd bounce either which
could have been good entry point for short trade either. After such sharp dip
market always have a possible of sharp bounce. I suggest using odd bounce for short
only.
For today’s trading session, I am expecting flat opening. As
of now we will get some technical support at 8150 levels. On higher side it
will face resistance at 8300 levels. We are inching towards derivative expiry
now. One must note that INR is turning weaker compare to USD in past few
trading sessions. Situation can be catastrophic in coming few weeks as we have
possibility of 70.
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Strategy for Nifty May future – Expiry coming closer but there is
no sign of revival on any front. Technical support may come only at 8250 to
8225 levels but I do not think that recovery can sustain from any higher or
lower levels. I am keen to trade on short side today. I will be happier if we
can get some bounce. Majority of decision should be taken during market hours
rather than any pre-determined moves.
S&P 500 (USA) – It hit a high at 2125 but then
closed on soft note again. Does this make any sense that it has slipped from
top even after new all-time high? Yes it makes sense and sense is that it is in
the process of formation of long term top. I am stopped out from short with
small loss but I am not convinced enough to be long. I am on side line and
still feeling that this market is for fall from 2100+ levels.
