You must read previous articles and watch the given chart
carefully to understand this article completely.
For 04 May 2015: -
On 29 April 2015, FII Sold INR 718.31 crs and DII Bought INR
912.46 crs
Indian market is trading on alarming note where it can
produce any outcome. I must say that current scenario is favouring for a dip
towards 7900 levels. Problem with this dip is that it has hardly given any
positive close in between although there were too many intraday bounce. This
may drive upwards price correction any time.
May month is usually a bad month for global equity price. Indian
market will open May month trade on nervous note. I still feel that a recovery
is nearer now. Nifty is constantly trading below 200 DMA.
For today’s trading session, I am expecting a flat opening. Technical
support may emerge at the lowest point of last trading session which is at 8144
levels. If it breaks 8144 then we can just say that fall will continue. In my
view, I am expecting short term bottom to emerge by this week. We may expect recovery
from 06th or 7th May onwards.
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Strategy for Nifty May future – Derivative expiry goes on expected
note but saved the support in downside. For today’s trading session, we can
expect support at 8220 to 8200 levels. On higher side we can expect levels of
8300+ levels. I may have a plan to buy in dip if some positive divergence
emerges from current levels.
S&P 500 (USA) – One day down and next day bounce
but one thing is clear that S&P is still facing tough resistance at current
levels. I have not picked any trade yet but my view point for correction is
still alive. As of now I can say that one should wait for concrete trading signal.
Technical resistance is at 2120-2125 levels. Technical support will emerge at
2095 levels. Expect weakness on close below 2095.
