You must read previous articles and watch the given chart
carefully to understand this article completely.
For 06 May 2015: -
On 05 May 2015, FII Sold INR 756.52 crs and DII Bought INR
979.19 crs
Yesterday’s low was just near to 200 DMA before bounce. Fine,
it was not too big bounce but it has given close above 200 DMA. Technically we
should expect support in this range and a bounce is still expected. Question can
be the magnitude of recovery.
We may see some nervous opening today after US sell off but
weakness may not sustain longer. We can expect support around 200 DMA which is
at 8275 levels. If it sustain below 8275 then we should be concerned. I cannot
say that it was just one day of recovery. If not today then also we can expect
recovery to begin sooner before any sell off.
For today’s trading session, I have a plan to buy the dip
again. Let us see if gap down can able to save at 8275 or not. If not then we
can expect support round 8250. I am not expecting any big sell off based on
technical chart.
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Strategy for Nifty May future – SGX Nifty is giving hint for
opening around 8325 levels. We can expect immediate support around 8300 levels.
This should be an ideal point to buy only with small stop loss as immediate
support will emerge at 8280 levels.
S&P 500 (USA) – Once again it has proved that
S&P has resistance at 2120 levels. It has slipped over a percent on last
night. Technically, this index is still on massive resistance zone. I do not
prefer to trade long at these levels. Close below 2095 has given edge to bears.
I still do not find the kind of weakness which I am expecting. Hence, I am not
going to short this index as of now. I like to maintain distance from this
index.
