You must read previous articles and watch the given chart
carefully to understand this article completely.
For 08 May 2015: -
On 07 May 2015, FII Sold INR 1360.69 crs and DII Bought INR
1158.02 crs
Indian rupee came beyond 64 now. This is a pain which market
is feeling. There are too many reasons for this fall. One such is over promise
by current government before election 2014. Where are the promises of “Good day”?
Where are the steps of reforms? It looks like all such promises were political
phrases in their own language. Indian market is trying to make stability
between political promises and reality. I take this correction in that way
only. Market was heavily over valued at 9000 Nifty. Corporate earning is still
giving hint for more correction in the rest of the year.
I am keeping all those market affecting stuff on one corner
and coming to technical analysis which gives money. I used levels of 8000 to
add buy yesterday.
For today’s trading session, I am expecting a gap up. We already
forwarded our long on Nifty Future and some stocks too. Technically, I have
expecting levels of 8250 to test in recovery. Take a note that 200 DMA comes at
8280 levels now. Technical support is only at 8000 levels. Below 8000, it can
again show panic.
80% chances is that we have tested a short term bottom
yesterday only.
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Strategy for Nifty May future – We have forwarded long which we
bought yesterday at 8040 to 8035 levels. I am expecting a big gap up. Technical
support will remains at 8040 to 8020 levels. As of now, it seems to open above
8140-8150 levels. So, immediate support after opening will be at 8100 levels. On
higher side, we can expect a good rise on the last trading day of the week.
S&P 500 (USA) – Was this bounce expected? Definitely
yes and hence I refuse to take short in dip. I still have enough doubt for next
trade. As of now I am expecting a test of 2100+ levels again. Then only I can
conclude if I have to go long or I have to go short. This index was better than
any other indices of the world. Technical support is at 2075 to 2070 levels. I do
not try to buy soft buy signal which is there.
