You must read previous articles and watch the given chart
carefully to understand this article completely.
For 12 May 2015: -
On 11 May 2015, FII Bought INR 169.97 crs and DII Bought INR
328.57 crs
We saw a good crossover of 200 DMA and brining bulls back to
the battlefield. Two strong back to back days might result a range-bound
trading session for today. I was expecting 8282 as a target but it moved more
than that. Even if it became day of consolidation we cannot say that it can be
weak.
Frankly, I am still retaining my views for 8500 levels. I am
expecting trading support to emerge near 8280 levels. Small pullback from
higher levels can just be the part of small time trading correction. Correction
is just not a compulsion but it is just a caution.
For today’s trading session, I am expecting a flat opening
with some initial moment of dip. For intraday trades I suggest to keep your eye
on strong stocks as those can again see a second half bounce from lower levels.
I am just issuing caution for third day as if it has to change the trend then
this can be today. If by anyhow Nifty goes below 8280 then I may opt to make
exit from long.
80% chance is that we have tested a short term bottom on last
Thursday only.
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Strategy for Nifty May future – We have long from 8040 and I may
opt to exit if I sense some big correction. I still say trend is corrective up
for nearly 150 points more from here. Once again it is not a compulsion. We are
already making 300 points gain on long. For today it is my believe for a rise
from low.
S&P 500 (USA) – As long as it is above 2095, I will
not suggest trades for bears. Equally, 2120-2125 is a zone for stiff
resistance. It seems that it is on make or break levels. US indices are trading
in range bound mode from past more than six months now. This is toppy structure
so far on long term chart. Chances are very high for a dip which will sustain
for long time. No trade as of now.
