You must read previous articles and watch the given chart
carefully to understand this article completely.
For 19 May 2015: -
On 15 May 2015, FII Sold INR 38.31 crs and DII Bought INR
563.60 crs
First big question is that can it hit 8450 to 8500 levels. My
first anticipation is yes it can but it will not move in easy way anymore. We should
see a trading choppiness for coming few days before a conclusive move. As of
now, I can say that we may see some kind of trading top to emerge based on
minute wave on Elliott wave chart.
I still say that no matter what short term charts are saying
but long term chart may have a reversal mode. Whatever rise came in between is
that part of corrective up.
For today’s trading session, I am expecting a silent to
negative opening. If it opens 30-40 points down and maintains this gap down
then it may be first sign of weakness at top. There should not be hurry in
concluding that. Technical key support is at 8340 and then at 8300 itself.
80% chance is that we have tested a short term bottom on last
Thursday only.
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Strategy for Nifty May future – I have no plan to buy the rise
anymore as resistance can emerge anytime now. 8400 to 8420 may be the key
resistance. In down side 8310-8285 may be zone for support. I may be in better
position to suggest during trading hours only. so far, it looks like for a dip
for the day.
S&P 500 (USA) – It came on newer high again. I had
a point to add anticipated short but I am still in wait and watch mode. Basic of
technical analysis suggests that one should not try to short all-time high and I
am following that only. I like to see how long can it extend. It has given a target
of 2145 last year November itself. It took almost six months to come near to
that. There is no momentum.
