You must read previous articles and watch the given chart
carefully to understand this article completely.
For 10 June 2015: -
On 09 June 2015, FII Sold INR – 645.02 crs and DII Bought INR
692.29 crs
It just turned dull near the support of 8000 on Nifty. I was
expecting revival but there is no such signal yet. I cannot say for short
either without decisive break on chart. How long will market intact in this
rang? I can conclude that trading opportunity is less in this zone.
Have a look on long term chart pattern. It is suggesting or says
giving a hint that we see multiple closing below 7960 then we may be in the
position to say that market has done a long term top and scope for fall will
open. It may be one of the biggest H&S pattern in past more than 10 years
on chart. This can result a fall towards 7000 levels. It is caution time for
investment.
For today’s trading session, I am expecting a nervous start again.
I just do not expect one fall break below 8000-7960 levels. It should take a
bounce before any further fall. This bounce should come anytime now. Technical support
is at 7995 to 7960. Every higher level above 8050-8060 is looking as resistance
right now.
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Strategy for Nifty June future – My long attempt on Nifty Future has
not worked as my desired bounce has never sustained. Let us how will it react
at 8000 levels today. I may not participate the choppy market as it just turn a
waste for trading. Anticipated support will be at 8000 and then 7970-7960. Nothing
is safe unless it go above 8100.
S&P 500 (USA) – I was expecting support to emerge
near 2075 and we saw a low of 2072 followed by a bounce. This bounce may have
short life. I am expecting a final move which can go around 2100 before
defining a fresh sell signal. Now, trading long is not a compulsion. I look for
opportunity to trade short from resistance. I still advocate for a long term
top formation.
