You must read previous articles and watch the given chart
carefully to understand this article completely.
For 16 June 2015: -
On 15 June 2015, FII Sold INR – 604.86 crs and DII Bought INR
650.47 crs
If we can keep global concern on another side then we can
hope for some more recovery on Indian indices. We saw a high around 8060
yesterday before last hour sell off on Greece fear again. US market has closed
on negative note only. So far, market has saved 8000 levels and that may be
giving some hopes to bulls.
I AM KEEPING CORE OF ANALYSIS AS IT IS. Technical charts have
warning sign below 8000 on closing basis. 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. Is
economy and stock market paying price for over hyped political language?
For today’s trading session, I am expecting flat to nervous
start. We are still not too far from 8000 levels. We may see two good technical
supports in the down side one is at 7980 and next is at 7930 levels. On higher
side we still need to close above 8060 levels to claim for some up days.
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Strategy for Nifty June future – I do not feel easy to short this
market without any meaningful recovery. Equally, long trades are also not
giving much profit and chance. Somehow trading range is narrow and volatile. Technical
support is at 7970 and 7930 levels. Let us see.
S&P 500 (USA) – I have quoted a support of 2070
levels. Yesterday it has not broken 2070 and took a turn from 2072 levels
itself. Will this kind of recovery for lower levels sustain? I do not think so.
It has created a sell signal near to 2110-2115 zone and used to be right most
of the time. Below 2070 it can hit lower levels of 2045 to 2030 levels in some
quick time. On higher side 2110-2115 is stiff resistance.
