You must read previous articles and watch the given chart
carefully to understand this article completely.
For 18 June 2015: -
On 17 June 2015, FII Sold INR – 940.91 crs and DII Bought INR
1447.07 crs
I was expecting this bounce towards 8100. What I was not
expecting was the selloff in last 15 minutes. A high at 8136 was looking
convincing. I must add that market is attracting short covering time to time now
days which is perhaps happening after real long time. I still keep caution
study a part of my study although I am in buy mode.
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 a flat start or
above 8100 levels on Nifty. If it can sustain above 8100 then it may try to
retest 8136 levels. If resistance has to emerge then it need to emerge only
near to 8180 levels. In the down side it will get support 8050 levels.
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Strategy for Nifty June future – I got a test of 8100 but I did not
booked my long yet. I should have taken profit on high but this happens on optimism.
I still believe that Nifty can advance high. I am still cautious but I believe
for re-test of yesterday’s high. Technical support is at 8050 levels. I am
equally ready to book my long on any sell off kind of situation.
S&P 500 (USA) – Let us keep the study same. Bounce
continues and advances towards 2100 levels. Can we expect some more bounce?
Yes, there is still a room to go near 2110 to 2115 levels. Technical support
will be at 2090 to 2085 levels for trading moves. It is not an easy task to
figure out which top will be final but this is equally clear that S&P do
not have intensity to move higher. Let us see. It is eighth month of
consolidation.
