You must read previous articles and watch the given chart
carefully to understand this article completely.
For 22 June 2015: -
On 19 June 2015, FII Sold INR – 106.12 crs and DII Bought INR
447.55 crs
We are in derivative expiry week and volatility is expected
at higher levels. We saw a high around 8250 which is well 300 points from recent
low of 7940 levels. I have already quoted that above 8200 it may try to give a
test towards 8300. It is very much possible. A key intraday point is at 8280
and then a move towards 8300+. Shall I
call off threat analysis? No. it will be a part of study so that traders can
save themselves from any investment bet. July month may not be good for equity
price.
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, we can expect opening levels as
flat to positive. My desired target range s 8280 to 8300 levels. Will banking
stock participate? A clear answer is a key for further move on index. Unfortunately
I am not able to see the desired strength. Majority of rise came with Reliance.
We all know most of the time Indian indices used to make a top with rise in
Reliance. Key support is 8180-8200 levels.
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Strategy for Nifty June future – I am not suggesting any trade as of
now. It will face a resistance at 8300 or higher levels. So far, it may be a
day with buy in dip but not to buy on rise. As Nifty has already gained for six
straight say so I am advising caution at higher levels. Before expiry, some
weak bulls may try to pull their hands.
S&P 500 (USA) – Friday’s dip again came in line
with my expectation as resistance were supposed to emerge at 2125 to 2135
levels. I still stick on my point that US market has no big room for rise and
it is under a long term top formation. Even SPX VIX is justifying the views
from past few months. Only thing which is saving market is that market-men are
not ready to give up but they will give up sooner or later. Expect a down week.
