You must read previous articles and watch the given chart
carefully to understand this article completely.
For 08 July 2015: -
On 07 July 2015, FII Bought INR – 23.54 crs and DII Sold INR 94.71
crs
I booked my long at 8540 which we have added at 8410.
Afterward, we prefer to short Nifty July month future at 8540-8545 levels as
momentum were settling on lower side yesterday in a choppy trade at top. Take a
note that Nifty is still above technical support of 8480. If it sustain below
8480 then we can see a fresh dip towards 8400 levels too.
As we still have positive divergence on some key momentum
indicators we can expect bulls to take few more attempt from lower levels. Indian
market has shown better resilience but it does not mean that it will sustain
with rise. In may be the case that it may fall less.
For today’s trading session, we are going to see a gap down
as indicated by SGX Nifty. If it really go wild like this then today may be
another big down day. I like to see if it can react at 8380 levels as support. If
it breaks then we can see free fall. It is still a big question if it can
bounce from low. Bulls failed yesterday to provide follow up buying. Let us see
if bears can give follow up to their trades.
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Strategy for Nifty July future – Right now SGX Nifty is quoting for
95 points down. I have updated on my twitter that 8540 is a zone where we preferred
short. My key point to take profit will be at 8400. As we already have
forwarded short so my first intension will be decide where to book profit. I am
not sure if this time also it can give a buy at 8400 levels. Be cautious.
S&P 500 (USA) – I have already said yesterday that
we are not buying US indices from low. Just check the day’s range. It has
recovered from low and closed strong but on daily chart it is still weak. This bounce
can also be sold with some caution. Technically 2090 to 2100 will offer
resistance before a fresh fall. I still believe that July will be a decisive
month for trade. Short on bounce.
