You must read previous articles and watch the given chart
carefully to understand this article completely.
For 15 July 2015: -
On 14 July 2015, FII Bought INR – 269.90 crs and DII Sold INR
130.90 crs
It was a day of consolidation after a good rise from recent
low. Equally, near to 8500 some pause was expected. I can say that it will cross
8500 levels sooner or later. The structure of reverse H&S is getting strong
day by day. It can result two three days of big rise.
Litmus test resistance will emerge wither at 8500 or at 8570
levels. For today’s session even if it can able to cross above 8500 then also
we can say momentum is building for good rise.
For today’s trading session, I am expecting a positive start.
If time favours then it may break 8500 by today itself. Take a note that once
it crosses above 8500 then we can expect a quick run todays 8570 levels. In the
lower side 8440 to 8400 will act as strong base for the bigger targets of
reverse H&S pattern.
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Strategy for Nifty July future – As long as it holds yesterday’s low
we cannot expect any kind of substantial profit taking. Technical charts are
suggesting that this market has turned for buy in dip. Second half of this
month may go in favour of bulls only. Above 8510 it can see rapid short
covering. Never think to short this kind of market which is just near to base
formation.
S&P 500 (USA) – I am not so bullish for US market.
US indices are again in resistance zone. My focus is towards Indian market. I am
feeling that there must be some more positive news flow coming. I do expect
either is flat market or a rising market towards 2135. So, my expected long
term top formation goes in line but the required big fall is still saving. We got
a fall from 2135 to 2045, almost 90 points on one short signal. More fall will
come after bounce.
