You must read previous articles and watch the given chart
carefully to understand this article completely.
For 17 July 2015: -
On 16 July 2015, FII Bought INR – 745.81 crs and DII Sold INR
98.51 crs
Based on chart we got a clear breakout as expected from past
few days. I started trading long from 8350 on the anticipation of this breakout
to for ‘reverse H&S’ pattern. Here is comes. Now the next important thing
is that it just needs to spend some time at current levels. If I am right then
we can expect at least 8800 levels on Nifty. In best scenario we can see levels
of 9000 too.
Nifty has surpassed two important points for rally. One was
at 8500 and next was at 8570. We didn’t even saw a 30 points pullback anytime
during run from 8500 to 8570. I tried one small short but failed. This is
justifying support and a possible run up.
For today’s trading session, I am expecting a positive start
which will bring optimism. Today is the last trading session of the week. I am expecting
some consolidation in first half which is very usual. Anytime and any day we
may see a big short covering. This short covering used to come to take the
majority of bearish people from market. Technical support wil be at 8570. On
higher side I expect 8800 by next week.
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Strategy for Nifty July future – We tried a small short yesterday
which failed. Then we again went on buy side which has given some good gain by
close. I still expect market to go higher. I am optimistic about 8800-8850 for
next week. Only concern is that so far this is a straight line rise. Technical support
is at 8570-8550 levels. There is no threat on chart. It is a breakout situation
which will get confirmation today. If follow up buying comes then we may see a
short covering rise.
S&P 500 (USA) – It moved further and came at 2125. This
move has successfully predicted. Take a note that this bounce is coming from
2045 and extended much. Now all eyes
must be on 2135 levels. Will it give a breakout or will it turn shy again. I
cannot say with any degree of confirmation. This is something which will happen
by its own. Wait and watch is suitable strategy.
