You must read previous articles and watch the given chart
carefully to understand this article completely.
For 21 July 2015: -
On 20 July 2015, FII Bought INR – 714.40 crs and DII Sold INR
848.76 crs
Nifty is looking tired after six-seven days of rally. Only good
part is that it has closed above 8600 levels. Bulls are giving their best
efforts. Based on charts, I can say that, after a consolidation it will again
try to a make a move towards 8800 levels.
There is no strong sell signal but we may expect consolidation
now. For higher momentum to continue we need to see Nifty settling above 8640
levels. Can it give this breakout? I can say that it has potential. Somehow, monsoon
progress is good in India which is against the IMD forecast. After a long time,
I am focusing on some parliamentary development. I heard that some crucial bill
may be tabled soon. Let us see.
For today’s trading session, I am expecting a flat
start. We may see this going choppy for
today also. I may be interested to trade only if it can generate some euphoric
momentum above 8640. Take a note that we have only support at 8550 levels. I
still expect a day or two for some short covering rise before expiry. Generally
unidirectional rally used to give a short covering rise before end.
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Strategy for Nifty July future – It is going to be difficult to
trade if it goes choppy. We got a rise yesterday in second half. One can expect
similar trading behaviour for today also. We tried long yesterday @ 8585 and
then booked half at 8640 levels. We still have half quantity with us now. If it
does not extend above 8660 then I may have a plan to exit now.
S&P 500 (USA) – It came near to 2135 and now
turning silent again. This is just one sided bounce from 2045 levels. We are
again on critical point. Big question is will it cross 2135? This is something
which is beyond speculation. Trading technical support will come at 2115
levels. Time chart suggest that we should avoid this index from now. If it crosses
above 2135 then only we can take this in to consideration. I am still on my
view that US market is under major top formation.
