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carefully to understand this article completely.
For 22 July 2015: -
On 21 July 2015, FII Sold INR – 226.88 crs and DII Bought INR
146.32 crs
I said that Nifty is tiring now but I was not expecting what
has happened in last hour yesterday. It was too brutal crushing of bulls. We
were out from our last long only at 8622 and saved our self to a big extent. Equally,
we have not opted to trade short either as it was supposed to re-test of n-line
of reverse H&S pattern. So far I am taking this as same way.
Technical charts are giving one vital support at 5480 levels
which is still 50 points away. If it has to bounce then it has to save 8480. At
one sense failure at 8650 is itself a sign of weakness which I definitely missed
to short on anticipated strength of reverse H&S pattern. Shorting now in
dip may be mistake number two.
For today’s trading session, I am expecting a gap down. It may
open around 8480 levels. Now, this may be critical point to trade. It can
either bounce to hit 8600+ levels again (in case of confirmation of reverse
H&S) or it may go back to 8300 levels. This time it wouldn’t stop at 8300. If
this goes to test 8300 then we have higher chance of knocking 8000 levels
again.
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Strategy for Nifty July future – It is going to be difficult to
trade short now as yesterday’s last hour selling was too steep to trade. At
least, I missed this. Here, I have levels of 8500-8490 which I like to see
before concluding for trade. On higher side, there is no levels which can be
named as safer so far. One point is 8570. Let us see how safe trade can be for
today.
S&P 500 (USA) – 2135 was never be easier for
S&P. It bounced from 2045 and turns weak exactly on 2135 resistance mark. What
is next now? Can it fall? Yes, it can. If it falls then it can fall very
brutally again. Technical charts are suggesting that we can expect a dip
towards 2115 first and then it can hit 2095 levels sooner by this week itself. In
worse case it can break 2095 also. Do not prefer to take any long unless it
breaks 2135 levels.
