You must read previous articles and watch the given chart
carefully to understand this article completely.
For 23 July 2015: -
On 22 July 2015, FII Bought INR – 450.32 crs and DII Sold INR
351.77 crs
I was expecting this bounce from near to 8500 levels as key
support were at 8480 which was saved successfully. Closing was impressive
yesterday. We have five more trading sessions before expiry including today. Somehow,
Elliott wave charts are denying any big possibility of fall and the strength of
reverse H&S need come in effect.
Technical charts are giving a view that as long as it is
above 8580, it may try to attract for one short covering rise before the end of
this rally. Now, above sentence is not very clear to me also as short covering cannot
be a compulsion for any rally. It just depends on the net outstanding position
in the market. This is just my hope.
For today’s trading session, I am expecting a gap down. This gap
down may be an opportunity to buy only. I am not very sure before trading
hours. My first objective for rest of the month is to get target based on
reverse H&S. My minimum target is 8800 levels. I took yesterday’s lower
trade as action to wash out weak bulls.
Please visit our ‘intraday updates’ to get further updates or
to take good advantage join paid services.
Strategy for Nifty July future – It is not easy to conclude for
trade right now. I tried long yesterday which works but lost by shorting in
second half. Shorting was a mistake yesterday although we may see lower opening
today. I will just look for an opportunity to add long. As long as 8600 holds,
do not short this market.
S&P 500 (USA) – Resistance is still applicable but
dip is also not getting momentum. So for the time being we may see market
trading in a range. This range may be from 2110 to 2135. Let it go in this way
only. There is no need to trade in this range. Since November 2014, it just
trade in the range without any decisive breakout. Indian market will give
better trading opportunities.
