You must read previous articles and watch the given chart
carefully to understand this article completely.
For 24 July 2015: -
On 23 July 2015, FII Bought INR – 185.42 crs and DII Sold INR
276.69 crs
We saw trading near 8600, here and there for six days in a
row but decisive breakout on higher side is still missing. This makes chart
dull to trade. So far, I still believe that it should move higher on the effect
of reverse H&S pattern. Although, I need to confess that it is my hope
which is dominating my views. Real charting breakout will come above 8650 which
has traded once yesterday.
Major support at down side is at 8560 and then at 8500. How
will market shape up before last week of derivative expiry? I am still missing
the short covering rise which used to come near expiry whenever market moves
unidirectional for most part of the month.
For today’s trading session, I am expecting a gap down as
suggested by SGX Nifty but this down side should followed by bounce. Based on
reverse H&S pattern we have target at 8800-8900 which should come by end of
this month. Let us see if we can get a bounce today.
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Strategy for Nifty July future – I have not trade on Nifty Future
now but we have small quantity of 8600 call which we picked yesterday. My desired
higher breakout has not come so far in this month. I have no clear take today
for trade. I want to live with 8600 call only unless clarity emerges for
trades. We gained good in first half of this month so we can afford some risk.
S&P 500 (USA) – US market is still in a range bound
mode on long term chart. Since November 2014, it has neither broken higher nor
lower. On one side we can say that it’s a WoW factor that S&P has sustained
above 2000 for really longer time. On another side, even after that it is not
crossing 2135 in last nine months. Trading average of last nine month is almost
at 2100 which is almost current trading price range. One may not like this kind
of words in analysis but this is reality. Best of my sense is still suggesting
me that this is a toppy pattern.
