You must read previous articles and watch the given chart
carefully to understand this article completely.
For 29 July 2015: -
On 27 July 2015, FII Sold INR – 859.94 crs and DII Bought INR
238.66 crs
We need to be fair to expect that Nifty is breaking all
crucial moving average support. Many momentum indicators have turned in to sell
mode. It is happening when global indices are firm. Indian market is relatively
weaker in spite of better than expected monsoon progress.
Once it has broken 8470 it has generated a support at 8300
but not it is looking to break that support too. We can expect expiry to go
around lower levels. Clearly, it has altered the effect of reverse H&S
pattern. This market has turned to a sell-on-rise market.
For today’s trading session, I am expecting a silent opening
but we can expect another round of sell off. Expect technical resistance to
emerge in the zone of 8370-8400 levels. A target seems to be around 8195
levels. Can it fall more? The way MACD is showing it can break lower levels.
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Strategy for Nifty August
future – It is just
not easy to trade near expiry. I always try to reserve myself from deals near
to derivative expiry. I just have a view that market has generated a sell and
this market has turned sell on rise. Technical charts have given a support at
8350 levels. If it breaks then we can expect more fall. One can expect resistance in the zone of
8425-8450 levels.
S&P 500 (USA) – It again took a wild swing from a
support near to 2045. Moment it goes above 2075, it never look back and climb
towards 2100 levels again. The reason due to which I do not deal extreme points
in US market. It is its ability to reverse. Is this a sign of strength? No, it
is just confirming that market wants to be in range only. For today’s session,
it may face resistance at 2100. Another reversal will emerge soon.
