You must read previous articles and watch the given chart
carefully to understand this article completely.
For 06 August 2015: -
On 04 August 2015, FII Bought INR – 118.70 crs and DII Sold
INR 112.55 crs
This rise took a halt near and before 8600 levels which is in
line with expectation. Suppose yesterday’s high remains a top for the day then
it can be lower top on chart. I must add equally that as long as Nifty is above
8490 the former reverse H&S pattern may come in force.
Just based on short term time cycle on Elliott wave theory,
we are getting a crucial threshold. If it closes below 8490 then it can reverse
the trend. On higher side 8600-8650 will act as stiff technical resistance.
For today’s trading session, one can expect a gap down which might
looks small. If it does not fill then we can expect levels of 8490 by today
itself. On higher side 8600 may push a big challenge to bulls. it is strongly
advisable to trade on long side as of now.
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Strategy for Nifty August
future – Nifty future
may take a dull to negative start. If it can sustain below 8565 then we can
expect 50-60 points dip by today itself. On higher side nothing can be safe
unless it trade above 8620 levels. I prefer to be short for today’s trading
session.
S&P 500 (USA) – It has got a weak bounce and
prepared to be sold on top again. Just as past many months, it has moved above
2110 for small time to challenge 2135 but lost the steam. Now again breaking
2095 to create a moderate sell signal. If it closes below 2095 then it has
bright chance of hitting the support of 2070 once again. It is still difficult
to say if it can break 2045-2040 support levels. I still believe that S&P
has great chance of breaking 2000 marks anytime.
