You must read previous articles and watch the given chart
carefully to understand this article completely.
For 11 August 2015: -
On 10 August 2015, FII Sold INR – 14.43 crs and DII Bought
INR 50.05 crs
I was sensing what has happened yesterday and issued warning
during intraday session too. We got some odd bounce in US market last night but
that is not going to change the fate of Indian market. It is again making a
pattern of short term top. Check yesterday’s low. It was at 8497 while high was
at 8621. It was too big for the day but majority of move came just in last hour
of trade. Equally, it was on verge of give sell signal based on Elliott wave theory
which I talked yesterday too.
Break below 8490 will give a sell based on Elliott wave
theory. We had a reverse H&S pattern two-three weeks back. Now, it is
showing a H&S pattern on daily chart. N-line is at 8300 levels. We are on
RS right now. My best case deal is for a fall of 300 points for this week with
possibility of rise as ‘very limited’ from current levels.
For today’s trading session, one can expect some higher
opening backed by strong rise in US market. If by any chance Nifty goes below
8490 then we can see another round of panic sell off. No higher levels can be
safe as of now. Remember, yesterday’s selling was just first day of selling. Even
if it close small positive then also it is sell now.
Please visit our ‘intraday updates’ to get further updates or
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Strategy for Nifty August
future – We took
short on NIFTY Future almost on dot high point of the day and carry forward. I may
see some higher trades today compared to where it has closed. Then also I will
refer to hold this short for a move towards 8400 levels. On higher side 8565
and 8600 levels will be resistance.
S&P 500 (USA) – Does this bounce makes any sense or
meaning? As long as it is staying below 2110 we cannot see anything changing. This
just gives another odd bounce to short. I suggest trading on short side in this
kind of rise. On higher side even if it manages to stay above 2110, it can
maximum move by further 1% to give a test of 2135. Crossing above 2135 has
failed countless times I past many months. Below 2095 it will give go in the
grip of bears.
