You must read previous articles and watch the given chart
carefully to understand this article completely.
For 12 August 2015: -
On 11 August 2015, FII Sold INR – 736.81 crs and DII Bought
INR 130.74 crs
Are we still holding our short? Yes, we still prefer to hold.
Nifty is likely to test our well quoted target of 8400. This sell off can again
intensify as we saw close below 8490 which has derived sell based by Elliott
wave theory. If it breaks 8400 then one can expect a move towards 8300 to 8275
levels 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, firstly do not hope for
recovery. Even if it comes then also it may not have longer life. Use any
intraday recovery for short only. One can expect stiff trading resistance in
the zone of 8490 to 8500. I would not surprise if I see Nifty even at 8200 by
this weekend.
Well, Mr. Prime Minister, have look on equation of INR vs
USD. Do controls before things go out of hand? The blind assurance cannot help
for longer run. As per economy is concern, I fail to see any great chance with
a change in power at centre.
Please visit our ‘intraday updates’ to get further updates or
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Strategy for Nifty August
future – We still
prefer to hold Nifty which we shorted on dot at 8645. I have some bigger and
riskier plan this time. I will hold this short till Friday. If things go the
way I am anticipating then we can get real big targets. We still have short on
BANK NIFTY. I have already anticipated for another short term top when Nifty
was near 8600. Shall we prefer for 8000 too?
S&P 500 (USA) – It has washed the recovery again. This
kind of pattern used to emerge near top only. This is happening from past many
months without a decisive break down. It got sold yesterday but recovered some
from low. Now, we can still expect fall based on technical chart. Those who are
short should hold with patience. It is likely to hit 2045-2040 support levels
in next three trading sessions. Let us see if this happens or not. I am
expecting this from past so many months.
