You must read previous articles and
watch the given chart carefully to understand this article completely.
For 22 September 2015: -
On 21 September 2015, FII Bought INR
– 154.87 Crs and DII Bought INR 104.08 Crs
Based on pattern I still hope for a
dip but time is running short. If market fails to fall by this week then we may
go under a choppy period. It may be named as consolidation and it is hard to
predict the outcome of consolidation as of now.
In some sense we can say that once
again Fed decision to hold the rate has saved the market. Technical chart has a
rising wedge formation which has lesser history of failure. I can conclude that
fall may be unavoidable if it breaks and close below 7900 just for one trading
session.
For today’s trading session, we may
see flat opening. On higher side 8000 and 8055 will be the point of resistance.
In the downside 7940 and 7900 will be the levels for support. We are in a short
week and moving close to expiry. Last trading day of the week will be expiry
day too.
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Strategy for Nifty September future – It almost hit 7900 in morning
minutes but after that it moves higher for whole day. This has denied the
possible weakness. I am not active on Nifty Future yet although I bought some
put which is almost running on no cost. This is just a gamble. I may not opt to
trade today also if market refuses to fall. Let this rising wedge pattern clear
with conclusion.
S&P 500 (USA) – Post fed decision to hold rates seemingly sending
another mode of choppy period if S&P failed to fall by this week. I still
have some hope for movement for this week but time is running short. If this
fails then we may undergo at least two choppy months ahead. Even if it turn
choppy then also long term trend is
down.
