You must read previous articles and
watch the given chart carefully to understand this article completely.
For 24 September 2015: -
On 23 September 2015, FII Sold INR –
1330.12 Crs and DII Bought INR 891.36 Crs
I exited my shorts when Nifty was
trading below 7800 and that has given us a great save from odd intraday bounce.
We are on expiry day today. We have no more position as forward. I usually do
not like to trade a expiry day.
There is no great change in my short
term and long term view. This market will face much resistance on higher side. Just
like August and September one can expect another dip in the month of October
too. I still say that September month is still better than what I was
expecting. Based on wave chart 7300 and then 6800 will be a possibility for
next month.
For today’s trading session, we may
see soft opening. If global indices exhibit any kind of weakness then it will
act as catalyst for expiry day for Indian market. In worse possibility
yesterday’s long of 7720 may be tested. Only in that case we may opt to trade. If
market trade dull to positive then avoid the day.
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Strategy for Nifty September future – My fair expectation for
expiry is below 7800. It may trade few points here and there but it should be
around 7800 or below 7800. There is just handful of expectation for further up.
Assume if it sustain below 7780 then it can open scope for 7710-7700. Can it go
much lower?
S&P 500 (USA) – Yesterday was a soft day in US market and there
should not be any change in conclusion. US market has two more trading
sessions. I still expect that 1900 is a possibility which I am talking since
last Friday. Technical trading resistance is at 1950. Do not expect any easy
recovery and hence it is of no great use to buy dip.
