You must read previous articles and
watch the given chart carefully to understand this article completely.
For 06 October 2015: -
FII – Net buy – INR 649.90, DII – Net buy – INR – 365.77
Once it came above 7940, it was
giving a hint for this kind of levels. Now it looks like to hit 8200 levels
too. Take a note that rise from 7700 levels is coming with 70% of the rise as
gap up only. No matter how but Nifty came at 50 days moving average. This has happened
after more than one and half month of trade. Next key point is at 100 days
moving average which is at 8225.
On charting we have rare pattern
formation. A big H&S formed for much deeper sign of fall. At n-line a
reverse pattern has developed. This is just a sign that bigger target on
downside may take more time to achieve.
I strongly like to add that market
is entering in festival mode. We used to see choppy moves before Diwali
whenever big trigger is absent. Right now, we are almost in the same situation.
One should trade less for this month.
For today’s trading session, we may
see some higher opening backed by good rise in US market, again. In just one
trading session we may be on 8200-8225. I have no trade and I will not pick a
trade in hurry. 8225 may be a threshold.
Please visit our ‘intraday updates’
to get further updates or to take good advantage join paid services.
Strategy for Nifty September future – I usually do not prefer to
trade on gap days and this is going to be one such phase. We have multiple such
gap up opening and basic of technical analysis says that this kind of formation
is alarming for traders. SGX says that it will open around 8200 and I have no
take if this happen.
S&P 500 (USA) – In just five trading sessions it has bounced more
than 100 points. It is easy to call short or long but tougher to deal. I can
still add that it may not be easier to cross the pop up top of Fed meet day
which was at 2020. I have no call to trade yet. I like to watch more. As long
as S&P is above 1950 or even above 1970 we cannot see any big threat.
