You must read previous articles and
watch the given chart carefully to understand this article completely.
For 12 October 2015: -
On 09 October 2015: FII Net Bought –
INR 317.56: DII Net sell – INR – 175.07
As quoted yesterday we saw a top
around 8250 and then a fall hit. This is a normal profit taking. Most bullish
position is maintaining a stop loss around 8080 levels. Current profit taking
came from 100 DMA which is an usual event.
I cannot name it as sign of weakness
unless it closes below 8080. This is key support levels which market may not
find easier to cross. Can it go choppy around this level? Yes, it may.
For today’s trading session, we may
see some opening on flat note but immediate support is around 8080 levels only.
If it breaks 8080 then we may have some chance for significant profit taking. On
higher side 8200-8250 will a short term resistance.
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Strategy for Nifty October future – We have added a short in the zone
of 8200-8210-8220 on higher side but this month may remain dull most of the
time. I am looking for a target around 8100. Further trades depend on market
condition. I can still say trade less for this month.
S&P 500 (USA) – My study remains same. This technical recovery may
end anytime now. This gives us a sense that 2020 is a nearest resistance and
recovery may not extend beyond 2020 levels. I feel that market will go on
choppy mode now as it has saved itself from further weakness. Dull days are not
suitable to trade but this is giving a sense to short around current levels now
with stop loss above 2020 on closing basis.
