You must read previous articles and watch the given chart carefully to
understand this article completely.
For 15 October 2015: -
On 14 October 2015: FII Net Bought – INR 121.75: DII Net sell – INR – 207.63
We can see an unclear diamond formation in current choppy moves. I have
already said that Indian market is running on festival mode. Nifty is ranging
in just 40 points for most part of the day. Participation is turning lower. This
does not give much trading opportunity on index.
In the absence of any trading trigger this dull move can extend longer. I
do not see the possibility for the opening of this trading range sooner.
For today’s trading session, we may see some flat to positive opening. It
has saved 8080 support levels. The next possible move can be attempt of
recovery. We cannot say the length of this recovery. It can die any moment. I prefer
to be on wait and watch mode again.
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Strategy for Nifty October future – We booked
our short in the zone of 8140-8130 which we had initiated at 8200-8210-8220. Since
then we have no trade on index. If it violates the support of 8090-8080 then
only we can think to trade short again. If not then recovery can extend towards
8170-8180-8200. I do not expect bigger trade than this.
S&P 500 (USA) – An
expected fall hit the Wall Street but took a pause at 1990. As I said earlier
this is a make or break level. If it breaks 1990 then we can expect further dip
If it makes from here then we will see range bounce trade from 1990 to 2020
levels. October is usually a bad month for US market. Take a note that this is
a recovery after a fall. So far this is only a recovery. Long term direction is
still down.
