29 July 2015: Stock Chart Analysis for intraday: DLF, IDEA and CANBK

DLF (95.40)
Buy above 97/SL 96/ Target 99-100|| Sell below 95/ SL 96/ Target 92-90
IDEA (169.00)
Buy above 172/SL 170/Target 175-176||Sell below 167/ SL 169/ Target 164-160
CANBK (260.50)
Buy above 264/SL 262/Target 269-272||Sell below 259/ SL 261/ Target 254-250

29 July 2015: Nifty Elliott wave analysis: Below 8300 it can penetrate towards 8200 levels too. Technical resistance now is at 8400 levels.

You must read previous articles and watch the given chart carefully to understand this article completely.

niftyFor 29 July 2015: -

On 27 July 2015, FII Sold INR – 859.94 crs and DII Bought INR 238.66 crs

We need to be fair to expect that Nifty is breaking all crucial moving average support. Many momentum indicators have turned in to sell mode. It is happening when global indices are firm. Indian market is relatively weaker in spite of better than expected monsoon progress.

Once it has broken 8470 it has generated a support at 8300 but not it is looking to break that support too. We can expect expiry to go around lower levels. Clearly, it has altered the effect of reverse H&S pattern. This market has turned to a sell-on-rise market.

For today’s trading session, I am expecting a silent opening but we can expect another round of sell off. Expect technical resistance to emerge in the zone of 8370-8400 levels. A target seems to be around 8195 levels. Can it fall more? The way MACD is showing it can break lower levels.

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Strategy for Nifty August future – It is just not easy to trade near expiry. I always try to reserve myself from deals near to derivative expiry. I just have a view that market has generated a sell and this market has turned sell on rise. Technical charts have given a support at 8350 levels. If it breaks then we can expect more fall.  One can expect resistance in the zone of 8425-8450 levels.

S&P 500 (USA) – It again took a wild swing from a support near to 2045. Moment it goes above 2075, it never look back and climb towards 2100 levels again. The reason due to which I do not deal extreme points in US market. It is its ability to reverse. Is this a sign of strength? No, it is just confirming that market wants to be in range only. For today’s session, it may face resistance at 2100. Another reversal will emerge soon.