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

For 13 December 2013: -

On 12 December 2013, FII Bought INR 187.81 crs and DII Sold INR 354.85 crs

Multiple times I said that FIIs are known to buy tops heavily. Few days back we saw buying of 2500 crs in a day in cash market. Now, they are reserving themself in fall. It was strongly quoted from past few days that break of 6280 will be decisive. We saw that break and a low at 6230 yesterday.  

I am expecting more dip today also. I am expecting that Nifty should hit either of one support out of 6150 and 6080. So, still a long way to fall more. Market should take CPI and IIP both as shocker only. IIP came at negative 1.80% and CPI came at 11.24%. You cannot expect anything worse than this kind of figures.

I was expecting further fall in US market and I got that. Technical charts are suggesting me to expect levels of 6150 as only meaningful support. Although, I believe that this kind of fall never end easily. If it has to fall then it will fall by breaking all supports. I would not be surprised if we see 6000 levels near expiry day.

Banking and capital goods are already on fall. Sooner metal and FMGC stocks will join hand.

Visit again to read my intraday updates as I can update about those only during market hours.

Strategy for Nifty December future – NIFTY future will open with some moderate gap down. It is like ly to see opening near 6210 levels. Even from those levels it may see more fall or rapid fall. Although, 6180-6170 may generate some support area. My believe is that it will spend time  or even try to give some sign of revival but all such attempt can fail. Only way one can say about recovery is that it is falling from past three days in a row. I still warn that no recovery will sustain in this market.

S&P 500 (USA) – I can still say stay short. It has formed some trading top at 1813 and then it is now converting to short term top. It has broken 1780 brutally and closed well below this level. I have already said that below 1780 it has bright possibilities of hitting 1750-1740 levels. It means we have scope to see the fall of 2-3% more from here. I will again say, stay short!!!

Regards,

Praveen Kumar