You must
read previous articles and watch the given chart carefully to understand this
article completely.
For 01
March 2013: -
On 28 February
2013, FII sold INR 1317.79 crs and DII bought INR 417.94 crs.
Do not get
shocked with FII sell figures. We were this kind of hint during trading hours
itself as finance minister was not clear over DATT (Double Taxation Avoidance Agreement).
Market was not disappointed with budget. It was nervous on FII money.
If you are
saying that this is a bad budget then I can tell you that this budget is still
better than what I was anticipating. He has not moved with populist actions a
lot before elections. What else you were expecting. Now, you should try to take
out “a politician” from finance minister. It is known fact that in India
politics has higher priority than economy.
So, what
is the reason of fall? I say, finish this matter for ever. If I am paying tax
in India if I am earning from Indian stock market then FII should also do the
same. Irrespective of how FII reacts, just impose it. If someone wants to go
then they are free to go. Finance minister should not scare about them. It can
never be a better idea to decide policy looking on day to day movement of stock
market.
I have
published during my intraday update that market will fall once budget speech
gets over. Look at what happened. My technical charts were giving me that hint
and we acted on those.
There was
first hint in opening minute itself when Nifty failed to cross my spotted
resistance at 5850. This failure was giving me a hint that it is going to
happen.
If you
remember, I have already warned you on the outcome of H&S pattern. We have
seen the fall but we should expect Nifty coming near to 200 SMA which is at
5548 and target for H&S is also at 5548. I do not know how and why but it
will come. I am not saying that it will come today. I will take a cautious
approach for today’s trading.
We were
short very actively on Bank Nifty from 12250, we got almost 800 points of fall
and shorted RCOM Future, and we got 15% dip yesterday. Yes, we hold in just one
trade irrespective of subscribers’ quantity.
Now, I can
highlight that when almost everyone was busy in betting 6300 and a new all-time
high, we said for topping formation with a bet that Nifty will not cross 6126.
Another thing
to note is India GDP Data, which came at 4.50%. I have already warned about
such possibility from last year itself and repeated same after CSO data too.
I especially
like to SUZLON. Why it slipped by 30%. Take a note that I have warned about
this stock also for this kind of sudden crack. Equally, I had a buy on it from
16-17 but I have advised every to book above 24. Do not tell me that promoters
are still honest. One after another, they are playing with market and retail
investors. Save your money, do not expect that SEBI can do anything about it.
Look at series – Optocuit, HDIL, WELCORP, COREEDUCTION, UNITECH, IVRCLINFRA now
SUZLON and RCOM. You all know who were suggesting buy on these kind of stocks
from months and years.
This is
the reason that I deal only in index stocks.
Strategy
for Nifty March future – First of all, this
future is trading with premium of 61 points. I have warned about decaying of
premium in the month of January and February also. So, note that first
important things that this premium will not sustain. Technical support is
almost 50 points away. Means you can expect support at 5700. Break will create
further panic. It is looking like to come at 5680 first and then even 5630
which can be final support for short term (means 8-10 trading sessions).
S&P
500
– Dow Jones hit 14149.15 levels yesterday and it was very close to all time
high. Trading all time high was at 14198 in the year 2007 and closing high was
14164. If I can say that NIFTY would not able to cross 6126 then I deserve to be listen.
Sooner or later, US market will follow India way (Do not ask me what will be
target in India then). I have strong technical reason to believe and my little
fundamental knowledge is also giving me hint. S&P may (I am not putting
nail yet) not cross 1531 again. We will get a clear answer now – say, TONIGHT.
