You must
read previous articles and watch the given chart carefully to understand this
article completely.
For 04
March 2013: -
On 01
March 2013, FII sold INR 626.89 crs and DII bought INR 45.85 crs.
Normally what
I know is that budget speech can continue for 2-4 hours. What is happening this
time? Budget speech still continues. This is non-sense. Saying something
unnecessarily and then giving clarifications – it is making everyone more
confused. Now, I heard that finance minister will betting for insurance bill
and pension bill to boost reform. On other hand I heard that we can expect
further fare hike from Indian railway.
We got
another hike in petrol price on weekend. You can expect some improvement if
finance minister will able to deliver what he is saying. I must be very fair
that technical charts are still not saying any word of improvement.
What I am
sensing is that market can go for a pause before grinding lower again towards
5548. This market has entered in the oversold zone but still there is no sign
of recovery. I have plotted RSI on my daily chart. If I take two days lows,
then it is giving negative divergence. This is forcing me to believe that Nifty
may again try to test of break 5670 levels. Break of 5670 will give 5600.
If I try
to trade long then I have a strong condition that Nifty must stand tall above
5740 marks. Expect a soft to weak start for the market then we need to see on
follow up.
Strategy
for Nifty March future – I have already
warned about premium in the last trading session. It has lost its premium from
61 points to 8 points. This is not a small thing. I have already said for the support
at 5700-5710 which was also working well. Now, keen an eye on 5700 marks. If it
breaks 5700 and sustain for 5-10 minutes then you can expect further fall
towards 5650 to 5600 levels. On higher side nothing can be safe as long Nifty
march future stand below 5760. I have nothing great to add. Hope you are not
buying anything.
S&P
500
– I do not know how market will try to conclude for spending cut but I strongly
believe that it is not good for USA. Market should consider this ‘spending cut’
as trigger for selling. I know that many may deny even technical charts are
looking dead to conclude. I am repeating that S&P 500 will not get any easy
cross above 1531. This is frustrating but you cannot get a top without this
kind of frustration. It was equally true for Nifty also near 6100. US market or
European market, it is the matter of time but that time is not coming.
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