You must
read previous articles and watch the given chart carefully to understand this
article completely.
For 15
March 2013: -
On 14 March
2013, FII bought INR 607.11 crs and DII sold INR 829.19 crs.
Before I say
anything about Indian market, I like to inform that Dow Jones got its 10th
rise in a row. US and European markets are moving higher day by day. All thanks
to Mr. Ben Bernanke and Mario Draghi. Let us look at what has happened in
Indian market yesterday.
In the
initial hour market got some shocking news by corbapost on three Indian private
sector banks. Market kept on moving higher after that. We got WPI data at 6.84%
and market is still hoping for rate cut. It is looking like market moved higher
on the anticipation of rate cut and stronger European cues.
Technical charts
has closed on encouraging note but in my view Indian market moved due to
excessive shorting. I still say that 5971 will be a decisive resistance. I am
not ready to bet anything unless it crosses above 5971.
Today is
the last trading day of the week. First trading support will be at 5890. If it
breaks and sustain below 5890 then you can expect same thing happening as of yesterday
but in reverse direction. This market may not give clear direction till
up-coming RBI monetary policy review.
VIX has
seen a dip of almost 10% in single trading session due to massive volatility. Market
will try to watch up-coming advance tax numbers too.
Strategy
for Nifty March future – It is looking like
Nifty March future is still to gain little more but every higher level will
face stiff resistance. One can trade long if it manages to sustain tall above
5960. Further cross can give 5990. In the downside if it starts trading in the
range of 5910-5900 then it will be first sign of weakness. It will be decisive
if it breaks 5900 levels. Note that our market is trying to sustain only
because global markets are strong enough to their life time high.
S&P
500
– I said to watch for US SPX VIX for the range of 12.50-12.60. Well, it has entered
in that zone now and S&P 500 is just few points away from its life time
high closing. Is there any end for US market on higher side? I am just sensing
that these must be the major top but when will it change direction? Now, only
GOD knows. Looking on charting formation it is showing for resistance at
1565-1570 and must fail before 1577.
Regards,
Praveen
Kumar
