You must
read previous articles and watch the given chart carefully to understand this
article completely.
For 18
March 2013: -
On 15 March
2013, FII bought INR 1018.93 crs and DII sold INR 584.48 crs.
Multiple times
I said in the last week that uses this rise as opportunity to exit and
shorting. I have almost utilized every single opportunity. We have 5800-5900
Nifty future as well as multiple stock futures. It is not all, I have added
aggressive S&P 500 Future at 1562 to 1560 and betted that US market will
see its final top on 15th March 2013.
It is Monday
morning and I heard about the impact of fresh euro zone crisis. Dow Future lost
130 points and SGX Nifty lost 40 odd points. I have already given too many
things to explain technical chart using Elliott waves, RSI and VIX.
Right now,
we will see critical resistances at 5900 (~5890) and 5940. I have spotted 5940
as resistance on Friday too, we have seen high at 5945. I feel that equity
situation will be worse from bad in coming days for every single day of the
week.
If you
have any hope from RBI then it will also not help. Look at what has happened
last time, on 29 RBI gave repo rate cut and we finished a top. Where were the
rallies of rate cut? We have WPI at 6.84 % and CPI at 10.91 %, its too big
spread to afford. RBI may give rate cut or may not give rate cut but charts are
saying that reactions might not be as good as market is expecting.
Look at
VIX again for today. Keep your eye on 17-18 levels. Cross over will generate
huge shoot up.
What I key
of Cyprus bailout? Well, one condition of bailout is that big depositors (whose
deposit is higher than 1 lakh euro) have to pay a part of bailout. This is non-sense
and do expect more non-sense from Euro zone.
Strategy
for Nifty March future – I have already
given enough hints about the weakness. If you have added shorts and forwarded
with overnight risk then you can enjoy 40 points gap down as reflecting on SGX
Nifty. So, I am starting my analysis from 5860. A break below 5850 will give
simple support only at 5800-5790. I am not expecting any great recovery, today
might be the day where recovery will not come. Expect trading resistance at
5875 to 590.
S&P
500
– S&P 500 Future is already down by 20 points. I have finally added short
on Friday’s trading in the range of 1563 to 1560 in April Future betted that US
market will hit its final top on Friday night. I can tell you that break below 1535
will be confirmation of top. I am 90% convinced that we hit the top on US
market. Break below 1535 will end up 1485. Cheers for bears !!!
Regards,
Praveen
Kumar
