You must
read previous articles and watch the given chart carefully to understand this
article completely.
For 21
March 2013: -
On 20 March
2013, FII sold INR 236.72 crs and DII sold INR 36.92 crs.
I covered
my shorts from Indian market yesterday and started to see opportunity to trade
long for bounce. There were technical indications but conviction was missing
and it is missing even till morning hours too. I can see political drama put
the market technical at back foot. Same is expected for today. If you are index
based trader then take a holiday and watch your TV set to speculate over
political heat.
Political updates:
In my view Congress party wants to go in election with words of sympathy. They want
to say the voters of India that look at our coalition partners thy all betrayed
us. So, there will be a day when Congress party will enjoy their government falling.
They will find it as a better option than to take blames of so many scams.
I am not
saying that this government will fall in a day or two. What I am saying that political
people are trying to create the heat in their politics. Worse part is that they
are picking some topic which is beyond my sense, I am referring to SP moves.
Is it so important
to mention in Stock Market updates? Yes, this will leave you in ‘keep on
guessing mode’. Technical will say for recover but even recovery will be
fragile.
I am
quoting two important supports for nifty. One is at 5678 (refer technical chart)
and 5663 (previous recent low).
In a
recovery mode, Nifty may try to come near 5790 levels. Is it coming? I cannot
bet but I can hope. I strongly quoting, this market will fall again after some
recovery.
Strategy
for Nifty March future – I one point
yesterday for Nifty march month future at 5692. It has saved as low was just at
5701. Study remains same. It may try to give some recovery as long as it is
saving support at 5692. If it gives a gap up of 20-25 points then it will make
trading useless. I say keep stop loss at 5692 and then plan to buy dip. Will I
get those dip?
S&P
500
– FOMC gave a dead outcome. At least, they have not said anything unexpected. Dow
Jones corrected its previous high by 3 points, just to make double top. Remarkable
is that two strong parameters like VIX and RSI gave sell. RSI is lower than
previous and VIX is higher than previous. Do not try to figure out for the
reason of fall. Just believe on chart that fall is coming. As I said for fall
on last Friday, I am saying again that US market may see another toppish fall
in two days including today.
Regards,
Praveen
Kumar
