You must
read previous articles and watch the given chart carefully to understand this
article completely.
For 04
July 2013: -
On 03 July
2013, FII sold INR 705.06 crs and DII bought INR 252.88 crs.
After selling
11425 crs in the month of June, FIIs has sold nearly750 crs in July months also
so far. It is looking like FIIs are not in the mood to participate. It is a
concerning point now. Money out flow is not good for market at any cost as we
have limited money flow from domestics’ side.
Asian market
is closing on mix note right now. US market were much better than what Indian
market were expecting yesterday. Even European market has also trimmed their
losses last night. There were fears of political uncertainty in Portugal.
Technical
charts are suggesting for support to emerge very soon. It is looking like yesterday’s
low might try to hold in this market. I can say that as long as Nifty is above
5690, it can try to gather fresh momentum. I am not saying for the hit of 5690.
If this comes then it should be worse outcome.
On higher
side, Nifty needs to stand tall above 5800 to see any remarkable recovery. Note
that it took out 200 DMA in bear gap down.
Strategy
for Nifty July future – SGX JULY NIFTY is now
showing 5785 which is little higher by 12 points. It is showing for some
recovery in opening minutes. In my view, we should have even better opening. From
5770 to 5816 will face a very drag kind of rise. Above 5816, it will see easy
rise towards 5880-5900 levels. Sooner or later, it has to rise.
S&P
500
– I am keeping this line as it is. “I repeat that that 80% chances are that
S&P 500 has made a top for the year 2013”.
When I
said that 1688 will be a top for the year 2013 it was having different picture.
Now I am in the position to say that recent development on charts may give us
newer all-time high either in July or in August. As long as it is above 1600,
there is nothing to worry. Expect 1660-1675 very soon.
Regards,
Praveen
Kumar
