You must
read previous articles and watch the given chart carefully to understand this
article completely.
For 09
July 2013: -
On 08 July
2013, FII sold INR 204.46 crs and DII sold INR 59.11 crs.
Indian
indices rebounded smartly from lower levels and closed almost near to the day’s
high. Even after that FII and DII figures are negative. It is almost irrelevant
to discuss money flow now as market is stagnant now. We need to note that
Indian market is still in a range from past 10 months when almost every single
global index took a rally in between.
European
indices closed sharply higher in the last trading session. On other hand, US
indices moved higher as expected. Those closed higher for third day in a row. It
is almost confirming for big move ahead this moth itself.
For Indian
stocks, we have seen panic kind of trading in many sectors like banking and
metal. Shorting those stocks at this kind of price is not justifying with
market dynamics. Equally when Nifty closed lower by half percent down, at the
same time mid cap index was higher by half percent. It is suggesting that some
broader participation is coming ahead.
Technical
charts are suggesting that if trades sustain above 5834 then it might try to
take a move towards 5870 – 5900 levels. It is important to note that we need to
surpass 5906 on higher side to bet a big move in this month. I believe that it
is coming. Only question is when.
Keep an
eye on news flow from finance minister side. It can give some surprising
trigger anyway and anytime.
Strategy
for Nifty July future – SGX JULY NIFTY is
trading higher by almost 20 points which is indicating for higher start. Cross
above 5850 will give us a move towards 5900 again. Technical support will
emerge at 5820-5800 levels. I am already suggesting trading long and adding
long in every single dip. Let us see if Nifty July future will able to cross
5906-5916 levels on higher side. Momentum is the last requirement.
S&P
500
– Current formation is giving a hint that S&P 500 will give a new all-time
high by July month itself or by first week of August.
It got a
hit at 1644 and closed stronger. Technical charts are suggesting that break
above 1655 will generate a most exciting 1750 as next target. It means a big
rally to make another newer all-time high. Technical support will be in the
range of 1627 to 1624. Charts are saying that just play long at least on US
indices.
Regards,
Praveen
Kumar
