You must
read previous articles and watch the given chart carefully to understand this
article completely.
For 01
August 2013: -
On 31 July
2013, FII Bought INR 142.87 crs and DII Sold INR 128.02 crs
Nifty has
seen a strong recovery from its intraday bottom which was just near to my given
support of 5680. Closing quote was well higher by 68 points from low. Eventually
it has formed an interesting candle pattern which is called “A long black and
dragon fly Doji.
Indian
rupee has also recovered smartly after stock market closing minutes yesterday. FII
has bought in cash market yesterday. Fed has also not disappointed market with
their words. Asian market is trading mix as wait and watch continues before
Chinese data.
Technical charts
are still suggesting that 5680-5675 will act as strong trading support in any
down side. We still cannot conclude anything good for Bank Nifty which was main
villain of past two months of trades. Many banking stocks have lost more than
50% from its recent top.
Visit
again to read my intraday updates as I can update about those only during
market hours.
Strategy
for Nifty July future – SGX AUGUST NIFTY is
trading dead flat right now. It is a hint for another confused opening. Technical
charts are suggesting for long trade with stop loss near to yesterday’s low. On
higher side it needs to stand above 5800 to show any great sign of strength.
Indian market has favoured bears in a big way so some hangover is possible even
in recovery. In short, there may not be easy recovery.
S&P
500
– It just came near to 1699 and slipped. It is trading sidewise from past 9
trading days but standing above crucial 1675 levels. This is generally a
positive sign for breaking higher. Sooner or later it has to break above 1700
but now waiting is little longer. Even for today’s session, it will get support
at 1680 to 1675. Will it break 1700 today? I cannot deny possibility.
Regards,
Praveen Kumar
