You must
read previous articles and watch the given chart carefully to understand this
article completely.
For 02
August 2013: -
On 01
August 2013, FII Bought INR 177.78 crs and DII Sold INR 293.62 crs
How Indian
financial institution works? We saw an example yesterday. Unfortunately, we saw
this kind of payment default in past too. NSEL news was taken as a shock by
market. I hope that problems will be handled but question is why it came. In a
compensating step, government of India has declared few reform steps last
evening. I never give weightage to this kind of steps unless those really get
implemented.
Well,
still market will open with some better sentiment. I hope that it can able to
convince people to stop selling equity. We already saw massive hammering in mid
cap and small cap stocks. Nifty is no more an instrument which is showing overall
market. It is just reflecting the movements of 4-5 blue-chip stocks. When almost
every major global index are near their all-time high, Indian is struggling.
Technical
charts are still suggesting that 5680-5675 will act as strong trading support
in any down side. On higher side it will face resistance in the zone of 5800-5820
levels. Charts are still saying that real strength will be visible only if
Nifty able to close above 5820 marks.
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 higher by 40 points right now. It is still lagging global index. It is
hinting for opening above 5805 levels. After opening if we get crossover of
5840 then we can hope for a move towards 5900 levels in the days to come. Technical
support after opening will be at 5770 levels. It will be another wild day if we
fail to sustain at higher levels.
S&P
500
– It has given breakout above 1700 marks. I can say that more short cover will
come in US market. Technical charts are suggesting for a move towards 1720
right now and then it will take an attempt to hit 1740 levels too. Now
technical support will be at 1690-1685 levels only. We should not add too many
things in analysis and just enjoy this breakout.
Regards,
Praveen
Kumar
