You must
read previous articles and watch the given chart carefully to understand this
article completely.
For 12
August 2013: -
On 08
August 2013, FII Sold INR 395.78 crs and DII Bought INR 516.15 crs
In the
last trading session we saw a pause in the fall. There is no great sign of
revival yet in the market. It is interesting to see how market is going to
react now as global market will undergo correction now. We saw some 30% rise in
Ranbaxy the last trading session which was only sign which was suggesting that
money is waiting for correct optimistic valuation for the market.
Now,
traders and investors would like to see SBIN result. This is already down by
more than 400 rupees in past three months of trade. I have no great hope from
banking stocks in India as per fundamental development. Market need to take a
call which should be one step ahead like Ranbaxy or it needs to go in technical
way.
Technical
charts are still advising caution for anything long. I was expecting reversal
on 13th day but it has to move above 5580-5584 levels which have not
yet crossed so far. For today’s trading session, Nifty will have support in the
5500-5490. If it breaks this support range then it can drift towards 5460-5450
levels too. Let us see what is coming now. It is going to be big day as IIP and
CPI data will also be on trader’s radar but those will come after market hours.
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 down by 30 points now. It is showing that it can open in the range of
5560-5570. I will wait for result and data to come. It should not go beyond
5530. It may see more fluctuations on weaker side for the first half. Decisive
moves will come only in the second half. I like to see SBIN result to trade for
next move but that will also come in second half.
S&P
500
– It gave another perfect intraday rebound on Friday night to provide
opportunity to short this index. High was above 1699. It was like almost
selling the high point in recent rally. This is only the first time after
hitting 1560 that I gave a sell signal. It was based on MACD negative
divergence on daily chart. I can still say that target is looking at 1680-1675.
Further downside is possible only on the lower break of this support.
Regards,
Praveen
Kumar
