You must
read previous articles and watch the given chart carefully to understand this
article completely.
For 30
August 2013: -
On 29
August 2013, FII Sold INR 248.18 crs and DII Sold INR 75.80 crs
India VIX
slipped from 36 and came at 29 in a matter of two trading sessions. We saw
great improvement in India rupee with just one decision. Why that decision was
not taken earlier when it was suggested from all side. It seems that RBI
willingly allow rupee to float in flood. I always give importance of follow up
on trend reversal. Let us see if rupee can give some more positive today although
it is not very likely. I still feel that decision was too late and too little.
So far,
recovery follow the roadmap exactly in the same way as suggested. We got
derivative expiry above 5400 levels. For today, 5430 will act as threshold.
Cross above 5430 should give anther rise towards 5500-5530 levels. I must say
that trend traversal can be confirmed only above 5530 levels. So far, it is
just pullback.
It is last
trading day for the month and first trading day of new series. Typically,
Indian market has some bad history for September month but I still feel some
better performance for the coming month. It is notable that market slipped from
past two months.
Visit
again to read my intraday updates as I can update about those only during
market hours.
Strategy
for Nifty September future – SGX Nifty is
trading with a gain of 30 points right now. I am expecting some premium –
discount fluctuation on September future. Trading support can emerge only at
5350-5340 levels. We need to focus on crossover of 5430. Let us see first hour
low which will be very important.
S&P
500
– I said that I have no trade on US indices. It is just moving on unpredictable
20 points ranges. Yesterday too, it crosses 1642 but failed to impress and
slipped in last hour of trade. It may have Seria reasons or anything else but
charts are still saying for wait and watch. Remember, September month does not
have good history for stock price. So, support in the range of 1624 to 1618. On
higher side need a strong cross above 1642-1647 to conclude anything. It is
pausing structure.
Regards,
Praveen
Kumar
