You must
read previous articles and watch the given chart carefully to understand this
article completely.
For 05
September 2013: -
On 04
September 2013, FII Bought INR 172.53 crs and DII Sold INR 222.36 crs
Indian market
bounced very well after Tuesday’s panic sell off. It is extremely fragile now
and that is causing this tremendous volatility. I still believe that Indian
market should be bought only in any dip with courage. We are already at worse
of fundamentals and things can improve a little from here before decisive
takes. In hurry, Lok sabha passes Pension Bill which is good for market.
I have
already quoted on Monday that INR should add strength now and USD may see
vertical fall any time. Things go as the road map shown. A final impulse came
yesterday to make double bottom. It is ‘Raghuram effect’. At least he is trying
something meaningful which was desperate need. I agree that he need to do a lot
for economy. Good part is that charts are little supportive for him. I am
expecting a test @ 65 very soon, may be this week itself.
Nifty
moved much before 5250 and this is a first great sign to buy. Now, on hourly
charts, it has formed complete ‘inverse H&S’ pattern. Decisive break of n- line
will be above 5590-5600 which is little too far but not impossible. I still
believe that banking stocks has done with fall although technical sign of buying
is not coming in convincing way.
Let us see
it on ‘Teacher’s day’. Stock Market is my best teacher. 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 gain of 115 points and it is going to kill bears. If one is holding long
positions then only one can smile with this gap up. We bought too many. Technical
charts have no great relevance after this kind of gap up. I will look for the
cross of 5600. For intraday one should use dip to buy which should be only
pullback in nature.
S&P
500
– As indicated, it becomes make or break near 1624. I have already said not to
short unless it breaks lower further. It has manages to save 1624 and bounced to
make possible attempt towards1660. It is still away. I believe that the range
of 1630 to 1660 is just a time pass. Unless it breaks above 1660 we cannot
decide anything.
Will the Nobel
peace prize winner and president of USA Mr. Barak Obama really attack Syria? No,
they cannot. I have too many reasons to support my logic which I will write
later on different article.
Regards,
Praveen
Kumar
