You must
read previous articles and watch the given chart carefully to understand this
article completely.
For 06
September 2013: -
On 05
September 2013, FII Bought INR 1101.41 crs and DII Sold INR 492.82 crs
It was another
pleasant bounce and Nifty closed just near to 5600 levels. Shall I expect
profit taking? I can say that chances are not bright for profit taking without
hitting something near to 5700 levels. There are some efforts from policy
makers too and market is responding to those. We got most impressive rise in
banks which should continue.
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. I am expecting a test @ 65 very
soon, may be this week itself. If an honest effort continues then INR can come
back to the levels of 62-63 also. I had believe that reversal of QE in USA has
nothing much to do with Indian currency depreciation. Chart wise I am even more
bullish on Indian rupee and I may expect 60. Sound very odd?
I had
discussed about ‘inverse H&S’ pattern on hourly chart with decisive break
of n- line will be above 5590-5600. Somewhat it is not visible on daily charts
to too. I am little ambitious and hoping this market to come near ‘death
crossover’ which is at 5850. Well, charts are saying for profit taking to
emerge near 5700 levels or 50 DMA.
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 40 points. I said earlier in the beginning of this month that US
market may go under “correction” but Indian market may move up. From 5118 we
saw too much wild volatility but it remains up. King of this market will be “VOLATIITY”.
I will still a buyer in this market. Technical support is at 5590 to 5545. I
want Nifty Future to come near 5700 to check patterns for profit taking. So
far, nothing looks like that.
S&P
500
– I said,” I believe that the range of 1630 to 1660 is just a time pass. Unless
it breaks above 1660 we cannot decide anything.” It has just followed the
suggested roadmap. Just missed 1660 and took a dip. My study remains same. You cannot
decide for direction in the range of 1660 to 1624 (~1627). Better option is to
short near 1660. It was quoted on Wednesday too.
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
