You must
read previous articles and watch the given chart carefully to understand this
article completely.
For 16
September 2013: -
On 13
September 2013, FII Sold INR 98.00 crs and DII Sold INR 152.09 crs
Treasury
futures contracts rose after former Treasury Secretary Lawrence Summers
withdrew his name from consideration to be chairman of the Federal Reserve.
Speculation
that Summers would be nominated and would push for the Fed’s bond-buying
program to be unwound quickly had spurred declines in Treasuries. Fed Vice
Chairman Janet Yellen is also a contender to replace Chairman Ben S. Bernanke
when his term expires in January.
Whole
global futures are enjoying massive rise on Monday morning when it was looking
that rally was t its last leg. I was heavily bullish earlier and turned my
position for correction after Nifty hit a high at 5942. Now it seems that
market is trapping bears again and I am also one such who might be under trap. Good
part is that I am shorting from good extreme high point. Still, my shorts would
be down under water.
There is
practically no meaning for technical analysis if gap up comes. It is just the
time to quote the resistance of 5940 to 5960 again. I cannot deny the
possibility of hitting 6000 also in extreme case but it is very unlikely. Should
I take out short or should I add more shorts? I feel that I should add more
shorts on this rise but only on some technical signals. It is going to be
challenging Monday for bears.
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
at 5956 which is way higher on “No summer” rally. 5955 is previous monthly
high. Surpassing 5955 may generate a possibility of 5980-6000 levels. For
bears, it is very important for Nifty to stay below or go below 5955. I believe
that first selling should come from USA but those markets has strong positive
news flow. What can stop rally in USA, can stop India too. I said earlier, not
to be panic at 5300-5200. I am saying with equal emphasis that does not be
extra courageous at 5900-6000. Take this more like technical words rather than
a trapped bear.
S&P
500
– I can break my head now with Lawrence Summers. I was betting on 1690 as
decisive top but it is very likely to surpass that resistance with today’s gap
up. This is going to be event based rise and definitely taking out comfort from
bears. Well, but technical set up is just remains same. I always believe that
USA market has strongest bull of the world who can save any dips.
Still I
feel that charts are just advocating for a fall coming. What will bring that
fall? Will today’s rise get sold at high? I like to be on wait and watch mode.
Above 1690, I am forced to accept for the levels near 1705-1710.
Regards,
Praveen
Kumar
