You must
read previous articles and watch the given chart carefully to understand this
article completely.
For 18
September 2013: -
On 17
September 2013, FII Bought INR 318.05 crs and DII Sold INR 501.19 crs
I have
said for the support at 5800. I was decided that as long as it hold 5800 I will
not short. My waiting never ends yesterday. I closed my day without any trade. I
still have same view. As long as 5800 hold, one should wait for direction. I prefer
to see fed outcome first. My takes on Fed meeting is very odd and disturbing.
“Fed is not only going to begin tapering but
also they may throw surprises on monetary tightening front”.
Forecasting
market is beyond the scope of charting right now as it is going to see big
impact of event. Asian market is not on nervous note like yesterday. Still I do
not want to add any excessive pessimism in my thought. I like to see a rising
market but such chances are less.
About
India Rupee also, I believe that sweeter days are almost over again. We may see
the beginning of some inherent weakness. My first logical target is at
65.00-65.30. This may also be related to Fed outcome only. I just like to
remain that we have RBI monetary policy review on 20 September 2013.
Nothing looks
great to apply on technical analysis front. As long as 5800 holds, I cannot add
fresh shorts. One needs to note that Nifty is just hovering near its 200 DMA. This
kind of formation has a history of unpredictability. We may see some stiff
resistance at 5900 levels.
Visit
again to read my intraday updates as I can update about those only during
market hours.
Strategy
for Nifty September future – Nifty future is
likely to oscillate near 5900 levels only. We may have trading resistance to
emerge at 5930-5950 levels. In the down side, as long as it holds 5860 there
will be no signal to short. While below 5860 we can expect 5815-5800 levels. Well,
rather than trading I will focus on lower break of 5800.
S&P
500
– Final outcome of Fed meeting will come tonight and almost all global market
is waiting for this desperately. US market took a pause at very uncomfortable
levels and technical charts have lesser value now. It is still showing me that
something will come to result a sell off. Rather than buying on breakout, I might
prefer to sell on breakout. Let us see what’s coming. It is useless to touch
unless we get some cues. Technical resistance is still at 1705-1710. I want to
be bearish but not above 1690.
Regards,
Praveen
Kumar
