You must
read previous articles and watch the given chart carefully to understand this
article completely.
For 25
September 2013: -
On 24
September 2013, FII Sold INR 21.09 crs and DII Sold INR 493.74 crs
Money flow
is not bad so far. Typically FII remains net seller as well as DII. It is not
giving any great sense about market. These are giving a sense of confused money
flow which remains a characteristic of year 2013. We are moving towards
derivative expiry and I am expecting some wild moves.
We got
some shameful development on corporate governance issue which was definitely
expected. This time it is Financial Technology where auditors inform that last
earning numbers are not reliable. We are used to get this kind of one such news
in every 6-8 years. This is damaging the image of Indian corporates.
Let us
look at technical charts. I have said yesterday to look for band support which
is at 5850. Nifty hit at 5855 and rebounded very sharply. Well, it has not
closed the way I was anticipating. It gave up most of its gain in noon trades.
I have
added yesterday that we may see some unpredictable movement in market due to
expiry effect. Perhaps, yesterday’s selling from higher levels was the part of
those unpredictable movement. Even for today’s session, technical support will
be at 5850 levels only. On higher side, we need to surpass the levels of 5940
to claim good and reliable upside. Let us see what comes for the day.
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 open flat but support should emerge at 5870 levels. This remains same as
of yesterday. Big question is that will it able to cross 5970. The 100 points
band from 5870 to 5970 is just going to be too wild. It needs to move out from
this range to take a decisive move. I like to remind that 5900 ranges on Nifty
always go in this way. Before expiry, it will be 50-50 bet.
S&P
500
– It is not looking simple recovery. I still hope for recovery. It should not
break 1690 and we should see the beginning of newer move on higher side. It may
for a short term bottom. If this bottom comes around 1690 then it may generate
a possibility to hit towards 1730 again. Let us see today if rebound comes
without breaking 1690.
Regards,
Praveen
Kumar
