You must
read previous articles and watch the given chart carefully to understand this
article completely.
For 26
September 2013: -
On 25
September 2013, FII Bought INR 382.45 crs and DII Sold INR 473.28 crs
This is
going to be interesting derivative expiry now. How many times we saw a month
where Nifty took a run up of 1000 points? It is very rare and that’s the reason
this is wild now. Even 5800 look painful for bulls but charting is not as bad. Due
to wild ranges, we can expect another volatile day. I need to be honest with my
feeling. Every time 5900 levels give a confusion of up or down. If you think
minutely then you will find that from last many months we are moving here and
there near 5900 only except few months. If we go higher above 5900, it gave
sell off in just few weeks. If it slipped below 5900 then also we saw good
bounce from low.
It is like
Indian market is really doing nothing on broader sense. I strongly believe that
something must happen now. I am buying stocks of my choice.
Asian markets
are trading lower on US debt woes. This is not making any sense. US economy
will exhausted with cash by 17 October 2013. Does not matter, they will handle
it. This should be concern as US long term bond yield is still running lower.
Technical charts
are still saying that 5850 to 5800 range should be good support. Have a look on
chart to see how moving averages are saving the fall in the market. Is short
covering coming? Let us see.
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 5850 and 5815 levels. We should
not see this expiry closing below 5910 levels. If it manages to give expiry
above 5910 with good long rollover in October then it will give bright hope for
coming week. I am still saying that it is just 50-50 bet near expiry this time.
S&P
500
– When I say to book short near 1700 I suspected about this. I dull move in the
range of 1690 to 1710. It is very close to 1690 but not broken yet. As long as
1690 holds, I will hope for a short term bottom coming. Let the bounce come
then only we can work on some targets on higher side. If it breaks below 1690
then we need to rethink about rebound call. I still feel that rebound will come
irrespective of levels.
Regards,
Praveen
Kumar
