You must
read previous articles and watch the given chart carefully to understand this
article completely.
For 15
October 2013: -
On 14 October
2013, FII Bought INR 730.29 crs and DII Sold INR 641.20 crs
Nifty was almost
remains in the range of 6100 to 6120. Honestly, it was never looking for profit
taking the way I was expecting near 6120. It just came as pause and looking to
move higher. If it is not coming from 6120 then it may try to advance in the
next threshold zone of 6180 to 6200.
We got CPI
data and Reliance result aftermarket hours. CPI data was disappointing but
Reliance result neutralized the pain. Above all, US market revives well last
night on hope of deal in US parliament. Still, there is no concrete information.
We cannot know the exact situation. I need to consider that it has extended
more than needed. Something should come by this week only.
Quarterly earnings
are still on better side. So far, there is no big disappointment. Technical charts
are suggesting that it can extend more if it manages to sustain above 6120.
Global market is giving a hint for gap up today. If it comes near to 6200 then
nothing would be left for traders to deal for intraday. This rise is extending
from 5700 levels. One must remember that any great break above 6200 will give
us 6232 too which will turn out to be levels for threshold for new all-time
high.
Technical charts
are still looking better than Indian economy data. I must say that pullbacks
are not going to be more concerning. Sooner or later, it is going to hit a
fresh all-time high. If not this month then next month but it will come.
Visit
again to read my intraday updates as I can update about those only during
market hours.
Strategy
for Nifty October future – NIFTY future is
going to see another wild gap up after sharp recovery in US market last night. If
it opens at 6200+ then there will be nothing great for traders. Looking on SGX
Nifty, it is looking to open near 6200 levels only. I still need to see if
Nifty can see some price correction from higher levels near 6200. If not then
we can see more rise to reach towards all-time high. Today’s trading will be important.
If it refuse to correct today then we can see the hopes growing to new all-time
high.
S&P
500
(USA) – I said for a possible dip if
it goes below 1692. It has recovered just before 1692 by saving it and finally
ended at 1710. Is it giving some kind of hint for new all-time high? I strongly
believe that if some solution comes over US shut down then another newer high
can be a reality. Strong technical support will be just at 1692. As long as it
is staying above 1692, we can hope for extension of rise. It is a hope driven
rise and so this hope must come true. Market would not be happy if it deadlock
continues for weekend too.
Regards,
Praveen
Kumar
