You must
read previous articles and watch the given chart carefully to understand this
article completely.
For 21
October 2013: -
On 18 October
2013, FII Bought INR 1752.98 crs and DII Sold INR 562.23 crs
It was not
unexpected 6200 this time. FIIs are still pushing heavy money. I am still
saying, it does not matter if top comes at 6120 or 6200 or 6300. In percentage
term, it will be nominal difference. I can easily trade for intraday for those
rises but money is not safe at higher levels.
RSI was at
69.06 on 19th September when Nifty hit a top of 6142 for a fall
towards 5700. Now Nifty hit a high at 6201 and still looking to advance more,
value of RSI is 67.21. This is negative divergence.
India VIX
came at 20. It has stronger trend line support at 18.50. I am more concerned
looking on CBOE VIX which is running near 12-13. US market makes most top when
CBOE hit near 12. Very soon, a short term top will emerge there and correction
will begin. Equally, it looks like India VIX can hit max 18.50 before moving
higher. I can still state that if it breaks 18.50-18.00 then I will just expect
13-12 levels for India VIX too. In that process NIFTY can hit higher by 6600 on
Nifty. Will that be the case? Well, that looks very los possibility for me.
In short,
Monday, Tuesday or Wednesday, a short term coming. Now, it can be at 6240 or
6300 or even may be nearer to new all-time high at 6360. I would rather be very
happy to see 6360. I traded long till Friday but not came home with long
position. I am less intended to carry trades to home for few more days. Note
that I am not claiming for new all-time high, it is just my excited optimistic
thought of a hardcore bull of past few weeks.
Visit
again to read my intraday updates as I can update about those only during
market hours.
Strategy
for Nifty October future – NIFTY future came
6224 as top on Friday. I hold my long till 6210+ but refuse to carry long on
weekend. These were updated on my ‘Intraday updates’. Now, we can see advance
towards 6240-6260 for intraday but a dip is very near to me. I suggest readers
to visit my intraday updates as we need to see hourly chart updates. Very obviously,
Nifty future can see some more upside if momentum continues. We are just odd
2.00 to 2.50% away from all-time high.
S&P
500
(USA) – I was expecting 1742 but it
has surpassed those and came at 1745. It is uncharted territory so it cannot be
easy to spot out with exact levels. Now, technical analysis cannot bind you in
levels. It is giving a view. A view which is saying me, “Stop doing long” as it
can see crash anytime. 1760 is a possibility before top but I will sit
sideline. I have “no single reason” to say for a dip in stock market but charts
are saying so. Reasons will come later on. CBOE is running at 12-13. Convert
all your stocks to cash. I am running with long on Gold and this will be my
only long deal.
Regards,
Praveen
Kumar
