You must
read previous articles and watch the given chart carefully to understand this
article completely.
For 24
October 2013: -
On 23 October
2013, FII Bought INR 644.80 crs and DII Sold INR 545.54 crs
In was
impact of negative divergence that we saw a dip yesterday. We saw some
optimistic recovery in last hours of trades. It is giving a hint that bears are
silently entering market from back door. I am still saying that 6200 will throw
confusion only. I can think for a fresh life time high only if it surpasses
6240 successfully. There is no doubt that optimism will be at highest point
right now as it happen every time. You ask 100 people about the possibility of
new all-time high. You will get 99 positive answers.
((( Technical
conditions has arises in a manner that first we need to focus on 6 2 4 0 . )))
Chinese
equities hit two-week lows on Wednesday after reports emerged that top Chinese
lenders, including Industrial and Commercial Bank of China (ICBC), wrote off
about $3.7 billion in bad debt for the first six months of the year.
I said
earlier this week, “In short, Monday, Tuesday or Wednesday, a short term top is
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. 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.” Assume, telecom stocks may see fall from today.
Remember, I
have already quoted this on Monday that Japanese market may see dip fall. We
saw fall of 280 points yesterday and losing 125 points today too. US blue-chip
S&P 500 is falling from my quoted levels of 1760. So, we cannot say that
globe is favoring for new all-time high.
For
today’s trading also, use every rise to short with stop loss at 6240. I am not
writing anything more in order to give whole important to 6240.
Visit
again to read my intraday updates as I can update about those only during
market hours.
Strategy
for Nifty October future – NIFTY future may
open on another flat opening. I hate this kind of movement. It is making impact
of negative divergence. It will face resistance at 6260-6240 levels. I will not
surprise if Nifty can go down as much as 6000. Do not even think about new life
time high unless we go above 6240. Yes, 101% if Nifty future crosses 6240-6260
then I will also add long.
S&P
500
(USA) – Once it is making top at
1760 then we should keep view for price correction as long as it is staying
below 1760. I am still retaining my views and my first possible target can be
1720-1700 zones. I still have no reasons for the upcoming fall but technical
set up are suggesting that there can be something going wrong. Well, I will not
break my head on reasons. It is a sell!!!
Regards,
Praveen Kumar
