You must
read previous articles and watch the given chart carefully to understand this
article completely.
For 06
November 2013: -
On 05
November 2013, FII Bought INR 162.53 crs and DII Sold INR 683.96 crs
It is
looking like FII has slowed down their buying from past three trading session. They
are not giving a great back up to their big buying figures which were coming at
6100-6300 levels. This is definitely not a good sign. It is going to be odd
pullback.
We are
just hanging on n-line of inverse H&S pattern. I have already given the
importance to 6240 levels. If it holds then things are fine but if it breaks
then we can smell trouble. If this is not a trouble then also it will dim the possibility
of new all-time high in this run up.
I was
concerned on VIX front. I said this earlier too that 18 is a decisive levels
for VIX. It is 50-50 possibility for next move. Either we will see 23 or we
will see 14. Now, it gave rise above 19 and showing for more strength although
it will fall later.
Technical
support for the day is at 6240. On higher side major technical resistance will
be at 6300 only before 6360. I am not short but came out from long too. It has
broken wedge and I always want to be on cautious note at these kinds of levels.
It can be a trap.
Visit
again to read my intraday updates as I can update about those only during
market hours.
Strategy
for Nifty November future – NIFTY future is likely
to open flat. As long as it holds 6280-6270 levels, we cannot see big concern
yet. It is missing momentum now. I have decided not to opt to trade long as of
now unless we see great sign of strength. It is going to be decisive levels and
time too. Fall can be brutal below 6280-6270 levels.
S&P
500
(USA) – It hold 1750 and rebounded. What
should be the outcome of this bounce? It can again try to come near 1776
levels. It is still opening for rise and
more rise as long as 1750 holds. What I am feeling is that it may try to form a
double top pattern for short term before falling. I am fully confident of just
one thing- it will not give you easy trade this week. Let us see the range of
1776 to 1750. Heavily bullish above 1776 for 1800 or fall below 1750.
Regards,
Praveen
Kumar
