You must
read previous articles and watch the given chart carefully to understand this
article completely.
For 12
November 2013: -
On 11
November 2013, FII Bought INR 333.50 crs and DII Sold INR 782.53 crs
DII has
actively sold this market while FII has reduced their buying intensity. We saw
constant dip in Indian market after ‘Muhurat Trading’ session. Indian market
has turned nervous in the fear of rollover of QE sooner than expected as US
data has seen remarkable improvement. This is turning a reason for weakness in
Indian rupee too. We saw strength in EU and US indices but same is not making
impact on market like India.
We have
already seen this kind of fear earlier too in the month of July and August. I
have already said not make hurry in buying dips. So far, I can say that no significant
buy signals are coming on charts.
VIX is my
prime concern. I have already said that VIX is reflecting for rise and
indicating fall in index. We just need to see if it can able to close above 21.
This bounce is coming from 18 levels and may cause some big damage. Equally,
there are few technical indicators which are giving sell with strong negative
divergence.
Technical
support of 6080 has already broken in a soft way. I am not optimistic for
today. A dip is likely to come. Equally, it is not easy to short this market
for sixth day in a row. I like to see if come sign of revival come during
trading session, else prepare to see 6000.
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. Technical support is expected in the zone of 6120 to 6100 levels.
Break below 6100 will cause panic sell off and levels cannot be predictable. On
higher side as long as it is below 6190, nothing is safe so prefer for a wild
trading day. I can give an idea; prefer to buy a stable bottom as stop loss. Those
can be predictable during trading hours.
S&P
500
(USA) – It bounced in another
typical style and kept market confused. We cannot bind this market with levels.
I still feel that US market is in strong bulls run but at exhausted state. A
short to long term top will emerge at 1780-1800. We are on most crucial week.
We will get many such answers now. US indices has almost seen more than 26%
this year so far. Let us see what is going to happen in the world when S&P
500 will come in the zone of 1780 to 1800.
Regards,
Praveen
Kumar
