You must
read previous articles and watch the given chart carefully to understand this
article completely.
For 13
November 2013: -
On 12
November 2013, FII Bought INR 347.58 crs and DII Sold INR 870.40 crs
In the
month of July – August, it was FII who were selling when 10 year bond yield was
going above 9%. This time FIIs are silent and DII have sold heavily. Core of
the market is that it is afraid of long term bond yield going higher. Adding another
spice, September IIP came only at 2% while CPI shoots up above 10%. None were
unexpected figure.
Now today
is going to be eighth day from its recent high of 6348. Technically it has
importance for any trend reversal. I still like to say that intensity is
showing for 13 to 21 days of massive bear hunting. If it stops today then only
it can save wild moves. It is more important to note that Nifty has 50 DMA at
5974 levels.
It must
see respect for 5975 to 5960 levels.
No higher level
looks safer for bulls. I can equally say that recovery will also get sold in
short term. What I mean to say is that we are now too far away to think for
newer high again. In all, it for triple top? Yes, it may be.
VIX is now
very close to 21 levels. Any higher break will give panic sell off on NIFTY. We
cannot think about recovery on Nifty if VIX close above 21 today.
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 down near 6030-6040 levels. Exact dot support is at 6015 levels. I am
expecting recovery as today is eighth day from top. Still it is not easy, it is
just a view and we need to see for more confirmation before buying. No great
expectation but every panic bottom comes in this way only.
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
