You must
read previous articles and watch the given chart carefully to understand this
article completely.
For 27
November 2013: -
On 26
November 2013, FII Sold INR 339.16 crs and DII Sold INR 356.90 crs
Now once
again FII cash data has turned negative. More important is that once again
Nifty has closed near its lowest intraday levels. Many times I have quoted that
heavy FII buying used to go at tops. Hope you remember that FIIs were buying
near 6200 very heavily few weeks back.
Worse part
is that when almost every single global index is running near their 52 week
high, Indian market is very shy from those cues. I consider this as under
performance as bad sign for buying. We are just one trading session away from
November month expiry.
For today’s
trading if Nifty breaks 6030-6024 levels then it will be confirmation of retest
of 5970 support levels. On higher side it will face resistance at 6080-6100
levels. Blue chip stocks like reliance, TCS and Bharti is trading on weaker
note. I still like to add that if it breaks 5970 then one must unwind all long
trades. It can result fall towards 5850 and then towards 5700 also.
Visit
again to read my intraday updates as I can update about those only during
market hours.
Strategy
for Nifty November future – NIFTY future will
open on almost flat note. We can expect volatility for today’s trading session.
It may not be very reactive in first half as most of the time action goes in
second half. Good trading support will be only at 6035-6030 levels which may be
tested today. Any further break will cause damage towards 6000-585 levels. Will
it break 5985? I cannot deny the possibility.
S&P
500
(USA) – Traditionally, it hit another
life time high yesterday but fail to sustain at higher levels. It was just a
dull close. It is still not giving any big sign of profit taking but it is now
missing momentum. I still believe that 1813 is a meaningful resistance or you
can say target also. It is not going to be great days to deal in US market
future.
Regards,
Praveen
Kumar
