You must
read previous articles and watch the given chart carefully to understand this
article completely.
For 28
November 2013: -
On 27
November 2013, FII Sold INR 48.53 crs and DII Sold INR 58.13 crs
It was a
volatile session yesterday in a narrow band. It is still impressive hat Nifty
has saved 6030 as a dot. Does it make sense to say buy on this cue? Well, if we
would not be on expiry then then my answer would have been ‘yes’ but right now
answer is ‘no’.
I have
already said that expiry could head at lowest point of month. I have few good
reasons for that. First is that VIX is giving all possible sign of rise. If not
today then very soon VIX will shoot up and index will fall. Second reason was
also mentioned too many times in recent past. Indian market is just under performing
in a big way. When all global indices hitting its all-time high or 52 week high
we are near monthly low
For today’s
trading session also we will see trading support to emerge at 6030-6024 levels.
Once it breaks 6030-6024 then we can expect rapid fall towards 5970. Any break
below 5970 will push bulls in the back seat. On higher side even 6100 levels
may not be safe. Still it is derivative expiry day so my confidence will also
be less. Let us wait – watch and then trade.
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 with some optimism. Will this optimism sustain? May be not. Keep an eye on
6035 levels as trading support. I feel that we can see comfortable dead only if
it breaks 6035 levels. On higher side 6080 to 6100 will act as resistance. Majority
of move will come in second half only. It may be very dull expiry if it fails
the break 6035 on Nifty November future or 6030 in Nifty spot.
S&P
500
(USA) – It is on another life time
high but there is no great firework or euphoria kind situation. US market will
be closed tonight. I still consider that 1813 may be under reach but this index
has to stop somewhere. So far, it is going without gravity. Technical says that
as long as it is above 1790, there will be no fear for bulls. December is
traditionally a good month for market but this time story should be different. In
my view, people will book some profit on year end trade.
Regards,
Praveen
Kumar
