You must
read previous articles and watch the given chart carefully to understand this
article completely.
For 29
November 2013: -
On 28
November 2013, FII Bought INR 102.91 crs and DII Bought INR 330.51 crs
Nifty hit
a high at 6113 levels yesterday and closed at 6091 levels. So far, this is not
giving any big threat. It still looks dull and this dull move cause in to
weakness anytime. Technical support is at 6060-6030 levels. We must note that
Indian market is going through under performance. I am very much concerned with
this factor.
VIX is
also running near 21 and always issuing threat to move higher. We should note
that Indian market is making tops which are lower than previous. It is forming
a right angle triangle on chart with base at 5970. At this kind of formation,
even single thrust can do big damage.
Most of
the time in recent past, I prefer to buy near 6000 but not this time. History suggests
that third attempt usually fail in Indian market if it has to save support. Right
now 50 DMA is at 6062 levels. Remember, it has extended from 5980 to 6062.
For
today’s trading session also we will see trading support to emerge at 6060 and
then 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 6113 levels may not be safe. Only above 6113, it may try to impress
bulls.
Visit
again to read my intraday updates as I can update about those only during
market hours.
Strategy
for Nifty December future – NIFTY future will
open on flat note. Threshold point support will be at 6115. If it breaks then
we can expect fall towards 6080 levels. On higher side 6170 will act as stiff
resistance and cross may result a move towards 6200. First day of expiry is
going to be important to take cue for rest of the month.
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
