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read previous articles and watch the given chart carefully to understand this
article completely.
For 04
December 2013: -
On 03
December 2013, FII Bought INR 516.59 crs and DII Sold INR 671.26 crs
VIX is now
hitting 25 also. This is showing that market men are nervous at these higher
levels. Market may not extend rise with nervousness. It does not matter how big
buying is coming from FII. It is more important to note that yesterday’s close
was not above 6213. It is keeping a scope for a formation of short term top at
6228 itself.
Indian market
has shown some better than expected strength in past three trading session
which was fully guided by the hope of outcome from five states election result.
Market will like to hear good result from BJP. I am afraid that ground reality
may not be as rosy as market wants. Exit poll result will come from today
onwards. Market will take a cue from exit poll which will come after 5 pm
today.
US market
has moved lower last night and giving a sense of beginning of taper talk again.
It does not matter what will come but something will surely come.
Technical charts
are suggesting that we break below 6140 will again invite bears to play. I hope
that market will test 6140 in today’s session in nervousness. Technical
resistance was at 6240 and we almost got top at 6228.
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
down by nearly 40 points as SGX NIFTY is reflecting. After a gap down we may
see more weakness. Logically, if Nifty futures sustain below 6230 then we can
expect levels of 6190-6180 also. I suggest selling on every rise. We will see
opening in the zone of 6200 itself. so we can expect 6165-6160 as next target.
Global market trend will dictate in second half of trades. Technical resistance
will be at 6280 only. I am not denying the possibility of big dip today.
S&P
500
(USA) – So far, it is moving with
towards 1790 with great conviction. It is giving me a sense that this dip will
impress market participant. I still want a break below 1790 with some good
confirmation. This fall continues from 1813 and break below 1790 will give
1754-1750 by December month itself. Will taper talk begin again?
Regards,
Praveen
Kumar
