You must
read previous articles and watch the given chart carefully to understand this
article completely.
For 05
December 2013: -
On 04
December 2013, FII Bought INR 52.11 crs and DII Sold INR 18.05 crs
VIX goes
lower by more than 4% yesterday. It has slipped from 25.45 levels and closed at
23.71. We have lesser and cautious activity in Indian market yesterday. Market is
desperately waiting for the outcome of recent five states assembly election. Exit
poll suggests that market favourite BJP has gained significant edge in almost
four states. Three states are clearly in favour of BJP.
Above hope
is driving Indian market against all negative global cues. It is like Indian
market suddenly going in euphoric mood. SGX NIFTY is hinting for a boom start
after yesterday’s profit taking. It may see gap up of 70 points. If it really
goes so wild then once again traders will not get anything much to trade.
So call is
simple. Do not trade if we get opening above 6213 levels. I need to assume that
it will have to break 6190 support to see any profit taking. As long as it will
spend time above 6190, there is nothing bad for bulls.
Technical charts
are still saying that 6140 is going to be short term support. We can expect a
down trend parallel to global market only if it breaks 6140. Let us see what is
going to happen today. Will we see any profit taking profit higher levels or
not.
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
near 6260 and there will not be anything more to deal. Once it gives gap up
then market will signal that Indian market will not give fall. Be preparing for
actual counting on 8th December. If BJP takes four wins then it will
see massive rally on Monday. It is going to be gamble and who can play.
S&P
500
(USA) – It bounced from 1780 and it
was stronger than expected bounce. This bounce may try to sustain even for
today and it can see a move towards 1800 before failing. As it has already
broken 1790 and spend a good time so this market is turning sell on rise with
al stop loss at 1814. One must note that crossover of 1814 will give levels
like 1854 also.
Regards,
Praveen
Kumar
