You must
read previous articles and watch the given chart carefully to understand this
article completely.
For 11
December 2013: -
On 10
December 2013, FII Bought INR 395.68 crs and DII Sold INR 628.16 crs
We got low
at 6307 yesterday in the process of correction. I need to specify that
6300-6280 is going to be the zone where bulls may make their full effort to
save the momentum. Still, there are many odd sign that momentum can end
anytime.
FII has
bought this market heavily on Monday but left on doldrums yesterday. I always
say that FIIs are known to buy top heavily. So, we should not try to conclude
too many things on just their data.
From past
two trading sessions small cap indices are not performing parallel to Nifty. If
Nifty gains then small cap index gains lesser. If nifty falls small cap indices
fall more. This kind of trading cue suggests that traders might be close to fulfill
their appetite.
As I said,
6300-6280 is the zone where bulls must make their full effort. Once it breaks
6280 then bears will choose their ways. Remember, Indian market has a history of
trapping bulls at 6300 + levels. More over RSI has negative divergence on daily
chart now.
I find
banking and capital goods as possible culprit now if market goes on breakdown
mode. Equally, many global indies are looking for some weakness in coming days.
Visit
again to read my intraday updates as I can update about those only during
market hours.
Strategy
for Nifty December future – NIFTY future is
signaling for soft start for the day. I am saying this again, start can be
weaker than perhaps what SGX Nifty will say at 9:00 am. Yesterday was also an
example. Technical charts are suggesting that it is short as long as staying
below 6400. One break below 6335-6330 will cause a dip towards 6250.
S&P
500
(USA) – No matter what is happening,
if S&P 500 is staying below 1813 then it is just for short towards a move
for 1780. Once it breaks 1780 then we can expect 1750-1740 too. We are almost
coming mid of the month now. All eyes may shift towards fed upcoming meeting. Now, what’s a bull suggests? Think to add long
only above 1814 for a move towards 1830-1840-1854.
Regards,
Praveen
Kumar
