You must
read previous articles and watch the given chart carefully to understand this
article completely.
For 12
December 2013: -
On 11
December 2013, FII Bought INR 962.71 crs and DII Sold INR 841.92 crs
I have already
said that 6280 will be the levels which bulls will not like to give up. It came
as bull’s best effort and market rebounded from 6280 to close near day’s high. Take
a note that it was the hope that some crucial financial bills will be presented
in parliament today.
We heard
about this kind of too many times in past also. Can current government able to
approve any bills? It is not possible unless they opt executive orders.
Technical set
up is simple for the day after sell off in US market last night. Keep your eye
on 6280. If it breaks 6280 then we will be out of race to continue with momentum
of life time high. Technical resistance will emerge at 6360 and 6400 only. I have
not opted long and I will not trade long on this kind of confusion. We will get
IIP data for October month but it will come after market hours. It is expected
to come in negative.
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 will
open in the range of yesterday’s low. This is going to make opening challenging.
Any break below 6310 will drag Nifty future lower towards 6250-6200 levels. Do not
prefer to pick lows if it breaks 6310 anytime. Although this support makes some
sense after yesterday’s pullback in last 30 minutes but those might washed out
in gap down. So, technical charts suggest that long trades are possible only
after gap fill. So, it cannot be buy unless goes above 6360.
S&P
500
(USA) – Have a look at low; it is on
dot at 1780. It is showing that we are going to see a move towards 1740 levels
sooner. This is not unexpected. Market was already showing in past few days
that a nervous selling will hit before fed meeting. It is fear of rollback of
stimulus. Now, we will see some stiff resistance at 1786 and 1794 levels. Stay
short!!!
Regards,
Praveen
Kumar
