You must
read previous articles and watch the given chart carefully to understand this
article completely.
For 13
December 2013: -
On 12
December 2013, FII Bought INR 187.81 crs and DII Sold INR 354.85 crs
Multiple times
I said that FIIs are known to buy tops heavily. Few days back we saw buying of
2500 crs in a day in cash market. Now, they are reserving themself in fall. It was
strongly quoted from past few days that break of 6280 will be decisive. We saw
that break and a low at 6230 yesterday.
I am
expecting more dip today also. I am expecting that Nifty should hit either of
one support out of 6150 and 6080. So, still a long way to fall more. Market should
take CPI and IIP both as shocker only. IIP came at negative 1.80% and CPI came
at 11.24%. You cannot expect anything worse than this kind of figures.
I was
expecting further fall in US market and I got that. Technical charts are
suggesting me to expect levels of 6150 as only meaningful support. Although, I believe
that this kind of fall never end easily. If it has to fall then it will fall by
breaking all supports. I would not be surprised if we see 6000 levels near
expiry day.
Banking and
capital goods are already on fall. Sooner metal and FMGC stocks will join hand.
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 with some moderate gap down. It is like ly to see opening near 6210
levels. Even from those levels it may see more fall or rapid fall. Although,
6180-6170 may generate some support area. My believe is that it will spend time
or even try to give some sign of revival
but all such attempt can fail. Only way one can say about recovery is that it
is falling from past three days in a row. I still warn that no recovery will
sustain in this market.
S&P
500
(USA) – I can still say stay short. It
has formed some trading top at 1813 and then it is now converting to short term
top. It has broken 1780 brutally and closed well below this level. I have
already said that below 1780 it has bright possibilities of hitting 1750-1740
levels. It means we have scope to see the fall of 2-3% more from here. I will
again say, stay short!!!
Regards,
Praveen
Kumar
