You must read previous articles and watch the given chart
carefully to understand this article completely.
For 07 August 2014: -
On 06 August 2014, FII Bought INR 283.87 crs and DII Bought
INR 32.59 crs
I have already discussed about ending diagonal pattern on
hourly chart yesterday. We saw a dip as a result. This dip got lots of fuel in
second half yesterday. Well, confusion over hike in FDI limit in insurance is
also giving a dent in market sentiment. Are we still in the phase of policy
paralysis? I am scared. Practically, nothing has changed so far. Indian rupee
is still struggling. Inflation is beyond RBI comfort limit.
Nifty closed at 7672 levels. Immediate support will come at
7640 levels. Now suppose if it breaks 7640 then we are bound to see the levels
of 7593 to 7575 in downside. It is another confirmation that 7840 is just
turning out as short term top. On daily chart it is third lower top which we
saw day before yesterday. So far, it is lower top and what we need is the
addition of lower low. It means that we have strong support at 7593 levels. Close
below 7593 will name it as lower low.
For today’s session, I am expecting some lower opening. If it
give up and start trading below 7640 then we may see concerning dip towards
7593 levels. Remember that mid cap and small cap indices are under performing. Sell
off may continue and we should be on hurry to pick support. Let us see.
I will update about supports in my intraday updates. I will
get better idea of sell-off during hour itself. Will be give break below 7640?
Please visit our ‘intraday updates’ to get further updates or
to take good advantage join paid services.
Strategy for Nifty August
future – Nifty August
Future may open negative to 20 points. It will get immediate support at 7655 to
7640 levels. We may see interesting and concerning dip if it sustain below 7655
levels. On higher side 7700 to 7715 will act as stiff resistance. I suggest
shorting on weakness.
S&P 500 (USA) – It was volatile last night but
almost remain unchanged. Most important is that it has formed a low very near
to 1910 and then took an intraday bounce. It is confirming for support at 1910
levels. Even for today’s session, resistance will be at 1925-1930 zone. In the
down side, break below 1910 will give some meaningful dip from current levels.
Hi.
ReplyDeleteWhere can I see your intra day update post
Rgds
Saravanan
Hi Mr Saravanan,
ReplyDeletePlease use this link to see intraday updates -
http://viecapital.com/daily-market-analysis/
Regards,
Praveen Kumar
Thank you
DeleteRgds
Saravanan