You must
read previous articles and watch the given chart carefully to understand this
article completely.
For 10
January 2014: -
On 09
January 2014, FII Sold INR 3.74 crs and DII Sold INR 118.45 crs
I cannot
sense for recovery. We have passed five days in same range and it makes
everyone irritated from dealing Nifty. Strong part of market has also seen fall
yesterday. Mid cap and small cap index also lost nearly 1% in last trading
session when Nifty closed flat.
Now all
eyes are on Infosys result which will come before market opening hours. I have
a view that Infosys has done all good. Whatever is it going to present, market
will react negatively. As result day always invites big moves so prepare to see
wild trades. I cannot deny the possibility of dip of 8-10% in today’s session.
We have
seen so many barriers breaking on Nifty. Firstly, it was 6260 and then 6170. Now
it can break next support of 6145 also. Likely support can emerge at 6120 and
then 6085 levels.
I can be positive
on US market but cannot keep same view for Indian market. It is looking like
another round of sell before any good recovery. I can still hope for recovery
if it saves 6145. Recovery can come either from 6145 or may be from 6120
levels.
Strategy
for Nifty January future – I can still sense
that 6170-6165 is meaningful support but recovery is not impressive at all. SGX
Nifty is giving a hint for weak opening near 6170 itself. If this really happens
then we can see market opening on panic note. It is going to be decisive after
that. On higher side, it cannot be safe unless stand above 6230. Be caution as
its Friday and market were weak for past four days.
S&P
500
(USA) – We saw S&P falling from
1841 and then recovering from support of 1830. I am still sensing that S&P
500 is trying to make double top before turning decisive. In this process if it
surpasses 1850-1854 levels then we will see another round of rise which can
bring it towards 1880 levels. It is not easy to trade but I still say buy in
intraday dip as long as 1824 hold.
Regards,
Praveen
Kumar
