You must
read previous articles and watch the given chart carefully to understand this
article completely.
For 15
January 2014: -
On 14
January 2014, FII Sold INR 260.88 crs and DII Sold INR 97.93 crs
Above figures
are showing some rare development. Nifty is at 6250 ranges and FII has sold in
cash market. This may be concerning as it may be the first hint of money out
flow. Since 1st January 2014 itself, market is not going in
confident mood. It is showing the reflection of some possible nervousness which
is coming due to political moves. We may not see good supportive decision for
economy.
We are
again on the day when global market is moving higher as US recovered its
previous day’s loss. This is avoiding immediate weakness in Indian market. I cannot
see much negative as global cues. In fact all are positives only.
For today’s
session we have two important supports. One is at 6240; if it breaks then we
can expect next support at 6190 levels only. On higher side 6300 is still a challenging
level. Charts will open the scope of rise as long as it holds 6190 levels.
It is a
big question how long can it hold. I suggest to watch mid cap and small cap
indices as first sign of trouble or strength will come from there only. Bank
Nifty is still on concerning note. Any break below 10800 levels can cause
trouble.
Strategy
for Nifty January future – We can expect flat
opening for today. Technical resistance will be at 6290 to 6310 levels. In the downside
it can see some remarkable profit taking only if it breaks 6230 levels. It will
be better to watch for the breaks 6230 for shorting for intraday. It is not
very impossible. It can happen anytime. You can expect better activity on Bank
Nifty.
S&P
500
(USA) – I said yesterday that let us
see the levels of 1824 as resistance first. If it fails then only it is a
short. It has opened higher and immediately goes above 1824 and then recovered
in a massive way. This is the reason I always say that bulls are strongest at
USA. Now it is again generating a scope to test 1845-1850 levels. We will see
possible top formation in the zone of 1845-1850. Next bullish move can start
only above 1854. Cross over of 1854 can give 1880 levels.
Regards,
Praveen
Kumar
