You must
read previous articles and watch the given chart carefully to understand this
article completely.
For 13
February 2014: -
On 12
February 2014, FII Bought INR 211.99 crs and DII Sold INR 261.96 crs
Firstly,
Nifty is still feeling heavy near 6100 levels which is the most acting
resistance in many rise we saw in past. Please refer to the given chart. Another
important point is that small cap and mid cap indices were under performing
yesterday. Broadly, this is not a good sign.
Yesterday
evening economy data came. IIP came at (-) 0.60% which CPI came at two year’s
low at 8.79%. This is little relief for market. Well, I can say that CPI is
usually remains low in December to March months. It is positive to a limited
extent.it may save us from initial dip.
What is
disturbing for this market is second half sell off. It is almost happening
every day. Irrespective of opening it always tend to close near lowest point of
the day. This kind of trading can turn to give the lower side breakdown any day
and anytime.
It may try
to test 6100 levels today also in opening minutes but it is not looking like to
sustain. One must note that now global cues are not that supportive as past few
days. Nifty will get support at 6050 levels. If it breaks then it can move
towards next trading zone of 6030 to 6000 levels.
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Strategy
for Nifty February future – I have quoted for
the resistance at 6115. When it came to cross, it was not convincing me which I
have updates on my intraday updates. Hence we went short. Now, if it comes at
6115 again then also my view will be same. This market can see tired move if
try to rise. It does not matter how it open today. What matter most is how it
can close today? Once again, a little higher opening and second half sell off
is expected.
S&P
500
(USA) – we can see two important
developments on S&P daily charts now. First is that yesterday’s high is
just 78.60% of total fall. So top came at 1827, I strongly believe that it has
topped out now. Secondly, it has formed a Doji pattern. I can still put my
emphasis on 1809 support band. Once it breaks 1809 then we will see the occurrence
of fresh wave of sell off. I can say that get out of all long and load yourself
with shorts on US indices. Most probably, strongest bulls are close to change
their mind now.
Regards,
Praveen
Kumar
