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article completely.
For 28
February 2014: -
On 26
February 2014, FII Bought INR 511.15 crs and DII Sold INR 251.91 crs
Its US
indices which have refused to give up from current levels while EU indices have
given signs of pause. It is saving Indian indices. In fact it moved higher
against all technical odds. Even in doubt it is coming near 6300 levels. I am
expecting gap up after this holiday. It is looking to surpass 6262 resistance
marks in gap up and may achieve 6285 in opening minutes. This kind of gap up
normally eats all possible intraday opportunity.
I cannot
say that there can be any good strategy on very first day of this month series.
Once it opens with a gap then goes on silent mode. It is not possible to long
either without correction. Signal to shorts are also not coming at higher
levels too. History suggests that Nifty always truncate at 6300 levels. Nifty
is just her and there at 6200 levels since mid-September 2014 itself.
Today it
is going to be 18th session from the low of 5933. I expect a top to
form again in few days of time. This time traders should prefer to exit their
investment portfolio too. It is saving as long as global market supports. Only banking
and technology stocks are looking to move higher with some gains. Mid cap and
small cap indices are not as strong as nifty.
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Strategy
for Nifty March future – Closing above 6270
is generating for further up move for target near 6310 but those may come as
gap up. There will not be much to trade higher after gap up. If it falls from
high then only we can have trades. 6310 levels will act as tough resistance.
Will it give me signal to short? If not then I will not trade.
S&P
500
(USA) – It has in the band of 20
points from 1840 to 1860. Break on any side will cause nearly 2% moves in same
direction. It means that if it breaks 1840 then we can hope to get 1800. If it
breaks higher above 1860 then we may see 1888-1900 levels. I have not seen real
selling pressure the way I was expecting. I suggest waiting for decisive move. It
is looking like market can flush bears again at all-time high before giving
correction. It is really irritating move we have lesser choice.
Regards,
Praveen
Kumar
