You must
read previous articles and watch the given chart carefully to understand this
article completely.
For 06
March 2014: -
On 05
March 2014, FII Bought INR 737.29 crs and DII Sold INR 201.85 crs
India’s
current account deficit (CAD) narrowed sharply to USD 4.2 billion (0.9 percent
of GDP) in Q3 of 2013-14 from USD 31.9 billion (6.5 percent of GDP) in Q3 of
2012-13 primarily on account of a decline in the trade deficit as merchandise
exports picked up and imports moderated, particularly gold imports. This is
also lower than USD 5.2 billion (1.2 percent of GDP) in Q2 of 2013-14.
Finance
minister has done what he was constantly saying from past few months. I was also
amongst non-believer on his claims. PSU banks
hogged the limelight in last couple of hours of trade as finance minister P
Chidambaram asked public sector undertaking banks to focus on recovery of bad
loans, which are high among large corporate accounts. There are talks that few
banks will sell their bad loans before 31 March.
Election commission
of India has announced all schedules for upcoming loksabha election. Final result
will come on 16th May 2014. Many market participants believe that
positive mood will continue till that time. If it comes in favour of market favorite
NDA alliance then a massive up move will begin.
Question is
still same on technical chart. Will all this positive news takes Nifty above
6360 levels? This is something which is beyond the scope of speculation. Let it
come by its own or fail by its own. If it moves above 6360 then it can even try
to come near 6420 levels. Technical support will be at 6280 levels.
I like to
see what will come to stop global rally now. Whatever will come will be big. Those
either come before weekend or global market will move further.
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Strategy
for Nifty March future – It will take
further gap up on unexpected positive CAD cheer. It has already closed at 6350.
Next technical resistance will be at 6400 levels only. There will be nothing
much to deal if gap up comes huge. We may have possibility of profit taking
from higher levels. Technical support for this trading rise will be at 6300
levels. If global market turns weak anytime then we will see profit taking.
S&P
500
(USA) – It has closed flat
yesterday. It is still looking like to form a top in a day or two. Maximum upside
potential can fall in the zone of 1880 to 1888. It is looking as last leg of
rise and sooner market will hit with sell off. Every new all-time high cannot
be buying. Although it is also true that it has broken massive 1850 marks to
invite some big action so caution is also required in shorting. If fall does
not begin in a day or two, then stop out from shorts. It needs to go below at
least 1856 to confirm the fall but it is also too far right now.
