You must
read previous articles and watch the given chart carefully to understand this
article completely.
For 26
March 2014: -
On 24
March 2014, FII Bought INR 1465.62 crs and DII Sold INR 770.39 crs
On
Tuesday, European Central Bank officials said that they had not ruled out
providing further stimulus to support the euro zone as it slowly recovers from
the debt crisis. Is it the beginning of new phase of euphoria?
We have
derivative expiry of March month series tomorrow. There is no sign of any
pullback in this rally so far. Psychologically, it can attract some short
covering rise to satisfy charting target of 6625 levels. I must say that
conviction is less for this rise to sustain. It is pre-poll rally. Market moved
on expectation of stable government. Well, my view is different from market. We
are not going to see any stable mandate in general election 2014.
For
today’s session again we will see higher opening and then long choppy hours to
run. This will make trading difficult. On higher side, profit taking should
come but shorting should be done only after technical signals. Crossover of
6625 may attract short covering rise to intensify.
“Will this
market ever fall?” Market will fall on the day when least number of people
would expect about it.
Please
visit our ‘intraday updates’ to get further updates or to take good advantage
join paid services.
Strategy
for Nifty March future – Opening looks like
to come near 6630 levels and immediate trading resistance and target may come
at 6650-6660 levels. It is hard to expect more. We are just a day before expiry
and prefer to stay away from trades as it can trap you in any direction. We are
well far away from levels where we can expect any kind of panic sell off. Technical
support stands at 6600, and then at 6570.
S&P
500
(USA) – This is another irritating
zone. S&P remains choppy in the range of 1884 to 1850. It hit 1850 a day before
yesterday and all set to move towards 1884. This zone is not reflecting trend
yet. Although, choppy moves near all-high should be treated as bullish. This
rally is innocent unless proven guilty. So far, technical support is at 1850. As
long as it holds 1850, scope for 1884 is always open. Crossover can give us as
big as 1900 + levels. When I am saying 1900 + then I may mean for something
like 1940-1950.
