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article completely.
For 21
April 2014: -
On 17
April 2014, FII Sold INR 433.40 crs and DII Sold INR 122.75 crs
We got
expected up move on last trading day with good reversal. In continuation, we
can expect this rise to extend to make a new all-time high. It is just 40
points away from those levels. At least it can go lot closer. This rise depends
on short covering before derivative expiry. It is likely to continue till
expiry day. It is not giving sign for weakness yet at higher levels but we may
prefer to avoid long neat 6820 for once.
Short term
support is still at 6640 levels which were saved twice in recent dips. Most promising
day for bulls was last trading session. Today’s rise depends on follow up
buying. From past 12 trading sessions, market is still in range and that gives
me a clue that lots of shorts might be in the system. It may drive short squeezes.
Conclusion
for the day is that Nifty will get support at 6750 to 6730 levels. On higher
side, I am expecting a move towards 6820 levels. It may come very near if not
hitting it as a dot. For caution, I will not initiate long if market goes
negative or open negative. Key is that it should spend positive for good time
to conclude for long.
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Strategy
for Nifty April future – I have focused on
6800+ levels and we got that. Technical charts are suggesting that we have some
more upside left. One can prefer to trade long if it stand tall above 6820-6825
levels. On higher side it can expect levels of 6880-6900 if we see fulfillment of
trading buy conditions. We have technical support in the range of 6770-6760.
Either buys at bulls’ crossover or from bulls support. There is no choice to
buy from in between levels.
S&P
500
(USA) – I was expecting 1872 by
Thursday night but it gave a high almost at 1870. I still see room for upside. There
is nothing critical at this point of time. I still expect the test of 1872+
levels at the beginning of this week’s trade. Trading support will be at
1854-1850 levels. On higher side we can expect it hitting at 1872 first. Now, suppose
if it sustain well above 1872 then it can try to challenge 1885 levels again. I
think that we should first focus on 1872 before concluding for the possibility
of 1900 or 19XX levels.
