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carefully to understand this article completely.
For 11 September 2014: -
On 10 September 2014, FII Sold INR 9.91 crs and DII Sold INR
511.25 crs
I said yesterday that 8080 is a threshold point for bears. It
hit a low at 8082 and bounced to hit a high at 8110 in last hour of trade. There
is a cycle of bounce in every last hour of trade from past many trading
sessions. It just suggests that bulls are taking charge in last hour to trap
bears. As long as this cycle sustain we cannot think about any meaningful
correction. Yesterday’s dip was 0.60% which is biggest correction after 7540
levels.
My focus will be again at 8080 to get a way for 8050. As long
as it is above 8050 it is hard to say any top formation yet. Alter way is that
if it fails to break 8080 then it will be named as only one pull back. I usually
do not visit currency market but I heard that Indian rupee has shown usual
weakness in past two trading days and now near to 61. FIIs money flow has
turned negative yesterday. These are few factors which is still giving a strong
word of ‘caution’.
For today’s trading session, I am suggesting for a threshold
point at 8080 after opening. If it sustain below 8080 for 15 minutes then we
can expect 8050 levels. Further, if it breaks 8050 then we can see a drag
towards 8000 levels too. I would not be surprised if it hit levels of 7900 too
in quick succession. On higher side it will again in the grip of bulls if it
manages to stay above 8111.
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Strategy for Nifty September
future – Nifty September
future should has defined a support at 8100 levels. In a clear way it is a band
of support from 8100 to 8070 levels. A break below 8070 will give concern to
bulls. So far, it is way higher than those as every dip get bought. Just a 50
points cut in one trading session is not enough. 50 points more sell off as
follow up will open door for bears. It is not impossible but not easy too.
S&P 500 (USA) – It is a bounce from 1980 to come at
1995. I still have reasons to be bearish on S&P. This bounce may have come
to form a H&S pattern with n-line to form at 1980. So far, this is
acceptable. I need to be patient as this is still at striking 1% away from
all-time high. Charts are saying that it has top at 2011 and it will get good confirmation
if stays below 1990. From past 14 trading sessions it is at same levels of
1990.
