You must read previous articles and watch the given chart
carefully to understand this article completely.
For 24 September 2014: -
For 24 September 2014: -
On 23 September 2014, FII Sold INR 1185.17 crs and DII Bought
INR 325.70 crs
Yesterday when I sensing that Nifty is missing 8181, it
strike me that past week rise came to form double top. Indian market has
history of making such lower double top before forming major top. Subsequently we
have added short on October future at 8190.
It was one of the brutal sell off yesterday and it has broken
20 DMA support too. Even small follow up of this selling can drag market
towards 7925 levels once again. I hope you remember how sharp it was when
broken 8000 marks last time. We have derivative expiry of September month
series tomorrow and that is inviting unpredictable volatility.
A rise favours bulls and a fall favours bears. It may not be
true when market tries reversal. Frequent reversal patterns from high and low
is just showing market’s indecision.
For today’s trading session, opening may go in negative
again. Even a mild follow up of selling can make the day bigger than yesterday.
I have shorts which I like to cover in some quicker dips. Although my expected
target is near to 7925 levels only. It should be near to or before that. Here is alarm, DO NOT short LOW.
I am still saying same words. Spoiler for global market can
be just one big factor – Currency market. Almost every currency of emerging
market is again showing fear on chart against USD. What can be good for US
market may not be good for emerging market.
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Strategy for Nifty October
future – It is going
to be another gap down opening. As per SGX NIFTY it can be below 8070. If this happens
then October future may try to trim its premium too due to odd option build up.
Technical support right now should be at 8050. Below 8050, it can hit levels of
8000 too. Once again, do not try to short low unless Nifty October future
breaks 8000 levels which is equivalent to 7925 on Nifty.
S&P 500 (USA) – Few days back when it was hitting
2011, I said that these are top formation. If this is real top formation then
we may not see these levels of 2010+ for rest of 2014. It took a rebound to
break 2011 and hit an intraday higher at 2018. Practically, it has never closed
above 2011 even for single day. Now it hits my target near 1979 after a sell
signal @ 2011. Congratulation to those who has added short and earned good money.
Now, below 1979, it can hit 1956. It is looking like we got top of 2014 and it
will never come again. Remember, it is still an effect of QE.
