You must read previous articles and watch the given chart
carefully to understand this article completely.
For 13 February 2015: -
On 12 February 2015, FII Sold INR 406.28 crs and DII Bought
INR 705.53 crs
Yesterday it has crossed 8670-8680 and then we saw a quick
and sharp run on nifty. Technical charts have shown that it has broken downside
trend line on higher side. My view is that if it can sustain above 8730 then we
can hope for pre-budget rally. I just like to ignore economy data which has
presented yesterday. Market is habitual of those poor data.
I still like to repeat that February month may turn up as a
month to give yearly high. History suggests that whenever big rally comes in
early year then top may remain for rest of the year. What I mean is that
whenever 10% rally comes at the beginning of the year then things may never be
easy for rest of the month. Right now, all hopes are on budget.
What if market does not like budget? Well, in that case
market may correct as big as 10%. Market wants to shape up well to digest all
possible outcomes.
For today’s trading session, one can expect 25-30 points’ higher
start. Then it will get two crucial supports, one is at 8730 and the next will
be at 8680 levels. I have already added long yesterday near 8680 levels. I like
to hold those which some broader risk. If things go right then here we have a
possibility to see 8900 levels again.
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Strategy for Nifty February
future – Opening may
go around 8800 levels. If this sustain above 8800 then we may see some short
covering rise too. I still feel that Nifty Future may try to come near 8900+
levels. We are two weeks away from union budget. One can expect downside
support at 8750 and 8710 levels.
S&P 500 (USA) – I will not suggest to trade in the
range of 2050 to 2100 as said from past few days. Well, it has still impressed
me with this strength just like past many times. What if it surpasses 2100?
Technical charts are suggesting for a move towards 2145 in that case but it is
not the likely case which I can consider. I still feel that this strength will
end up near 2100 at the max.
