November 2013
Monday, November 25 2013
MY WEEKLY TAKE ....
Trading levels --- 25th / 29th November 2013
Our markets are making very intriguing moves – not allowing either the bulls or the bears to make much money.
We did hit a 52 week high of 6342 on muhurat day trading and closed in positive. But since then we have had 10 down days out of 13 trading sessions. We had straight 7 losing sessions after muhurat trading ( losing 370 points from peak ) folollowed buy 3 straight up-days ( up 240 points ) and 3 down days again – giving back all those 240 points.
This extreme volatility was accentuated by RBI governor’s attempts to TALK-UP the market middle of last week. We had steroid effect for 3 days.
I was expecting FIIs to open their moneybags wide but they refrained after putting in about 4000 crores in 4 sessions when market went up 240 points. As soon as they stopped – we are down 240 points in next three sessions.
Chartically speaking we have a nice H&S pattern building up and if that is completed, we can have a target of 5600/5650 in coming weeks. I know market participants are not ready for such a fall but it is WRITTEN ON THE WALL for anyone to read.
Last week I had written that 6220/6240 is a strong resistance zone. We reversed from 6212 itself. Whoever listened to me and bought some at the money PUTs is sitting on good profits. It is advisable to switch to at the money PUTs again on Monday. This will ensure automatic profit booking and continuation of short position.
Next logical target for coming week is 5780/5800 with attendant volatile up-moves in between.
There are no further triggers now and we will have to wait for 5 state election results on December 8.
I have released SAMVAT 2013/14 trading levels on my website – http://www.sumamura.com/sumamura-messages/.
November 2013 LEVELS are out ON 1ST NOVEMBER. You can have a look at the same before entering fresh trades.
My monthly trading levels are out and paid members have them. At 3,000 rupees a year, they provide tremendous value for money proposition.
Monday, November 25 2013
NIFTY SPOT INTRA