FIIs, have sold shares worth net Rs 2,466.74 crore in this month so far. Even in the month of January the FIIs have sold shares worth 1,265.88 crores. This information has dampened the market sentiment which has brought down the market heavily. Today, the Finance Minister P Chidambaram will present the Vote-on-Account. The objective of a Vote-on-Account is to get Parliament's nod for expenditure to be incurred in the months prior to elections. The next full-fledged budget will be presented by the new government which comes to power after the Lok Sabha polls in April-May 2014. We will have to check if PC has a magic wand to give the boost the market sentiment. Tapering effect of the FED has also cast negative sentiments on the Indian market. The FOMC undertakes next monetary policy review on 18-19 March 2014. Rupee is not gaining against dollar and is trading close to Rs 62 till now. A weak rupee will hit companies with high imports and high foreign debt adversely. The weak rupee will damage countries economy as it impacts the import of oil. All in all the market is in the hands of bears and we will have to check what FM would change the equation and help the bulls.

Technically, the market has turned weak as in the recent down move two big gaps have been created in the Nifty, one between 6264 and 6189 and the other between 6110 and 6098. The second gap got reduced in the recent up move but still there exists a gap between 6110 and 6107.  Technically, the market would favor the bears till these gaps are closed. In the recent face to face meet held in Chennai we mentioned about the gaps and hence closed the trading position opened earlier. We are light on our bullish trading positions right now and we would wait for appropriate time to initiate long positions.

In this situation we are going to conduct the monthly meet on coming Saturday at Chennai. We will be exploring the opportunities to make money in the market. You may register for the session using the link given below. Paid members need not register as they would get the intimation by SMS.

https://docs.google.com/spreadsheet/viewform?formkey=dHhIUWVYVnRneWlwZTloYlRsN2d4QlE6MA