Profit-booking is going to be the order of the day as market is reeling near 3-month high levels which were scaled at Dallal street yesterday. As we can see that BSE index ended in the negative territory with a minor loss of 14.91 points at 19,686.92, while the broader Nifty index ended at 5,910.05, up 1.60 points from previous close and thus appears that market is running out of the steam and next leg of move will commence once Nifty is able to move past the level of 5957 with conviction. However all those with a patience of holding stocks can go for value buying in midcap space as lot of value buying opportunity exists. Intraday traders can trade in Indian stocks specific opportunities based on reliable information which is technically also tested for accuracy and reliability.
Crude prices, which simmered above $120 dollars today due to political turmoil in Libya and Yemen, and political uncertainty in Nigeria, tightened the situation in West Asia. A sustained rise in oil prices threatens to inflate commodity prices, which in turn could mount pressure on the inflation scenario worldwide, especially in the emerging markets. When political uncertainity is high precious metals always move northwards and that is the reason that we are seeing the Silver futures ruling at a new high of Rs 59,331.
The dollar was mixed versus other major currencies on Tuesday, after Federal Reserve Chairman Ben Bernanke said the central bank was poised to act if inflation poses a sustained threat. Speaking in Atlanta Monday night, Bernanke said that a recent spike in commodity prices is likely to be temporary. Other central banks are looking to get ahead of the curve on inflation. China's central bank announced it is raising interest rates by a quarter of a percentage point in order to combat rising prices.
Stock News Today
Maruti Suzuki India hikes prices by up to Rs 9,000 and same can be attributed to their lower growth rate as compared to the last year and their managing director has acknowledged the fact that it might not be possible to maintain last year phenomenal growth rates.
Support and Resistances for the Day
|Tip||2940 (Rs 50,000 Trading)|
|NSE Nifty 50 Stocks||Made Money (Rs)|
Strong future shares at National stock exchange
OnMobile, Patel Engineering, Jindal SWHL, Hind Oil Exploration, Alok Ind, Reliance Media, Sterlite technology, India bulls real estate, Bata India & LIC Housing Finance.
Weak future stocks at NSE
Piramal Healthcare, National Aluminium, Sterling Biotech, Hind Uni Lever, Aurobindo Pharma, Mphasis, Dabur India, Asian Paints, Lupin & Gail.
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