Indian stock market tomorrow is going to be stable with an upward bias which is likely to take it past 5100 levels in present short term up move and this bullishness is intact till the time the level of 4950 is held. Future traders can be long in Nifty till the time level of 5077 is maintained in future segment in this index. We see strong support for the September futures to get around this level. Strong global cues today helped market to register gains. Markets are in a risk-aversion mode, but valuations are attractive as it is presently factoring in all domestic fundamental worries and thus make money by trading in daily hot stock picks which make money irrespective of the condition in the market.
Now Nifty will encounter resistance at 5200-5330 level which needs to be taken with volume for this rally to sustain. BSE market breadth was positive. Out of 2,960 stocks traded, 1,823 stocks advanced while 1,004 stocks declined on the BSE. On the negative side this rally has some limitations and just remember that if Nifty breaks 4950 level than it can fall till 450 levels. Not to worry for the time being as short term indicators are now suggesting an uptrend in the market. Just keep your eyes open for 16 Sep RBI credit policy which is going to provide future course of direction to the market.
Support and Resistances for the Day
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Strong future shares at National stock exchange
Ambuja Cement, TVS Motor, JP Associate, Hero Motors, Chambal Fert, Mundra Port, VIP Ind, Max India, IRB & Ruchi Soya.
Weak future stocks at NSE
Nagarjuna Fertilisers, KS Oils, Educomp, Moser Baer, Jet Airways, Triveni, GT Offshore, IFCI, OnMobile & Mphasis.
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