FDI crisis is looming large on the market and Indian market is following global cues followed by home front cues on alternate days. Market is behaving without a head as one day sees frenzy in market post approval of a bail out package and another day it falls due to hue and cry being raised by political parties against FDI retail to serve their interests. No doubt big is better and it will also generate so many employment opportunities for the people of India. We must remember that India is a vast country and there is enough space for every one to undertake business in an ethical manner. So far so good and we are struck in a range with negative bias and this range is between 4700-5000 and any break of 4700 spells disaster for market as in that scenario market can slip to the levels of 4500-4300.
However short term derivative indicators suggest a short term sideways to up move. it is good that Sensex is holding on the psychological support of 16k. Thus make use of the prevalent trend and if you have been looking to make money in market, than ideal bet lies in trading the Hot Indian Shares for the day and pocket the profit with in the first hour of the day by capturing the trend to a great extent.The market breadth too was negative. An upmove will continue in Market if Nifty trades above the level of 4860 levels and will be weak below 4800 level.
To bring the FDI crisis under control, Finance Minister Pranab Mukherjee will talk to Prime Minister Manmohan Singh and UPA Chairperson Sonia Gandhi and thereafter the government will decide on how to resolve the impasse in Parliament over the decision to allow FDI in multibrand retail. Opposition parties led by the BJP and Left stuck to their stand and demanded a roll-back of 51% FDI in multi-brand retail. As a net result out of 2,852 stocks traded on the BSE, 1,515 declined while 1,219 advanced.
Support and Resistances for the Day
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Strong future shares at National stock exchange
Patni, OnMobile, Apollo Tyre, Cipla, Havells, Hind Oil, Zeel, Jet Airways, Raymond & Tata chem.
Weak future stocks at NSE
Adanient, Suzlon, HDIL, Welcorp, SRE Infra, EKC, Triveni, PTC, FSL & Jindal SWHL.
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