The daily trend of Nifty will remain down till the time Nifty is able to move above the level of 5430 on closing basis. Nifty 5200 is going to be a good strong support which if broken means that we are heading for new bearish leg. As of now till budget or election results we are going to see a broad range of 5200-5550 and any breakout will only take place after the conclusive indications from these two important events which are going to take place in India. Thus the ideal opportunity is to trade less and make use of the valuable daily one hot stock of the day and make money by booking profit in a short time.
However on daily basis as a strategy one can short Nifty if it breaks the level of 5300 with volumes as it will be a clear indication that bears are going to have an upper hand. On the Bombay Stock Exchange overall breadth ended in negative territory as 1,580 stocks ended lower while 1,264 stocks advanced.
Market Reaction to Disinvestment
As of now market has got disappointed with ONGC FPO and govt has already started dreaming of Oil India disinvestment. The pricing of ONGC sale is just irrational.
Support and Resistances for the Day
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Strong future shares at National stock exchange
BGR Energy, IFCI, OFSS, VIP Ind, Rolta, Yes bank, WelCorp, LITL, Welcorp & Godrej Ind.
Weak future stocks at NSE
MC Dowell, Dish TV, OnMobile, DLF, DCHL, TVS Motor, L&T, Tech M, GSPL & Alok Text.
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