However if Nifty is able to move past 5300 level, than we can consider that Nifty may try to conquer 5400 level again. Market is weak since budget day as aggressive short positions are being built since budget day.
However not to get dismayed as market can show a technical bounce back if the level of 5200-5160 is held and thus ideal way to make money is to use hot share of the day and make money like professionals while trading at NSE and BSE. The overall breadth was negative with 1,867 stocks declined and 1,004 advanced. In midcap stock segment FMCG stocks are the most shining stocks as consumption of this segment is to occur irrespective of the inflation.
Politicial Sceanrio Affecting Stock Market
It is a real shame for India that a progressive minister had to give in to the tantrums of Trinamool Congress chief Mamta Banerjee as Dinesh Trivedi finally quit as Railway Minister on Sunday after speaking to the lady Chief Minister. Mukul Roy is likely to take over as the Railway Minister, but Finance Minister Pranab Mukherjee is likely to reply to the debate on the Railway Budget in Parliament.
Sources suggest that Prime Minister Manmohan Singh is not too keen on Mukul Roy as the Railway Minister, however he has to bow to the pressures of coalition dharma which speaks of his weakness as 19 MPs, of TMC has the power to lead to the fall of the govt.
Support and Resistances for the Day
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Strong future shares at National stock exchange
VIP Ind, Yes Bank, Welcorp, Voltas, Havells, Uniphos, Mcleodruss, Bombay Dyeing, JSW Energy & Zeel.
Weak future stocks at NSE
Adanient, OnMobile, NMDC, HDIL, DCHL, NCC, Biocon, Essar Oil, Renuka & Educomp.
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