No doubt Indian govt is not sending favourable signals as roll back of rail fares etc sends a negative signal to world community. Is the govt so weak that it needs to get rail budget approved from Writer’s Building in Calcutta. Monday may be a day to be watched as moving averages is showing weakness, while select momentum oscillators have turned favourable.
If Nifty sustains above 5200 mark, a positive closing will be seen on week to week basis. Thus, the ideal bet for day traders is to trade with hot stock which is going to perform as aim is to trade less and earn easy money in shortest time frame i.e. may be say just in 2 hours in the day.
1966 shares gained while 914 shares declined on BSE which shows a short term bounce back however technical indicators are stretched and one need to keep the level of 5150 under watch whose break is a confirmation that Nifty is going to crash to 5000 mark. Technically speaking we are going to see a range bound market between 5000-5330 mark as we have only 3 trading days in hand in coming week as we have elongated weekend ahead. The up move is to be taken with a pinch of salt as it is lacking conviction.
Support and Resistances for the Day
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Strong future shares at National stock exchange
IVRCL, VIP Ind, Yes Bank, Bombay Dyeing, Sobha, Voltas, Century, Tech M, Bata India & Dish TV.
Weak future stocks at NSE
HDIL, SRE Infra, Finan Tech, MTNL, Suzlon, Renuka, Rcom, Hind Oil, Welcorp & Cairn.
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