As we had stated yesterday that Nifty is in trending in a down trend and it was a matter of time that the range gets broken and we see real colours of the Nifty bearishness. This is a matter of concern that now Nifty has broken the level of 5200 which was a key support for the index and now it is hovering near its 200 DMA and is also near lower end of Bollinger Band. The rupee depreciation is a major concern for the market and all the euphoria of RBI rate cuts is a bygone era as banking stocks barring HDFC bank are going Southwards.
Now indicators like momentum oscillators shows that bears may be in control once the level of 5180 is broken. Thus if you are a die hard day trader than you can not afford to trade without going for the hot pick of the day as aim is to make money in both bullish and bearish environment as only than one gets the gush of the adrenalin. Nifty is down till the time it does not scale past 5200 level. Indian markets breadth was negative on last closing day as it had 1,720 stocks down with 1,054 stocks advancing during the course of the day.
Support and Resistances for the Day
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|NSE Nifty 50 Stocks||Made Money (Rs)|
Strong future shares at National stock exchange
Voltas, Tech M, Bata India, Mcleodruss, Unitech, Uniphos, Pantaloon R, TCS, IVRCL Infra & Century Text.
Weak future stocks at NSE
IRB, NCC, IGL, Sintex, VIP Ind, Petronet, HCC, PFC, Polaris & India Info.
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