India need to be now firm on the stand because if it had to go back on the GAAR issue than at first instance , it should not have had raked the ruckus and made FIIs run for the greener pastures. The damage has been done for our economy in terms of FIIs running away with dollars putting pressure on Indian Rupee. The up move as visualised came courtesy short covering caused due to finance minister's statement about deferring GAAR provisions for a year. So as suggested by us yesterday we saw a bounce back to the high of 5114.
Now short term Nifty and Sensex will bask in glory due to backtracking of FM on his words. The markets have recovered significantly after the finance minister clarified government's stand on GAAR. Capital goods, power and consumer durables were the biggest gainers. So make use of the hot stock of the day and make money while the sun shines. Now we may see Nifty moving to 5180-5200 levels in euphoria. However Nifty has to move above 5135 level to keep the bullish momentum maintained. The market breadth was positive with advances at 734 against declines of 681 on the NSE.
The Finance ministry should derive a lesson from this whole episode as they should make sure that such type of crucial decisions involving world reactions should be taken by calling for a conference of all FIIs registered in India and they should explain their view point and give them the time line by which the said move will be carried out. This is called as the maturing of the democracy. Arbitrary decisions can only lead to panic due to lack of clarity on key issues.
Support and Resistances for the Day
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Strong future shares at National stock exchange
Voltas, Tech M, Bata India, Mcleodruss, Unitech, Uniphos, Asian Paint, IVRCL Infra, Century Text & TCS.
Weak future stocks at NSE
IRB, Sintex, Unitech, NCC, PFC, India Info, LITL, IGL, HCC & GVKPIL.
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