Now, the general street expectation is that the rupee will depreciate further and reach the 57 mark soon and may fall to Rs 60 levels by year end.
We had rightly pointed out that the formation of bearish engulfing candlestick is going to take Indian stock markets to new low and it has happened to a great extent. The market is oversold and some sort of relief rally can be expected as now Nifty 4750 is going to act as a big support. As a free advice do not unnecessarily short unless a break of 4790 is being seen with volumes. Thus make use of the volatility and trade with hot stocks of the day and let financial worries be a thing of past.
The market breadth, which indicates the overall health of the market, is weak. The analysis of stocks traded on BSE shows that 1505 shares have declined while 960 shares gained and 111 shares remained unchanged. As an advise to the traders; market is likely to remain volatile with negative bias and they should trade with caution. Now market will wait for spectrum meet as telecom shares are falling unabatedly ahead of this meet.
Indian Political situation & Its Impact on Stock Market in India
Now another drama will unfold in form of Mamata Didi will start protesting on petrol price hike of Rs 7.50 which will now keep govt on tenterhooks and thus no major decision can be expected in days ahead. However she s also right that govt should plan properly and not take the price hike arbitrarily as petrol price is high in India due to duties imposed on it.
Petrol Price Hike Impact on Auto Industry
The steep hike in petrol with no hike in diesel will increase difference between demand for diesel and petrol cars. Thus now a policy need to be taken out by the govt that to what extent they what auto industry to become diesel oriented. With no hike in diesel prices, 75%-80% of the auto market could now become diesel oriented.
Global Market Analysis
The dollar index was up by nearly 0.04 per cent against its major six rivals ahead of a meeting of European leaders with renewed fears that Greek would leave the euro bloc dampening appetite for riskier assets. The concerns that Greece may leave the Eurozone soon is sending jitters in the international financial markets as they are trying to keep Greece within 17 nations Euro union.
Support and Resistances for the Day
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Strong future shares at National stock exchange
Divis Lab, Delta Corp, Havells, Jubilant Food, Colpal, BPCL, IOC, Asian Paint, Hind Petro & Jet Airways.
Weak future stocks at NSE
Orchid Chem, NCC, IVRCL Infra, Praj Ind, IRB, Sintex, Polaris, SRE Infra, Educomp & HDIL.
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