Now as a trader we should keep an eye that the level of 4844 is protected failing which one can see Nifty falling further southwards. However on the positive note if the Nifty is able to sustain above the level of 4881, we may have some solace with a dead cat bounce back.
Thus it is appropriate to trade with stock specific approach and make money with sure stock of the day which will yield profit at NSE and BSE. As per chart analysis market is weak and is enjoying the support level from where a bounce back can take place. Inflation and policy paralysis are taking toll on Indian market and not too forget the global financial Eurozone worries which will keep the traders on the tenterhooks.
The overall trend of market remains down in short term and Nifty can fall to the 4700 levels as Nifty is trading below 200 DMA and global uncertainty is acting as adding fuel to fire. Moreover it has snapped 4950 with volumes which means that in days to come Nifty 4950 is going to act as a stiff resistance. The market breadth on BSE ended unhealthy with 1,733 shares declining and 983 shares advancing.
Fears of a Greek exit from the euro zone worsening the debt crisis facing other European nations gripped Indian markets and thus investors are shifting funds into safe havens like the US dollar. Moreover Rupee hovering at Rs 54.56 against a dollar is another concern. However crude at $94 per barrel is the only balancing factor for India.
Support and Resistances for the Day
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Strong future shares at National stock exchange
BPCL, Asian Paint, Divis Lab, Colpal, Jubilant Food, Hind Petro, Bhushan Steel, Bajaj Auto, Ruchi Soya & Mphasis.
Weak future stocks at NSE
Orchid Chem, Sintex, IRB, GMR Infra, GVKPIL, IVRCL Infra, HDIL, Praj Ind, SRE Infra & KTK Bank.
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