The overseas investors have offloaded in the market today as Lok Sabha has passed Finance Bill for year 2012-13 and now all eyes are set on Finance bill being signed by President which is a token gesture. No doubt aimless exercise of GAAR is taking a toll on the Indian markets as every second day we have a finance minister spokesman or Finance Minister himself showing a hard stance of India. One is seeing an increased volatility in the past 4 days and thus we may see extreme intraday swings and thus it makes sense to trade with hot stock of the day and make money like professional world class traders for whom making profit is a daily habit. If the psychological level of 5000 is broken with volumes, than we are heading for 4850 levels. However if Nifty sustain above 5061 than bulls may try to give some fight to bears. The overall breadth was negative in bygone day market as 1,688 stocks declined while 1,052 stocks advanced.
Finance Minister, Pranab Mukherjee has defended the amendments to Income Tax (IT) act, and stated that India is not going o be a dumping ground just for getting the tax breaks. He further added that Supreme Court may interpret the law, but the parliament can amend the law. So the sword of Damocles still hangs on Vodafone. Vodafone will be served the tax notice amounting to more than 12000 Crore rupee income tax evasion in India.
Support and Resistances for the Day
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|Tip||1130 (Rs 50,000 Trading)|
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|NSE Nifty 50 Stocks||Made Money (Rs)|
Strong future shares at National stock exchange
Asian Paint, Bharat Forge, Arvind, Bhushan Steel, Ruchi Soya, Cipla, Hind Uni Lvr, Titan, Bata India & Patni.
Weak future stocks at NSE
India Info, Central Bank, NCC, Sintex, Unitech, LITL, PFC, NCC, JP Associate & HDIL
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