Nifty moved with in the high and low of the previous day which leads to enhanced volatility and now one need to keep the level of 5048 under observation as any break of this level will signal commencement of the downtrend in the market which can touch 4950 levels. It appears nifty will consolidate for some time before embarking on the new journey in either of the direction. Nifty is positive till the time the level of 5000 mark is not broken with volumes. Thus now is the ideal time to make use of the hot share of the day and one can trade with higher degree of accuracy as aim is to trade less but trade accurately in the market. The overall breadth was neutral as 1,350 stocks advanced while 1,321 stocks declined.
It is good that RBI has taken a firm stand by not undertaking the rate cut and now it appears that since India is heading for stagflation we may not see any further rate cuts in the market in the ensuing year.
Globally crude oil prices slumped to 16-month low on slack demand due to fears about slowing euro zone economy ahead of Spanish bond sales and thus as Indians we can heave a sigh of relief as it means lesser dollar outgo and stability for rupee. At home front; decontrol in diesel price and increase of regulated products price can bring windfall gins for petro companies and we do hope that it comes true.
Support and Resistances for the Day
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Strong future shares at National stock exchange
Pir Health, Ambuja Cement, Pantaloon R, Indian Info, Finan Tech, LT, GVKPIL, Hind Petro, Hind Oil & NCC.
Weak future stocks at NSE
OnMobile, BEML, Orchid Chem, Adanient, Arvind, Godrej Ind, Suzlon, Opto Circuit, Adani Power & Apollo Tyre.
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