Now the D-day has arrived and market looks optimistic for the rate cut as Finance minister Pranab Mukherjee is giving positive noises that RBI will undertake the rate cut and chances are very high. Moreover in the anticipation Nifty has closed at the high of the day on last closing day i.e. Friday.
Since Pranab Mukherjee has been nominated as Raisina Hill (Rashtrapati Bhawan) Presidential candidate by Congress, we are set to get the first political President of India and before leaving the post he would like to show Indian economy is in a state of good health as market will shoot up with a 100 points rate cut.
The Monday market is going to see a strong fight between bulls and bears with a large volatility and it appears that bulls will be in control till the time the level of 5040 is not broken with volumes. A strong bull run will emerge in market above 5150-5240 by virtue of short covering in the market. SO now is the right time to make money with trading as getting into the right stock at right time with correct exit is the only mantra to make money in market. As a free strategy for Monday for trading in Nifty, one can exit all the longs if Nifty is not trading above the open price of the day.
Today an election in Greece could speed or delay the debt collapse in Europe. Now globally all eyes will be set on the decision that whether Greece will remain a part of Eurozone or not as its dismantling means that dollar will become all the more premium and once again FIIs will fled to safe heaven for investing in dollars and as a net result devaluation of Indian rupee will continue. The European Union and International Monetary Fund have insisted that the conditions of the 130 billion bailout accord agreed in March must be accepted fully by a new government or funds will be cut off, driving Greece into bankruptcy.
Support and Resistances for the Day
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Strong future shares at National stock exchange
Ambuja Cement, S Kumars, Pir Health, Jet Airways, KTK Bank, Syndicate Bank, Hind Oil, PFC, Rel Infra & NCC
Weak future stocks at NSE
BEML, OnMobile, Opto Circuit, Educomp, Orchid Chem, Adanient, Suzlon, Mphasis, Praj Ind, & Godrej Ind.
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