It is a good news that PM has promised to ensure that confusion over tax policy is cleared by issuance of a clarification circular on the retrospective amendment of section 9 and it is highly probable that general anti-avoidance rules (GAAR), may not see light of the day till 2014 elections are held and a new govt is formed. Better late than never and it will help the investors get back the confidence in the Indian economy.
The daily trend of Nifty remains in Up trend and now is the right time to make use of the sure shot hot stock of the day and make money like professionals traders in the international market. The short-term moving average has crossed the medium-term moving average and this is a positive signal for the market and we may see a rally taking place to 5330 mark; once the level of 5200 is taken with volumes. However as a caution, one must see Nifty breaking the level of 5039 with suspicion as its break will indicate that bears are going to take control. The market breadth in BSE ended positive with 1,462 shares advancing and 1,312 shares declining.
The two day European Union Summit at Brussels holds the key to likely direction of Indian stock market. On the summit's eve, German Chancellor Angela Merkel held two hours of talks with the French President Francois Hollande in Paris. The two remain at odds on how to move forward, with Germany opposed to pooling debt while France insists the Eurozone needs further integration.
Petrol consumers can heave a sigh of relief as Oil companies have cut petrol prices w.e.f. midnight and now it stands at Rs 67.78/ltr in Delhi, Rs 73.35/ltr in Mumbai, Rs 72.74/l in Kolkata & Rs 72.27/l in Chennai. Hopefully a time will come when the pricing will be pegged to the international market as in India we are getting one of the costliest petrol due to levy of the taxes.
Support and Resistances for the Day
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Strong future shares at National stock exchange
HDIL, Educomp, Sun TV, KTK Bank, Financial Technologies, Piramal Healthcare, Hind Oil exploration, Renuka sugars, Ambuja Cement & NCC.
Weak future stocks at NSE
OnMobile, BEML, Tata MTR DVR, Rcom, Alok Textile, Guj Fluoro, JP Power, MRF, HCL Tech & Adanient.
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