The daily trend of Nifty remains in down trend and unless it moves above the level of 4900; we are in for the time when bears will have an upper hand and will like to take the Nifty to the levels of 4800-4775 levels. We may see short term up moves but it is likely to meet with resistance due to profit booking. Thus as a strategy do not go long unless Nifty crosses the level of 4900 mark. However it is ideal to day trade in stock specific opportunities by making use of the sure stock and make money like professional and financially disciplined traders in the stock market.
It is worthy to note that select momentum oscillators like the Stochastic Slow and the Average Directional Index are strongly in favour of the bears and this translates into the fact that we may see Nifty seeking support at 4800 level. Thus it is safe to assume that tomorrow we may see Nifty trying to find support at 4820-4800 levels. On the BSE, 1830 stocks declined and 850 gained on the last trading day and same can be attributed to overseas investors pulling out funds of Rs 347 crore from the equity markets amid concerns over domestic economic growth and depreciating rupee.
Internationally concerns that Chinese economy is slowing down and Spain banking worries is also adding to the woes of existing Euro Zone crisis which is sending constant negative signals in the world stock markets.
Support and Resistances for the Day
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Strong future shares at National stock exchange
IGL, S kumars, GSPL, Adani Ports, UltraTech Cement, Jubilant Food, Zeel, South Bank, Petronet & Asian Paint.
Weak future stocks at NSE
IVRCL Infra, NCC, Tata Motors, Nagar Oil, Educomp, Orchid Chem, OnMobile, Suzlon, Adani Power & Sun TV.
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