Due to likely injection of liquidity in the system, we are going to see a rally in the financial sector stocks as all eyes are set on 18 June when RBI may give a new lease of life to the market with a 100 basis points cut. This is an expectation (100 basis point cut) and on the basis of this premise we are seeing a rally in these stocks which are rate sensitive.
For last two days we have not seen market making any wide movements and has been resting bang on our resistance of 5130 level. Thus now is the right time to make use of the on-going rally and trade with sure tip of the day which yields result irrespective of the prevailing trend in the market.
Investors and traders will remain cautious ahead of the WPI data to be announced tomorrow. Reuters poll sees wholesale price index rising 7.6% in May versus a year ago, the fastest pace for the year. The market breadth in Bombay Stock Exchange ended marginally positive with 1,400 shares advancing and 1,300 shares declining. As a free advice trade in rate sensitive stocks with using proper stop loss as non meeting the expectations means that these stocks will fall with a thud and we see profit booking being undertaken at higher levels as Nifty is trading on the higher end of the Bollinger band.
The global concerns for India includes rating agency ICRA pegging India’s GDP growth forecast for the fiscal 2012-13 at 6.2-6.4 per cent and has strongly asked for an early introduction of reform measures to bring back investor confidence. ICRA expects the country’s GDP to grow by 6.2 to 6.4 percent in FY13. Morgan Stanley expects same at 5.8 per cent. Standard & Poor’s has already warned that it will be forced to downgrade the country to junk status if urgent reform measures are not taken.
Support and Resistances for the Day
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Strong future shares at National stock exchange
Jet Airways, Hind Oil, S Kumars, India Info, GVKPIL, UCO Bank, PFC, Pantaloon R, LT & Dena Bank.
Weak future stocks at NSE
BEML, OnMobile, Opto Circuit, Orchid Chem, Educomp, Adanient, Suzlon, Tata Motors, Adani Power & Godrej Ind.
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