As we had suggested in the last update that holding of Nifty 5100 level means that we are heading for 5200 mark and same happened. Now all eyes are set on RBI update tomorrow which is going to set the trend for the market. If the RBI releases liquidity in system, we may find Nifty and Sensex rising high on the back of rate sensitive stocks.
However if RBI remains silent on the issue, than profit booking will take place. Thus make use of the available opportunity by going for hot stock of the day which will make you money irrespective of the trend in the market. Another bull market leg will commence if Nifty is able to break past 5250 level. The Stochastic Slow has turned positive on the daily charts, whereas the same remains negative on the weekly charts. Hence, any up move from current levels is likely to be limited. Market breadth was positive with 1,616 losers and 1,143 gainers on BSE. Just keep an eye on the level of 5250 as Nifty can witness profit booking at this level.
Today we saw global stocks rising to their highest levels in more than three weeks today on expectations that the US Federal Reserve and European Central Bank will provide stimulus to support their struggling economies. We sincerely hope that Spain and Italy financial crisis is solved in true perspective as it is good for every one’s interests.
Support and Resistances for the Day
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Strong future shares at National stock exchange
MTNL, Zeel, ICICI Bank, Grasim, HCLTech, SR Transfin, Lupin ltd, Ambuja Cement, Power Grid & Dabur India
Weak future stocks at NSE
Adanient, BEML, Union Bank, S Kumar, BEL, Rcom, IOB, Sun Tv, Escorts & Canara Bank.
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