The daily trend of nifty is in Up trend and it remains so till the time the level of 5300-5270 is protected. We can expect a one side movement in the market once it either breaks past 5380 on the upside or any break of 5270 on the lower side.
We will witness short term profit booking at the given resistance levels and clear trend will emerge above or below the given levels. Thus ideal way to make money in the market is to use the stock specific opportunities provided by the hot stocks of the day & book profit before the end of the day as profit in hand is actual profit. Nifty will get into bullish mode above 5335.
On last closing day BSE market breadth was marginally negative. Out of 3,028 shares traded, 1,532 shares declined while 1,361 shares advanced. Due to a slight negative bias in Nifty we may see it taking support at 5270 and again going for a bounce back. Analysis of tech indicators suggest that Stochastic Slow seems to be tiring out on the daily charts and momentum oscillators are fairly bullish on the weekly charts. Hence, any correction caused due to profit booking should be seen as an opportunity to buy.
Global Markets Update
The European Central Bank (ECB) cut interest rates to a record low on Thursday to breathe life into a deteriorating euro zone economy.
Support and Resistances for the Day
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Strong future shares at National stock exchange
Renuka, Punjlloyd, LITL, Dish TV, Bajaj Hind, Jain Irrigation, JSW Ispat, MC Dowell, GMR Infra & PFC.
Weak future stocks at NSE
OnMobile, Tata MTR DVR, Hexaware, Asian Paint, Cairn, Core Education, Ruchi Soya, Wipro, Tata Motors & Max India.
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