In the outset we wish our readers with Onam wishes and hope that they had a wonderful day today. The D-day has arrived as now Nifty has broken the 5300 level which was an important support. Now we can hope for a pull back rally only in case Nifty manages to pull back above the level of 5300 where in its up move it encounters stiff resistance at 5350 level. As of now technically the daily trend of Nifty has changed to down trend. Only short covering on the eve of F&O expiry can save the day. The ideal opportunity to make money is by using the sure stock of the day and trading like perfect stock market professionals. The stalemate at Parliament is taking toll on market as indecisiveness prevails and if coal blocks allotment is cancelled than be ready to see 4800 levels.
All major banks are in downswing and unless we see some pullback in the banking sector, we will see Nifty in the downward mode only as it has banking sector contributes a major chunk to Nifty index. BSE Midcap and Small cap indices ended down between 0.5-1%. On BSE 1,720 shares fell and 1,060 advanced. The daily momentum oscillators are strongly in favour of the bears and thus a fall to 5230 level is not ruled out.
Events to be watched ahead in Indian Markets
- Expiry of August derivative contracts.
- First quarter GDP numbers due on Friday,
Support and Resistances for the Day
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Strong future shares at National stock exchange
MTNL, MC Dowell, GSPL, Ranbaxy, Hind Uni Lvr, Shri Ram Transport, SRE Infra, TCS, Cipla & Dabur.
Weak future stocks at NSE
S Kumars, Alok Text, IFCI, Patel Eng, Opto Circuits, JP Power, Ibrealest, LITL, Adanient & Educomp.
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