As we had stated in the previous post that daily trend of Nifty is in Up trend and it remains so till the time the level of 5300 is protected on weekly closing basis. The overall momentum in Indian stock markets will remain bullish till US elections in November. Now all eyes will be on Reserve Bank of India (RBI) policy review tomorrow and we feel that RBI may not cut the key rates and may consider cutting the cash reserve ratio (CRR).
However chances of CRR cut also appears. It is pertinent to note that banks do not earn any interest on CRR deposit and this amount is held with banks for clients security. So any cut in CRR fuels banking sector stocks. Looking to make money in intraday trading than trade with sure stock of the day and make profit like professional traders who form only 5% of the total crowd as info is power. On the daily basis we can be bullish till level of Nifty 5500 is protected.
It is really astonishing that post closure of the monsoon session of Parliament; Manmohan Singh has silenced his critics by announcing bold decisions in form of diesel price hike and FDI investment. We can only hope that they do not buckle under Mamata Banerjee as she is going to consider the decision to render support on Tuesday. We are confident that this time we may see some partial roll back at the most in diesel prices and no roll back on FDI investment. Hope that the good sense keeps on prevailing with our emboldened Prime Minister as he has shown to the critics that he can take harsh decisions.
Analysis of SEBI data shows that foreign institutional investors (FII), have turned net buyers in the current year in contrast to being a seller in same period last year. FIIs have net bought close to $13 billion or Rs 65,633 crore so far in 2012.
Support and Resistances for the Day
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Strong future shares at National stock exchange
Tata Motors, Tata MTR DVR, MTNL, Delta Corp, Polaris, Adanient, Idea, Core Education, VIP Ind & Tech Mahindra.
Weak future stocks at NSE
Alok Text, Praj Ind, Jain Irrigation, S Kumars, Patel Eng, IFCI, TTML, Pir Health, Crompton Greave & BEL.
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