The daily trend of nifty is in Up trend and we need to be cautious as market is entering the F&O expiry week. Now above 5700 Nifty meets resistance at 5770 level which if conquered means that we can see old highs. Just remember that F&O expiry week is always marked with enhanced volatility.
One concern which needs to be kept in the mind is that Nifty has hit a new 30 minute low and thus we need to keep watch level of 5600 to get to know the first sign of market fatigue. Thus it is the ideal time to trade with sure tip of the make trading decisions like professionals. The market breadth was positive on the BSE. 1,815 stocks advanced while 1,102 stocks declined. It is worthwhile to mention here that last two times Nifty moved moved from 5600 to 5900 levels in maximum 9 trading sessions and now it needs to be seen if we are going to witness same euphoria.
Indian market got in a jubilant mode as they know that govt is stable and with TMC out and threat of Mamata being zero; they know that now Manmohan govt will go all out for bringing the reforms because they have to perform in the balance years of their term to again come back to the power in 2014 general elections. Keeping up its reforms commitment, Finance Minister P. Chidambaram announced that the withholding tax on overseas borrowing by local companies will be reduced to 5% from 20%.
Support and Resistances for the Day
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Strong future shares at National stock exchange
NCC, Canara Bank, Orient Bank, GMR Infra, Union Bank, RCOM, IRB, Bank Of Baroda, Ibrealest & Pantaloon R.
Weak future stocks at NSE
Ruchi Soya, S Kumars, Alok Text, Glaxo, Divis Lab, Opto Circuit, PEL, Hexaware, TCS & DR Reddy.
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