The daily trend of nifty is in Up trend and will remain so till the time it is able to sustain itself above the magic figure of 5400. The market breadth ended positive with 1,575 advancing and 1,308 shares declining due to Germany's top court giving its backing to the euro zone's new 700 billion euro European Stability Mechanism bailout fund. German approval of the ESM was crucial to boost the euro zone's crisis fighting powers and a key requirement for the European Central Bank's new plan to buy the bonds of struggling euro members.
Now we see a stiff resistance to Nifty and crossing the same Nifty can target 5500-5550 level. However we see profit booking at 5450 level and thus this level needs to be watched cautiously and when Nifty moves above this magic level with volumes, only than add more longs. Thus the ideal opportunity to make money in intraday trading is to use the hot stock of the day and make money in a systematic trained way.
Analysis of derivatives segment suggests that market will have a deep support at 5200 level as maximum Put open interest (OI) is intact at 5200 strike while fresh Put writing is seen at 5400 and 5300 strike.
Global Impact of Euro Zone Bail Out
The optimism around the European Central Bank’s (ECB’s) is good enough as Euro zone government bond buying programme will help global markets to recover but on the flip side one can not call it as a permanent solution.
Support and Resistances for the Day
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Strong future shares at National stock exchange
Polaris, Tata MTR DVR, Rolta, Core Education, Tech M, Auro Pharma, Godrej Ind, Hexaware, Apollo Tyre & Tata Motors.
Weak future stocks at NSE
S Kumars, Alok Text, Jain Irrigation, Praj Ind, Patel Eng, IFCI, Bhel, Sesa Goa, KTK Bank & Jindal Steel.
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