The daily trend of nifty is in Up trend and same is attributable to the bold decisions taken by govt to send positive signals to Foreign investors ranging from FDI to pension reforms. Thus make use of the bullish sentiment by trading in Indian stock market with sure stock of the day as aim is to capture the right move at the right time. Globally we need to consider the financial health situation of Spain as an ECB meeting is scheduled on forthcoming Thursday. The first signal for negative move in market will appear if Nifty starts trading below its Friday closing on Monday Opening and it will get confirmed once it breaks 5739 levels. However if Nifty moves above 5800 level and shows 3 consecutive closing; than we are in a confirmed another leg of bullish upmove which can extend till Nifty 6300 level.
Now as a chartist and as a technical Analyst we see market going weak below Nifty levels of 5739 and same needs to be watched as bull force from FDIs may subsidise due to FDIs facing redemption pressure at their home front due to impending Christmas sale.
Another bad news for Indian stock market is that IMF has cut India's growth forecast to 6% for 2013 versus a previous forecast of 6.6% and it can weigh heavily if Nifty trades below 5739 on Monday. Last closing day saw market breadth being weak with 1,786 stocks declines as against 1,076 advances on the BSE.
Support and Resistances for the Day
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Strong future shares at National stock exchange
HDIL, Ibrealest, NCC, Adanient, MC Dowell, Pantaloon R, Crompton Greave, Rel Capital, KTK Bank & GMR Infra.
Weak future stocks at NSE
Hexaware, Lupin, Hero Motors, Apollo Tyres, Cairn, Cipla, Mcleodruss, TCS, Ranbaxy & Sesa Goa.
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