Nifty to a great extent is now in the bear grip as it is taking cues from the U.S. fiscal cliff which is becoming grimmer with each passing day. However it needs to be seen that how Obama administration is going to manage the fiscal cliff.
Even statements by RBI Governor are not going to soothe the nerves as rate cut appears unlikely till early next year. No major positive trigger is going to be seen in the near future and thus market is going to either consolidate or play into the hands of the bears.
As a follower of the market Nifty 5569 level is an important level to watch as any break of this level with volume can lead to a fall in market which can thereafter find support at 5450 levels. On the upper side the move appears to be capped maximum at 5850 in the current Nifty futures expiry. Presently situation is grim fro Nifty as it has broken its short and medium term supports and has also closed below the lower end of the Bollinger bands during intraday charts. Thus if you really want to make money in intraday than ideal bet is to trade with sure stock of the day and one can make money like professionals. Positive trend will be seen in Nifty above 5640 level.
Support and Resistances for the Day
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Strong future shares at National stock exchange
MC Dowell, Ashok Ley, Bharti Airtel, Idea, Yes Bank, Tata Global, Finan Tech, Auro Pharma, KTK Bank & Titan.
Weak future stocks at NSE
GMR Infra, Opto Circuits, Crompton Greaves, India Cement, Hexaware, Voltas, Tata Steel, NMDC, Bharat Forge & Reliance Capital.
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