It is applaudable effort of the govt for taking a tough stance for the FDI and as a net result Nifty has touched 20-month high as Govt won the LokSabha vote on FDI. Moreover Rajya Sabha has voted in favour of the government for foreign direct investment in multi-brand retail.
The vote in Loksabha has silenced the critics who were harping on the fact that govt was doing nothing and was not enjoying majority. Now atleast Manmohan Singh govt can bask in glory that it kicked Mamata out of the govt who was trying to take the juice out of them and they still have been able to take tough decisions to bring economy back on track.
Now 18 Dec is going to be a watched day as RBI is going to take a call on the rate cut and as per our analysis we do not see any rate cut at present juncture. may be in month of Jan 13 onwards we may see a quarter per cent rate cut which will be notional. Thus if you are an intraday trader and want to make daily profit in market that trading daily with one sure stock of the day holds the key to your success.
The market breadth in BSE ended almost neutral with 1,436 shares advancing and 1,486 shares declining. This shows that we are in a consolidation phase before any big news can make Nifty go past 6000 levels which appears unlikely in shorter term view. Why, we are saying sop because select momentum oscillators like the daily Stochastic Slow and the 14-day RSI have recorded negative divergence; hence any upside in the near term is likely to be met with strong resistance. Profit booking has started in the market and if the level of 5889 is not held than we are likely to see more profit booking in days to come.
Support and Resistances for the Day
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|Tip||1865 (Rs 50,000 Trading)|
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Strong future shares at National stock exchange
Unitech, Pantaloon, JP Power, KTK Bank, Adani Power, Punjlloyd, IFCI, RCOM, Adanient & JP Associate.
Weak future stocks at NSE
Hexaware, Opto Circuit, NMDC, Bhushan Steel, Tech M, INFY, TCS, Bharat Forge, Ranbaxy & NTPC.
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