The daily trend of nifty is in Up trend and same has got another dose of up move by virtue of Infosys results which had been going down on the day of results for past 8 quarters. However for the Nifty to remain in bull grip; it has to remain above the level of 5830. We are sceptical about its remaining in the bullish loop as despite Infosys superb results, it closed in red on Friday and thus we may see Nifty topping out in the current week.
Infosys has bucked the trend and it has gone on a new strata and will touch new highs provided the level of 2360-2273 level is held during the long term period of the movement. Now since the going is good and thus it is high time one encashes the same and can make use of the same by trading in intraday by going for the sure stock of the day.
How to Trade Infosys in light of its current results?
Infosys has taken the market with a surprise by its upward revision of its guidance. This speaks of the fact that good managements always deliver. However before you take the same as a gospel truth; one need to wait and see the next two qtr results to be able to come some firm and logical conclusion related to company's coming out of the dead woods.
RBI Credit Policy Update Impact on Market
Now all eyes on the 29 Jan 2013 review of credit policy by RBI and market is expecting atleast a rate cut in interest rates by at least 25 basis points (bps). IIP numbers will be also closely watched as industrial production modest recovery will give a reason to RBI to go ahead with the rate cut.
Support and Resistances for the Day
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Strong future shares at National stock exchange
Infy, Unitech, Jain Irrigation, Hind Petrol, Tata Motors, Wipro, Bank Of India, Idea, ONGC & Tach Mahindra
Weak future stocks at NSE
Ambuja Cement, Bhushan Steel, Hind Uni Lvr, JP Associate, Ultara Tech, India Cement, Grasim, LT, Jubl Food & Renuka.
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The final cues for market can be also taken from the last day closing of the market which shows the general prevailing trend in the market and we see that the market breadth was negative on last closing on Friday. Out of 3,078 stocks traded, 1,963 stocks declined compared to 985 advanced on BSE. This article was first published on Indian-Share-Tips.Com on 13 Jan 2013.