The GAAR has done the magic has it has been postponed to year 2016 and now FIIs can pump money in our country without worrying for any draconian income taxation law. No doubt GAAR Postponement to 2016 has given a reason to market to close at 2 years high as market participants were optimistic since the time Chidambaram has taken over as the Finance Minister of the nation.
Now the forthcoming movement in market will be dependent on following three factors namely as enumerated below:
- Reserve Bank of India cutting the interest rates in its Policy Meet which is scheduled on 29 Jan 2013. Market is optimistic for the reduction in interest rates as inflation figure appears to be under control. However a stumbling block appears in form of Index of Industrial Production (IIP) numbers which are not very encouraging and RBI may take a cover behind it to avoid raising the interest rates.
- Fate of the US debt ceiling on 29 Jan 2013.
- Likely anticipation for a people friendly Union Budget.
Thus to get the best from the market; now is the right time to enter in the market as an intraday player and make money by trading in the sure stock of the day as markets are in an uptrend and we may see it to be in the upbeat mood in near future as for the time being one can see Nifty moving in a band between 6300-5800 levels. Nifty moving tomorrow above 6060 levels means that bulls will be in firm grip as market is enthused by better than expected results of third quarter.
Support and Resistances for the Day
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Strong future shares at National stock exchange
Idea, Infy, Unitech, Bank Of India, RCOM, ONGC, Yes Bank, DLF, IOC & Allahabad Bank.
Weak future stocks at NSE
Bhushan Steel, JP Power, Jubl Food, Mc Dowell, Hind Uni Lvr, Power Grid, Bata India, Divis Lab, Raymond & Kotak Mahindra.
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This article was first published on Indian-Share-Tips.Com on 15 Jan 2013 we will seek your support to share the post if you found it interesting.