Now the consolidation in market is going to get a new direction as Reserve Bank of India is going to meet on 29 Jan 2013 to review the credit policy and one need to track stock in news make money. Only a quarter percentage rate cut is only feasible and that too will be with a pinch of salt as inflation rate is still high.
All eyes will also be set on the fate of the US debt ceiling on 29 Jan 2013 and it appears that we have topped out for the short term as Midcap index despite a rally in the market and rally is occurring only courtesy dollar inflow as Fiis are finding Indian markets cheap when they compare it in terms of dollar valuation.
With the elevation of Rahul Gandhi as the Vice President of Congress; it becomes certain that he is going to be projected as the face of Congress in year 2014 and we see a people friendly Union Budget in Feb 2013 and same is a must for year 2014.
Thus long term trend of Indian stock market is bullish and one can get the maximum juice from the market by trading with hot stock of the day as it ensures that you get the profit in the hand and is not a notional profit. For the time being Nifty is going to be moving in a band between 6300-5800 levels. The downfall in Nifty is shown with blue colour drop down as shown in the above Nifty projection chart.
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As a caution we would just like to let you know that HDIL is a no touch stock as its own promoters are selling their stakes. Such type of an action is an indication that promoters are losing faith in their own company and one must avoid such type of stocks. Thus it makes sense to keep a tab on promoter holding as any selling in bulk shows that the ship is going to sink and in such scenarios rats are the first ones to leave the ship. Dis we say promoters are rats. Well we leave it to your imagination….
Support and Resistances for the Day
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Strong future shares at National stock exchange
ONGC, Suzlon, Infy, IOC, BPCL, DLF, Hind Petro, Bharti Airtel, RCOM & JSW Steel.
Weak future stocks at NSE
HDIL, IVRCL Infra, Opto Circuit, Exide Ind, Raymond, Guj Fluoro, Punjlloyd, Hexaware, IRB & Renuka.
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