Market is almost at the peak and one can see it closing near to Nifty 6800 in near future as that is the point where Nifty becomes at a risky level as that is the time PE reaches the danger level of 28 which had led to earlier falls in markets and in particular in year 2000. So nothing to worry and we have a way to go till Nifty 6800 and for future we can go till Nifty 7500. However remember bouts of profit booking will keep coming and if Nifty 593
0 level is breached and that is the time one has to think a bit. Globally one need not worry as rock solid jobs data from the U.S. and higher commodity prices helped in lifting the sentiment. Moreover we can add to this fact that President of US is in India and signing deals and generating jobs for Americans and now it needs to be seen that what we are going to get from US as a whole as Obama response against Pakistan has remained lukewarm and it is aptly said that in Politics there are no permanent friends or foes but only permanent interests. Obama takes home to be precise 53,670 Jobs. Hope Obama support for U.N. seat for India comes true. The decision to lift the ban on high end technology exports and remove Indian organisations off the banned entities list was taken during the meeting between Prime Minister Manmohan Singh and US President Barack Obama at Hyderabad House in New Delhi it will benefit Indian Space Research Organisation (ISRO), Defence Research and Development Organisation (DRDO) and Hyderabad-headquartered Bharat Dynamics Limited (BDL).
Globally budget woes in Greece, Ireland and Portugal limited the upside among Asian markets. Indian market is going to see some jitters ahead of winter parliamentary session due to Adarsh society scam which is going to take most of the time of the parliament. Do check out our stock trading secrets which is helping make millionaires every day.
Analysis of derivative segment data suggests that 0.50 lakh shares were added in open interest with an increase in the cost of carry, indicating long position building up at lower levels. On the options front, implied volatility decreased marginally, indicating a positive bias for the market. Also, a good addition was seen in 6300 & 6400 calls and 6200 puts. Going forward, the market will consolidate in this levels.
IPO listing update
Coal India, which gained 42% on its debut last week, plunged 5.49% on profit taking. Power Grid Corporation of India fell 3.58% to Rs.98.35 after the state-run transmission company fixed the price band of its upcoming follow-on public offering at Rs 85-90 a share. SBI declined almost 2% amid reports that it may acquire a second bank in Indonesia.
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Support and Resistances for the Day
| Indices | Support | Resistance |
| Nifty | 6240-6150 | 6357 |
| Sensex | 20670-20425 | 21207 |
| Stock | Profit (Rs) |
| Tip | 2755 (Rs 50,000 Trading) |
| Share | Gains (Rs) |
| Tips | 38560 |
| NSE Nifty 50 Stocks | Made Money (Rs) |
| Tipz | 54765 |
Chambal Fert, Canara Bank, Renuka, Dish TV, Nagar Fert, IDBI, Ambuja Cement, Auro Pharam, KFA & Dena Bank.
Weak future stocks at NSE
BRFL, Sail, Hind Petro, Finan Tech, Educomp, Power Grid, Mphasis, Pir Health, NTPC & LITL.
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