The Nifty failed to pierce the 4360 resistance but could hold above 4260 level through out the day. The Nifty has to go without a break to take the momentum into Bulls fold then it has to close above 4415 level in the morning and the low shall not be below 4290 level. This condition will be satisfied only when there is a gap up opening but the overnight US fall and the weak Asian markets dampen the possibility. The RBI credit policy will impact the Banking stock valuations and it it widely rumored that the RBI may increase the REPO rate and leave the CRR unchanged for this time as the growth slowdown has to be taken into consideration.
The Asian markets are trading lower by 2-3%, and the Indian ADR’s are down by 5-8% down. In this bleak scenario the markets are likely to be opened below tha earlier support level at 4260 level and it may touch 4185 the best possible support for this day. The Bull activity developed buoyancy in the markets in the last weak will be negated only when the Nifty trades below 4050 level.
The positive news of the day is that the smaller stocks got the market attention. The commodity stocks like sugar, tea drew the market attention and the small cap stocks in Pharma, software gained more than 10% and some stocks like Polaris gained 23%. The readers might have followed the earlier articles in which I clearly mentioned that the small cap move confirms the bottom building process. These moves encourage the retail investors who in turn will get the heart- filled relief & satisfaction that enlightens the faith in the markets. The small and mid cap up move that has been initiated, will be consolidated in days to come.
For Stock Specific Action, Visit: www.intradaystockcalls.blogspot.com
Never Forget: I may be wrong, You may be wrong but markets always RIGHT.
The Asian markets are trading lower by 2-3%, and the Indian ADR’s are down by 5-8% down. In this bleak scenario the markets are likely to be opened below tha earlier support level at 4260 level and it may touch 4185 the best possible support for this day. The Bull activity developed buoyancy in the markets in the last weak will be negated only when the Nifty trades below 4050 level.
The positive news of the day is that the smaller stocks got the market attention. The commodity stocks like sugar, tea drew the market attention and the small cap stocks in Pharma, software gained more than 10% and some stocks like Polaris gained 23%. The readers might have followed the earlier articles in which I clearly mentioned that the small cap move confirms the bottom building process. These moves encourage the retail investors who in turn will get the heart- filled relief & satisfaction that enlightens the faith in the markets. The small and mid cap up move that has been initiated, will be consolidated in days to come.
For Stock Specific Action, Visit: www.intradaystockcalls.blogspot.com
Never Forget: I may be wrong, You may be wrong but markets always RIGHT.
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