Fundamentals:
US markets closed positive up 0.47% on the back of economic data. Jobless claims were lower than expected. Japan and shanghai were also positive. China said it would trying to curb lending growth going forward, this would have a negative impact on growth. Food prices came in higher, which may lead the RBI to hike interest rates in the near future. This could have a negative impact on banks.
Technicals:
Nifty is showing tiredness and will find it difficult to cross 5100 on closing basis. Currently Asia is trading positive with gains ranging from 0.5% to 2.0%. Dow is also at its resistance level of 10450. If dow manages to close over 10500 then we can close over 5110. Nifty’s next resistance will be at 5188 at 5200.
Market Analysis:
Metals, Banking, and Real Estate closed with a strong bias yesterday. Sesa Goa, Bhushan Steel, SAIL, Hindustan Zinc all gained over 4%. Bhushan was the strongest making a 52 week high and seeing a long build up of 20.77%. Short covering was witnessed in India Bulls Real, and Unitech. DLF closed above 300 again, this forms a strong support for DLF, and real estate stock could rally if the market sentiment remains positive. Oil and Gas and Pharma were the weakest performing sectors. In the cap goods space Crompton and Siemens made 52 week highs, Crompton saw a 74% OI increase indicating a long build up in the stock, Siemens had a long build up of 17%.
Choppy market, 17200 will decide the trend.IF cross and close above 17200 than we can see some positive movement.Till than wait n watch & trade in selected stock which is giving positive movement.
Grasim has given breakout buy around 2750-2760 SL 2700 tgt 2850-2880 for short term view.
gr8 call BEL............
ReplyDeletecan u provide tip ON yahoo messenger.
hi sir its too good tips which you had recommanded .i want to get more information from your side.please suggest me good one..
ReplyDelete