Finally Nifty Spot managed to close well above the 200 DMA.With better
auto sales for the month of January and HSBC January PMI at 57.5 and the
European rally helped our indices to scale new highs for the
year.Reliance Ind. closed up by 2% as the buy back program kick started
yesterday.Today is an important day as the Supreme court today decides
whether the 2G licenses allotted during the tenure of the previous
telecom minister should be cancelled on account of the irregularities in
awarding the same.The Supreme court to pronounce its verdict on the
case filed by Dr.Swamy to probe the present Home Minister's role in the
2G licenses issue during his tenure as the Finance Minister when the
licenses were issued.
Last time when the issue propped up the indices tanked for the day.Keep an eye on the same.SGX Nifty futures indicate that Nifty should be opening above the 5300 mark for the day.Avoid fresh positions till the verdict is out.Once the verdict is out,you can initiate long/short positions depending on the outcome.
SEBI announced new norms yesterday on the IPP ( Institutional Placement Program) to help promoters to offload their stake.It is a welcome move as the Government is struggling to raise funds for the share sale program in the PSU stocks.
All the Asian indices are trading in the positive territory for the day.French bond auction to take the center stage after the European open.France plans to sell around 6.5-8 Billion Euros worth of longer tenure bonds for the day.If they manage to sell at lower yields, the markets may move up further.
Stay cautious ahead of the Supreme Court verdict.
Apologies
for not writing in the past few days as I was tied up with a family
function.Hope everyone booked profits in the OnMobile short-Medium term
call given around 74.8. It made a high around 81 last Friday(8% move
from the Buy levels).
Alex sir's Nifty View for the day.
Supports are at 5197 and 5149. Resistances are at 5300 ,5320.These are spot Nifty levels.
Last time when the issue propped up the indices tanked for the day.Keep an eye on the same.SGX Nifty futures indicate that Nifty should be opening above the 5300 mark for the day.Avoid fresh positions till the verdict is out.Once the verdict is out,you can initiate long/short positions depending on the outcome.
SEBI announced new norms yesterday on the IPP ( Institutional Placement Program) to help promoters to offload their stake.It is a welcome move as the Government is struggling to raise funds for the share sale program in the PSU stocks.
All the Asian indices are trading in the positive territory for the day.French bond auction to take the center stage after the European open.France plans to sell around 6.5-8 Billion Euros worth of longer tenure bonds for the day.If they manage to sell at lower yields, the markets may move up further.
Stay cautious ahead of the Supreme Court verdict.
Alex sir's Nifty View for the day.
Supports are at 5197 and 5149. Resistances are at 5300 ,5320.These are spot Nifty levels.
