From the lows of around 4500 in the month of December we had hit 5400
yesterday.Roughly a 20% gain.It was a clear indication that the markets
will move up when the RBI announced a CRR cut.We were trading around
5050 in Nifty futures when the CRR cut was announced.The 200 DMA was
around 5195 on the spot and we comfortably crossed that hurdle and now
currently trading around 5400 levels.Around 5200 levels traders were
talking about the over-bought situation in the front line stocks and the
index.Indices were in no mood for a pause.Today, Nikkei hits 3 month
highs as the Auto giant Toyota raised the profit outlook and the
strengthening of Yen boosted the sentiment.It is few notches away from
hitting the 9000 mark.
Today we may trade above 5400 and there is a good chance that we may close above that level if there are no negative surprises from the EU.
Reliance Industries is trading near the maximum Buy back price(870). Avoid buying near those levels.And yesterday, Government rejected the price revision proposal submitted by Reliance on the KG-D6 gas.It added that $4.2 per mmBtu price was agreed upon by the company and furthermore the Supreme court said the company should proceed with the price which was being agreed upon.
The GDP data released yesterday by the CSO(Central Statistics Office) showed that the economy to grow by 6.9% in the year 2011-12 which was lower than the projected 7-7.5% by the policy makers.
FII remain buyers in the Indian Bourses and markets are in no mood to correct in the near term.Trade with a strict stop loss.A rally would end when a good news for the rally doesn't warrant a move in the rally's direction.Even a bad news is not affecting this rally.Markets are looking out for reasons to cheer day in and day out.Trade what you see and use trailing stop losses for your longs and strict stop losses for your shorts.
Alex sir's Nifty(spot) view for the day
Resistances are at 5365, 5393.Supports are at 5319 and 5300.
Today we may trade above 5400 and there is a good chance that we may close above that level if there are no negative surprises from the EU.
Reliance Industries is trading near the maximum Buy back price(870). Avoid buying near those levels.And yesterday, Government rejected the price revision proposal submitted by Reliance on the KG-D6 gas.It added that $4.2 per mmBtu price was agreed upon by the company and furthermore the Supreme court said the company should proceed with the price which was being agreed upon.
The GDP data released yesterday by the CSO(Central Statistics Office) showed that the economy to grow by 6.9% in the year 2011-12 which was lower than the projected 7-7.5% by the policy makers.
FII remain buyers in the Indian Bourses and markets are in no mood to correct in the near term.Trade with a strict stop loss.A rally would end when a good news for the rally doesn't warrant a move in the rally's direction.Even a bad news is not affecting this rally.Markets are looking out for reasons to cheer day in and day out.Trade what you see and use trailing stop losses for your longs and strict stop losses for your shorts.
Alex sir's Nifty(spot) view for the day
Resistances are at 5365, 5393.Supports are at 5319 and 5300.
