Friday, June 24, 2011

#33 Nifty Update

NIFTY was unbeaten with 151 points to close around 5471. As i had been saying about the crucial level of 5350, today the close has been above that level which is a good sign for the market. Major reason for the spike was relief of the Greece Debt by EU leaders. Commodity prices have seen sharp fall which is a good sign for the Q3 margins of the company. Today EGoM is gonna meet up for the Hike in diesel prices
which gave all Oil Companies a hike of around 3% on dalal street. On the other side, telecom department is working on reducing circles of operation from 22 to 4 or even 1 which means consumer wont have to pay any roaming charges and all INDIA will be local. Bill is expected to be passed by end of this year. Now, NIFTY seems to catch momentum for the up move. Our strategy for long term will be Buying NIFTY on Dips with a SL of 5356.

NIFTY levels for 27th June:-

R-5504  S-5424 
R-5570  S-5381
R-5609  S-5356
R-5667  S-5300

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