Friday, July 29, 2011

#60 Nifty Update

Sorry people for not posting yesterday due to some prior commitments. NIFTY expiry was below 5500 which is a bearish sign. Today market close around 5480 levels almost flat with mixed sentiments with investors. Domestically today we had may major events which were stock specific. Karnataka Illegal mining scam today named Adani Enterprise which made stock fell 23% in no time. Karnataka government has banned all 40 companies in the states which has hampered the production of steel and are facing shortage of Iron ore. Companies have approached foreign mines owners for the import of iron ore for near term production. This is the second biggest scam after the 2G Scam. On other hand ICICI bank posted its result today and it was way beyond street expectation making stock boom in late hours of tradings. Globally US markets is trading volatile on fear of Debt crisis while European Index are trading in red as Italy, Spain and Greece are still facing challenge to stable their economy. Technically speaking market is in bearish mood which sees support at 5442 , 5400 and 5350 levels. I recommend to wait and watch on the NIFTY untill 2cd august which will be the day of announcement of US Debt market decision. Risk taker can buy a 5400 put and 5600 call to have a hedged position.

NIFTY levels for 1st August:-
R-5508             S-5442
R-5524             S-5408
R-5540             S-5380
R-5586             S-5345

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