#94 Nifty Update

NIFTY CLOSE:-
Pheewww!!! Finally it closed above strong resistance level of 5072. But be cautious it has exactly closed there so market can go either way!! NIFTY closed 75 points up while NIFTY future last trade was at 5097.

IN-HOUSE UPDATES:-

·            RBI RBI RBI...Thats what on every1's mind ..Yeah..tomorrow is the big day... but i feel RBI is not going to give any rate hike. Why?? Firstly because we have seen sharp decrease in IIP which is a major concern..>Secondly, RBI was the first bank around the world to start rate hikes so i think we should pause. and Third, SBIN is showing negative divergence on the chart which means its bullish and we show heavy buying today and it formed "morning star pattern" which is bullish. 

·            Just in- Prices of petrol has been increased by around Rs.3…Thank god I am done with my college life…!! Guys it gonna be expensive to have girlfriends..Single is better ;)

·      ATF (Aviation Turbine Fuel) rate has been increased by OMC (Oil Marketing Companies) which led the aviation stock down yesterday. So be cautious on fundamental side as this will squeeze their margins in such a recession period

·         INFY is seeing high buying interest since yesterday because sources have said that they are planning to purchase a US IT firm which its presence in Health care segment so its again a good news for IT sector after TCS JV with Malaysian Prodata company.

·         Retail sector has not yet got its cream on its cake. FDI limit increase in the sector has been postponed to next fiscal year. This is getting lil bit tough for the bill to be passed. And i surely think it will effect 

·         Reasons to smile for the ADAG group fans or investors. Their subsidiary company Rel cap got approval from IRDA for Nippon life stake sale and CBI has giving a little relief to rcom in 2g case.. But i personally doubt can RCOM reach 600 by Jan...No?? Then what will it do of FCCB conversion due in Jan...Guys stay away from the stock. And ADAG is gonna sake 700 executives....Ghossh!!!1 thts huge...but ofcourse it will improve that profit margins alot.

·       One of my favorite sector back in news i.e., Mining sector... NMDC is planning to buy 50% stake in Legacy mine in australia..Now this was third in a row in this month 1)Sail Consortium in Afghanistan 2) Essar Steel in Zimbabwe and this was third...Steel sector will be the most performing after banking. So go for it guys

·       Tata steel is going to invest $800 million in just improvement program in UK for next 5 years..Thats really good …but I hope its worth and people make it cost effective on later stage for the company.

·         Power sector back in news...but dont worry this tym they are not gonna export power but CESC has joined hands with Shanghai electricity company for equipments marketing. Power companies trying to cop up with their lagging...can they do that?? i still doubt so be neutral for the sector

·             Pipavav Magazon deal opposed by LT...YEH india hai dude...No1 gets piece of cake easily. LT has asked government to review the selection of Pipavav..No deal in India can go easily...Dont u think??

·         Cairn-Vedanta finally approved by shareholders...I think they are ready to pay royalty on Rajasthan mine

·         Marico was down on the concern of weak quarter earnings...As usual company MD said on TV that we are fine and blah blah..but tell him dude..we are not blind...even better companies are gonna perform worse...how can u?? If u can we should salute the CEO

GLOBAL FEEDS:-

·      Nothing much to say in global news but just one thing that china has confirmed that they might buy bonds of the crisis affected countries...but damn...where is china getting money from??? I think china is playing a game ...they will ask target company to buy their products...One day whole world will be china product..huh huh

·       Greece to remain in Euro zone it was declared yesterday EU is planning to issue common debt   instruments of EU…hope this plan work and Greece is bailed out.

NIFTY TECHNICALS

·         Technically speaking market has closed at strong weekly resistance at 5075..5072 was what i mentioned...Still inverted Head shoulder is valid as Volume characteristics is confirming it. Hold your long if you bought today as i said yesterday..Banking and Real estate sector to be next hero's if RBI supports us.

NIFTY levels for 16th September:-

R-5095                 S-5030

R-5127                  S-4985

R-5153                  S-4965

R-5127                  S-4911