The last day of the week saw a subdued market and trend was down due to high inflation data which rose to 9.59 per cent in April; as against March's annual rise of 9.90 per cent. We have also seen that market breadth has been negative and it saw 13 sectoral indices closing in red. Another culprit in this fall was SBI which went down by 4.5% as the bank reported a dip of 32% on yearly basis in the earnings for the quarter ended March 2010. Now one has to be cautious as we are seeing continous closing in red in the market. As a warning do not go long arbitrarily unless Nifty closes above the level of 5240. The stocks which are showing an intermediate bullish trend are Accel Frontline , Aro Granite Inds , Merck, Motilal Oswal Financial Services and Thinksoft Global Services. Presently market has broken out of trading range and only salvage for the market is if it can remain above psychological barrier of 5000 Nifty mark. A panic will happen in market if Nifty 4985 level is broken and thus go short only below this level in Nifty. Indian market is open today on Sunday on eve of
Akshaya Trithiya, or Akha Teej, which is a highly auspicious day which falls on the third day after Amavasi (no moon) in the Hindu month of Vaishakha. However only gold traded funds are open for trading and it is considered that it brings good luck if any gold purchases are made on this day. This festival of gold is celebrated to a great extent in south and Tanishq etc benefits a lot by offering a number of discounts which ranges from giving discount on making charges. Even Big bazar and Reliance jewels are offering Rs 50 and Rs 75 off on making charges of jewellery. Big Bazar sells gold through navaras brand.
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Indices | Support | Resistance |
Nifty | 4985 | 5150-5205 |
Sensex | 16850-16683 | 17240-17400 |
Jackpot Tip Profit
Stock | Profit (Rs) |
Tip | 1875 (Rs 50,000 Trading) |
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Share | Gains (Rs) |
Tips | 19540 |
Future and Options Daily Paid Tips
NSE Nifty 50 Stocks | Made Money (Rs) |
Tipz | 35630 |
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