It was an eventful day as Government of India raised the interest rate on employees’ provident fund by 1 percent and now it stands at 9.5 percent. The same was lower than the demand of the trade unions which wanted it to be at 10.5 percent. The decision on subject has been taken by the Central Board of Trustees (CBT). CBT is the highest policy making body of the Employees Provident Fund Organisation (EPFO). Another significant development was the awaited RBI Credit Policy through which RBI has hiked its Repo Rates by 25 bps to 6% and Reverse Repo Rates by 50 bps to 5% and same was announced by us well in advance and regular followers will swear by the correct and accurate prediction by our website. While rise in repo rate was in line with market expectation, that in reverse repo was higher than majority estimate of 25 bps. Market has reacted positively to the policy announcement by Reserve bank of India as Reserve bank of India’s monetary policy helped the market recover from the days low and led the Nifty to breach the previous resistance of 32 months. These hikes are with immediate effect. Last but not least govt personnel's have got a 10% hike and mind it the same is not large as same is calculated as per given formula and in return one does not gain much as inflation is already catering for it. The daily trend of nifty is in Uptrend and we will see profit booking at every rise and next leg of move commences once the selling is absorbed. Today BSE advance-decline ratio stood at 1:1.7. The market took a breather today as it was rising for past 7 days and thus was defying the law of gravity. Technically market is stretched and it was a long overdue pause. This pause is good for the market as people can decide whether to enter or wait and watch. Do remember to check out strategies which help make money day trading and fill your bank coffers.
Through this cartoon we want to emphasis on the fact that as a stock trader one should not let the emotions out to an extent that it starts affecting an individual performance as individual thereafter comes under performance stress. Thus as a thumb rule person sitting opposite should not come to know that whether you are making profit in a trade or not while undertaking day trading and do not discuss your trades with any body except your mentor.
Analysis of derivative segment data suggests that 10.35 lakh shares were added in open interest with a significant increase in the cost of carry indicating long accumulation at lower levels. On the option front, implied volatility further decreased by 300- 400 basis points indicating buying may continue to emerge at lower levels.
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Support and Resistances for the Day
| Indices | Support | Resistance |
| Nifty | 5850 | 5879-6050 |
| Sensex | 19350 | 19800-19940 |
| Stock | Profit (Rs) |
| Tip | 1470 (Rs 50,000 Trading) |
| Share | Gains (Rs) |
| Tips | 36660 |
| NSE Nifty 50 Stocks | Made Money (Rs) |
| Tipz | 49865 |
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Opto Circuits, Apollo Tyre, DLF, Bhushan Steel, HDFC LTD, Hdfc Bank, SBI , ICICI Bank, Maruti & Renuka.Weak future stocks at Bombay Stock Exchange
GSPL, RCOM, Divi'S Lab, KS Oils, GT Offshore, ABG Ship, Sintex, Hero Honda, Praj Ind & Petronet.
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