NSE BSE market is likely to remain in uptrend in coming days with bouts of profit booking. One can be cool in market till the time the level of 5750 is held. It is astonishing to note that market has reached 32 month high and still a number of people would not be sitting on profit and if one do not want to be in such a situation than following the market guru calls is the best bet. SC has asked Airtel, Vodafone to pay interconnection charges to BSNL, for transferring calls that did not identify numbers to BSNL network and thus it may weigh heavy on airtel in short term. Sail has objected to Govt of ministers approval for 26% profit sharing in mining bill and it is for those people who are affected by their projects.
According to a survey, India has been ranked No. 1 among all countries in respect of both the inflow and outflow of expatriate executives. Silver has gone up by Rs 350 to record high and gold has recovered by Rs 90. Nifty is forming a rising wedge pattern and thus one has to be cautious because if the level of 5750 is broken. We do not see Nifty crossing 5999 level in the coming week as this week it will consolidate before embarking on new journey i.e. downward or upward. Technically market is up as below data will support the analysis i.e. RSI is at 77 levels trading in the overbought zone indicating that there is some more upside potential left for it. Stochastic is currently moving in overbought zone at 88 on the brink of showing positive crossover also indicating upside.
Analysis of derivative segment data suggests that 0.30 lakh shares have got reduced in open interest with a significant increase in the cost of carry indicating short covering.
On the options front, implied volatility further decreased, although marginally, indicating buying may continue to emerge at lower levels.BSE advance-decline ratio stood at 1.5:1. It is likely to be seen that Nifty is going to see a good support at the level of 5800 and till it breaks one can be long in market.
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Support and Resistances for the Day
| Indices | Support | Resistance |
| Nifty | 5825-5775 | 5900 |
| Sensex | 19380-19350 | 19800 |
| Stock | Profit (Rs) |
| Tip | 1655 (Rs 50,000 Trading) |
| Share | Gains (Rs) |
| Tips | 31560 |
| NSE Nifty 50 Stocks | Made Money (Rs) |
| Tipz | 45890 |
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Strong future shares at National stock exchange
Ispat Ind, Bhushan Steel, Corp Bank, Indusind Bank, Renuka, Opto Circuits, Ambuja Cement, Purva, ACC & Kotak Bank.
Weak future stocks at Bombay Stock Exchange
Lupin, Patni, Divi'S Lab, GSPL, Neyveli Lignite, Zeel, Tulip, Ivrcl Infra, Nagar Cont & KS Oils.
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