The can of woes is not over for the market as India's Met department has stated that monsoon rains were 19% below normal in the week ended July 13. Slightly disappointing inflaton took toll on the market which was later overcome. It appears that bears have an upper hand and we may see Nifty retesting its support at 5,500-odd levels and one just need to keep an eye on the MACD technical indicators to turn bearish.
Derivative Data Analysis
The trading pattern in Nifty options hints at some confusion among the traders and we can expect profit booking in 5,500 and 5,700-strike call options and fresh short buildup in the 5,600-5,700-strike put options.
We strongly condemn the serial blasts which have occurred at Bombay and ask each one of us to be vigilant as united we can beat the evil designs and each one of us has to act as the eyes and ears of the security forces to help them thwart the evil designs of terrorists. We salute the spirit of the Mumbaikars as act of terrorist has not impacted the economic capital of India and same sentiments are also echoed by Montek Singh Ahluwalia.
Union home minister P Chidambaram has confirmed the use of ammonium nitrate in the Wednesday terror attacks in Mumbai and said that the serial blasts across the city, which killed at least 21 people, were not attacks on the country's financial markets. He admitted that there was no intelligence inputs both at the national and state levels on the blasts. We should not immediately start saying it as a lack of intelligence failure as one has to take it in the perspective that India is a vast nation which is very tolerant to all practices of the religion and thus keeping tab on each and every activity of every individual is difficult as at times people are indoctrinated on the name of religion. This does not mean that any particular religion is to be targeted but we have to just keep our eyes and ears open to keep such incidences at bay.
Global Financial markets Update
Investors also remained worried about the negative fallout from the euro zone debt crisis after Fitch Ratings downgraded Greece's long-term foreign and local currency issuer default ratings deeper into junk territory, citing the absence of a new and fully funded financing program for the country. Commodities such as copper and crude fluctuated, while gold rallied to a record high on safe-haven buying.
Another Rate Hike in Offing
Meanwhile, government data released today showed that India's headline inflation rose to 9.44 percent in June, driven by higher fuel and manufactured products, which may prompt the central bank to raise key rates by at least 25 basis points in its upcoming quarterly review of credit policy on July 26.
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Support and Resistances for the Day
| Indices | Support | Resistance |
| Nifty | 5540 | 5618 |
| Sensex |
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| Stock | Profit (Rs) |
| Tip | 1340 (Rs 50,000 Trading) |
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| Share | Gains (Rs) |
| Tips | 28950 |
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| NSE Nifty 50 Stocks | Made Money (Rs) |
| Tipz | 47690 |
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Strong future shares at National stock exchange
TTML, Dish TV, CESC, PFC, IRB, Recltd, Bata India, Renuka, Chambal Fert & MRF.
Weak future stocks at NSE
GTL Infra, LITL, OnMobile, KS Oils, S Kumars, Escorts, GVKPIL, Orchid Chem, Sail & JP Associate.
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