Indian Stock Market Likely State of Affairs to Make Money

Seeing the state of the market we can say that short term outlook has turned grim as Nifty has hit a new 15 minute low on intraday charts. We may see further selling if the level of  5847-5830 is broken. Nifty is going to get solid support at 5800 from where a bounce back can be seen in the market. However on the flip side if the level of 5900 is held on closing basis we may see Nifty touching new highs by the end of fiscal year. Global cues are weak and our market is also likely to take the cues from the global indices.

Thus the best way to make money is to avoid any jigsaw puzzle and just stick with sure stock  of the day and make money like professionals trade and make daily gains which adds to their bank kitty.

Nifty Technical Analysis

Select momentum oscillators like the MACD and the 14- day RSI have shown a negative divergence on the daily charts and thus year end rally my have fizzled out. The overall breadth in BSE ended dismal as 1,937 stocks are declining while 979 are advancing. The truncated F&O expiry week ahead may also add to the woes. This truncated week is courtesy Christmas holiday and we take the opportunity to wish all the readers Merry Christmas.

At the home front all eyes will be on the budget which is going to be a populist budget as while delivering the same; Congress will have an eye on the elections in the year 2014. Worldwide all eyes are on Obama that how he is going to manage the fiscal cliff as Republican proposal to deal with a US fiscal crunch failed to get enough support, deepening uncertainty over the ways US can avert the "fiscal cliff" of automatic spending cuts and tax increases set to start wef 01 Jan 2013.

Support and Resistances for the Day

Indices	Support	Resistance
Nifty	5830-5735	5980-6000

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Strong future shares at National stock exchange

Bank Of India, Sail, Jindal Steel, MRF, Shri Ram Trans, Zeel, Tata Steel, Jain Irrigation, Hindalco, & Pantaloon.

Weak future stocks  at NSE

Hexaware, JP Power, R Power, Divis Lab, HDIL, IRB, Titan, Voltas, Cairn & IGL.

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This article was first published on Indian-Share-Tips.Com on 23 Dec 2012