Cnx Nifty faced resistance at discussed levels of 6320 - 6330 levels and closed at 6318. Though it failed to breakout to the upside above the resistance levels, it made sure, that it did not slip below the 6300 levels which shall clarify a bullish trend with buy on dips strategy across all large cap and mid cap stocks. On the banking side, bank nifty continued to show the bullish spark, however some selling pressure due to profit booking was witnessed. Stocks or the sectors to watch out are IT & Telecom and keep a keen eye on Reliance which has formed a W formation on technical canvas. Stay away from financial / banking sector until further clarification. Lemme tell you, if nifty has to break the significant level of 6320-6330, banking sector has to give its full support !!
Nik's Diary The Indian markets opened in the green following strong start to SGX Nifty and major Asian indices after better-than-expected reading on US housing sales and amid speculation that central banks will continue the stimulation measures. The US markets ended on a positive note on Monday with S&P 500 closing at a record high as traders reacted positively to the latest batch of economic news. The strength on Wall Street reflected a positive reaction to a report from the National Association of Realtors showing a bigger than expected rebound in pending home sales in the month of March. The pending home sales index rose by 1.5% in March 2013 after falling by 1% in February 2013. A separate report from the Commerce Department showed that personal spending climbed 0.2% in March 2013 following a 0.7% increase in February 2013. Meanwhile in India, renewed hopes of an interest rate cut at the RBI's monetary policy meet that is scheduled on May 3 helped stocks close high...
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