DAILY REPORT FOR
NIFTY (5089 -22 pts)
Supp 5060/5020/4970 Res 5120/5165/5250
SENSEX (17015 -110 pts)
Supp 16850/16680/16585 Res 17155/17290/17400
Outlook for
· Markets remained sideways yesterday just one day before the RBI Credit policy announcement. Today the main focus of the RBI governor will be to moderate inflation and bring it back around the tolerance level of 5%. CRR hike has already been announced this month, but some more measures are naturally expected in today’s policy statement.
· 5150-5180 is still a big resistance for the Nifty and if that is not crossed in a day or two, we may see some correction around 4950-4970 at least. But stock-specific movement is expected to continue.
· L&T (2948):- The stock has been an underperformer in recent past, but now it looks like targeting 3180-3220 in short-term. Buy with SL 2830
· Raymond (279):- It is an investment buy. One can accumulate for 20-25% returns from current levels.
http://in.reuters.com/article/globalCoverage3/idINIndia-32833120080403?sp=true Rupee not the real culprit for Indian export slowdown
Disclaimer: These recommendations are based on the theory of technical analysis and personal observations. This does not claim for profit. I am not responsible for any losses made by traders. It is only the outlook of the market with reference to its previous performance. You are advised to take your position with your sense and judgment. I am trying to consider the fundamental validity of stocks as far as possible, but demand and supply affects it with vision variations.
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