AFTER THE INFOSYS RESULT AND ANALYST DOWNGRADES, FEAR OF MANAGEMENT CONFLICT IN INFOSYS, RISING CRUDE PRICES AND ESTIMATES OF RISING INFLATION AND POOR CORPORATE PERFORMANCE(AFTER INFY RESULT), FIIs/HEDGE FUND STARTED SELLING AFTER A STRONG BEGINNING, MARKET LOST THE CONFIDENCE AND THERE STARTED A SELLING FOR PROFIT BOOKING AND SHORTING, BRINGING NIFTY TO 5729.10( DOWN 95.45) & SENSEX TO 19091.17(DOWN 295.65). HEAVY WEIGHTS LIKE INFOSYS, ITC, BHEL, HDFCBANK, SBI & ICICIBANK WERE DOWN 1%-2%. SENTIMENT WAS MURKY AND ALL I.T. SHARES WERE DOWN.
ANALYSTS BELIEVE THAT MARKET HAS FAILED TO SUSTAIN AND BREAK THE RESISTANCE ZONE 5950-5980 IN THIRD ATTEMPT SHOWS THAT IT HAS TOPPED UP AND THERE COULD BE SHARP CORRECTION IF 5700-5680 FAILS TO HOLD. HENCE ALL LONGS SHOULD BE CLOSED IF NIFTY BREAKS BELOW 5700-5680, AS THERE COULD BE SHARP KNOCK TO 5600-5550-5450 FROM WHERE THE UP SWING HAS STARTED IN MARCH.
ALSO THE BROAD RANGE AS MENTIONED 5900-5700, IF BROKEN THE MARKET WILL SEE SOME SHARP MOVES IN DAYS TO COME. HENCE ITS BETTER TO WAIT AND WATCH FOR NEXT 4-5 DAYS.IF 5700-5680 IS BROKEN ONE SHOULD EXIT FROM ALL LONG POSITIONS AND SIT ON CASH, AS THERE WILL BE STEEP CORRECTION TO 5550 LEVELS AND NIFTY MAY TAKE MORE DOWNSIDE IF THE MACRO-ECONOMIC FACTORS, GLOBAL SENTIMENT DOESN'T IMPROVES.
CRUDE OIL PRICES, POLICY ACTION BY RBI, INFLATION FIGURES,DATA FROM U.S AND EUROPE WILL MARK THE NEXT MOVE IN INDIAN MARKET.
JUST WAIT & WATCH 5700-5680
THOSE HOLDING DELIVERY FOR MEDIUM TERM MAY HOLD WITH STOP LOSS OF 5680.
Safe Harbor
Some forward looking statements on projections, estimates, expectations & outlook are included to enable a better comprehension of the Company prospects. Actual results may, however, differ materially from those stated on account of factors such as changes in government regulations, tax regimes, economic developments within India and the countries within which the Company conducts its business, exchange rate and interest rate movements, impact of competing products and their pricing, product demand and supply constraints.Nothing in this article is, or should be construed as, investment advice.
Disclaimer:
This is neither an offer nor a solicitation to purchase or sell securities. The information and views contained on this blog are believed to be reliable, but no responsibility (or liability) is accepted for errors of fact or opinion. Writers and contributors may be trading in, or have positions in the securities mentioned in their articles. Neither I (Vikas Srivastava) nor any of the contributors accepts any liability arising out of use of the above information/article. Reproduction in whole or in part without written permission is prohibited.
ANALYSTS BELIEVE THAT MARKET HAS FAILED TO SUSTAIN AND BREAK THE RESISTANCE ZONE 5950-5980 IN THIRD ATTEMPT SHOWS THAT IT HAS TOPPED UP AND THERE COULD BE SHARP CORRECTION IF 5700-5680 FAILS TO HOLD. HENCE ALL LONGS SHOULD BE CLOSED IF NIFTY BREAKS BELOW 5700-5680, AS THERE COULD BE SHARP KNOCK TO 5600-5550-5450 FROM WHERE THE UP SWING HAS STARTED IN MARCH.
ALSO THE BROAD RANGE AS MENTIONED 5900-5700, IF BROKEN THE MARKET WILL SEE SOME SHARP MOVES IN DAYS TO COME. HENCE ITS BETTER TO WAIT AND WATCH FOR NEXT 4-5 DAYS.IF 5700-5680 IS BROKEN ONE SHOULD EXIT FROM ALL LONG POSITIONS AND SIT ON CASH, AS THERE WILL BE STEEP CORRECTION TO 5550 LEVELS AND NIFTY MAY TAKE MORE DOWNSIDE IF THE MACRO-ECONOMIC FACTORS, GLOBAL SENTIMENT DOESN'T IMPROVES.
CRUDE OIL PRICES, POLICY ACTION BY RBI, INFLATION FIGURES,DATA FROM U.S AND EUROPE WILL MARK THE NEXT MOVE IN INDIAN MARKET.
JUST WAIT & WATCH 5700-5680
THOSE HOLDING DELIVERY FOR MEDIUM TERM MAY HOLD WITH STOP LOSS OF 5680.
Some forward looking statements on projections, estimates, expectations & outlook are included to enable a better comprehension of the Company prospects. Actual results may, however, differ materially from those stated on account of factors such as changes in government regulations, tax regimes, economic developments within India and the countries within which the Company conducts its business, exchange rate and interest rate movements, impact of competing products and their pricing, product demand and supply constraints.Nothing in this article is, or should be construed as, investment advice.
Disclaimer:
This is neither an offer nor a solicitation to purchase or sell securities. The information and views contained on this blog are believed to be reliable, but no responsibility (or liability) is accepted for errors of fact or opinion. Writers and contributors may be trading in, or have positions in the securities mentioned in their articles. Neither I (Vikas Srivastava) nor any of the contributors accepts any liability arising out of use of the above information/article. Reproduction in whole or in part without written permission is prohibited.
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