Market Today
Today as an initial rally which took the market to 29-month high triggered profit taking. The market breadth weakened, reversing from a strong breadth witnessed earlier in the day. European and Asian stocks and US index futures edged higher ahead of the release of the results of the stress test conducted on European banks.
Stocks were volatile as traders rolled over positions in the derivatives segment from July 2010 series to August 2010 series ahead of the expiry of the near-month July 2010 contracts next Thursday, 29 July 2010. The market surged at the onset of the trading session on firm Asian stocks. The market pared gains in early trade.
The market came further off the day's high in mid-morning trade. The market slipped into the red in early afternoon trade. The Sensex soon regained positive. It once again slipped into the red shortly only to regain positive zone later. The market held positive zone in mid-afternoon trade as European stocks and US index futures rose. The Sensex once again slipped in late trade at the fag end of the trading session.
The Prime Minister's Economic Advisory Panel on Friday, 23 July 2010, forecast 8.5% growth in GDP in the fiscal year that ends in March 2011 (FY 2011). It expects 4.5% growth in farm output in FY 2011. The headline inflation will be at 6.5% by March 2011, the panel said in a report. The report also said net capital inflows would be $73 billion.
:: Todays Live Trades ::
Uptrend
Buy around 5454 with StopLoss 5434 (SL HIT)
1st Target 5474 2nd Target 5494
Downtrend
Sell below 5432 with StopLoss 5452 (SL HIT)
1st Target 5416 2nd Target 5402
:: Remember Always ::
We suggest to keep at least 1% of its price as SL in All Equity Stocks.
All our levels mentioned are of Future Nifty not Spot Nifty.
All PreMarket and Live Trades are for Intraday Trading only.
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