:: Market Today ::
Market surged for the second straight day as expectations of strong Q1 June 2010 results, a recent upward revision in India's GDP growth forecast by the International Monetary Fund and the stock market regulator Securities & Exchange Board of India (Sebi)'s recent decision to cut exposure margins on stock derivatives, boosted sentiments.
The market jumped in early trade on firm Asian stocks. The market extended gains to hit fresh intraday highs in morning trade as Asian stocks extended initial gains. The market continued the uptrend to hit fresh intraday high in mid-morning trade.
The International Monetary Fund (IMF) on Thursday raised its world output forecast for 2010, citing solid growth in the first half, especially in Asia, but warned of significant downside risks flowing from Europe. The IMF revised its 2010 world gross domestic product forecast to 4.6%, up from a previous forecast in April of 4.2%. The 2011 GDP forecast was unchanged at 4.3%.
The IMF raised India's growth forecast for 2010 to 9.5%, stating that favourable financing conditions and robust corporate profits will accelerate economic expansion. The IMF expects India's economy to grow 8.5% in 2011.
The next major trigger for the market is Q1 June 2010 results of India Inc, which will start trickling in from the second week of July 2010. Advance tax collections for the first quarter of the current financial year point to a strong growth in corporate sector profits. Advance tax payments by companies during the April-June quarter account for 15% of the total advance tax payable in the fiscal year. Corporate advance tax for the first quarter stood at Rs 26,876 crore, against Rs 20,456 crore in the year-ago period, a rise of 31.4%, the fastest since 2005.
Investors are also closely watching the progress of the monsoon rains. Rains have revived after weak monsoon last month. Crop planting suffered last month as rainfall was 16% below normal, but rainfall deficit for the country as a whole has narrowed down to 10% for the period 1 June-8 July after heavy rains in the past few days. Rains were 2% above normal in the week ended 8 July 2010.
In Short we can term it as the best week in a year
:: FII Activity ::
FII activity in Equity Rs. +1104.08 Cr. as on 9th July 2010
FII activity in Nifty Rs. + 1059.54 Cr. as on 9th July 2010
:: Given PreMarket Trades ::
Uptrend
Buy above 5320 with StopLoss 5294 (Open at 5330 Given Low 5325)
1st Target 5338 (Achieved)
2nd Target 5353 (Achieved)
If sustain above 5358 for next 2-minutes than 2nd Target 5378 (Nifty High 5367.50)
Closed at 5354.05
For Risky Traders
Sell at 5366 with StopLoss 5386 1st Target 5342 (Came till 5343.90)
:: Previous Days Position ::
Given Live Trade on 8th July
Buy at 5320 with StopLoss 5296 (Still Active)
1st Target 5342 (Achieved)
2nd Target 5362 (Achieved)
:: Positional Nifty Alert ::
Given BUY around 5230 with SL 5180-65 to NEW-or-Fresh Positional Investers for Target 5542-5600 in July Expiry. Revise your Stoploss to 5120 or follow special stratagy.
:: 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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