WEEKLY MARKET UPDATE AS ON MONDAY 10 th SEPTEMBER 2012

NIFTY SPOT - (5358.7)

NIFTY traded as per anticipation for the the 1st half of the week, however the ECB meeting gave a much required impetus to the global markets and the Indian markets also joined with the global rally. It must be noted that that we wanted the NIFTY to give a weekly close below 5258, for further bearishness. It is this closing level that the NIFTY has strongly defended, which keeps the uptrend still on. Ironically heavyweight stocks like SBI, ICICI, Axis, Sterlite, REC, PFC have already peaked out and have recorded major falls while the HIndustan Lever, ITC, TCS, INFOSYS continue to post gains. In the current week NIFTY has support @ 5309 - 5258 - 5215 while resitance will be @ 5400 - 5444 - 5475 - 5530. We continue to have bullish view on the NIFTY with a weekly closing stop loss of 3258. Even though the market is still in an upmove the upmove appears to be a weak upmove. In this rally the NIFTY should ideally have upsdie targets upto 5475. However the NIFTY should be considered to be bullish only if it moves above 5640. If in this rally if the NIFTY is unable to move 5640 we can expect a sharp fall which can take the NIFTY to sub 4800 levels quickly. Hence profit booking is highly recommended above 5450 levels. Trade bullish but with small quantity and book profits above 5450.

Market Update on 11 th sept

WEAK MARKET IN LINE WITH REST OF ASIAN MARKETS......NOW FOR TODAY

5330 NF WILL ACT AS LAST HOPE SUPPORT OF BULLS....ON BOUNCE...5380 NF FIRST HURDLE OF BULLS

ONLY BREAKING THIS RANGE WILL SET FURTHER MOVES FROM BULLS OR BEARS....WATCH

Market Update:

LITTLE HIGHER MARKET IN LINE WITH REST OF ASIAN MARKETS .....NOW FOR TODAY

5400 NF WILL ACT AS FIRST HURDLE OF BULLS...ON FALLS...5340 NF LAST HOPE SUPPORT OF BULLS

ONLY BREAKING THIS RANGE WILL SET FURTHER MOVES FROM BULLS OR BEARS....WATCH

Market Update on 6th Sept

FLAT MARKET IN LINE WITH REST OF WORLD...AS ALL EYES ARE ON ECB MEET TONIGHT AROUND 10 PM WHERE DRAGHI WILL SPEAK ABOUT THE BOND BUYING PROG. OF EUROPE......NOW FOR TODAY

5220 NF WILL ACT AS LAST HOPE SUPPORT OF MARKET....WHILE ON BOUNCE 5280 NF ...FIRST HURDLE OF BULLS

ONLY BREAKING THIS RANGE WILL SET FURTHER MOVES FROM BULLS OR BEARS....WATCH

Market Update on 5 sept

WEAK MARKET IN LINE WITH REST OF ASIAN MARKETS.......NOW FOR TODAY

5250 NF WILL ACT AS LAST HOPE SUPPORT OF BULLS...ON BOUNCE 5300 NF FIRST HURDLE OF BULLS

ALMOST SAME RANGE WHICH WE GAVE YOU YESTERDAY AND FULL DAY NEITHER BULLS NOR BEARS WERE ABLE TO BREAK IT ..SO UNLESS ANYONE OF THEM BREAKS IT...NO FURTHER MOVES ....WATCH

FII'S TODAY BOUGHT NET 304 CR NET IN CASH WHILE DII'S SOLD NET 105 CR IN CASH
FII'S IN F&O SOLD NET 318 CR IN INDEX FUTURES AND SOLD NET 406 CR IN STOCKS FUTURES

SO TODAY WAS THE DAY WHEN THOUGH FII'S LEND SOME SUPPORT IN CASH TO MARKET REASON WHY INDEX RECOVERED FROM LOWS OF 5258 NF WHEN WE GAVE YOU IN THE MORNING SUPPORT OF 5250 NF...AND IT DID HIGH OF 5304 NF BEFORE CLOSING AT 5302 NF.
NOW MOVING ONWARDS THOUGH LOT WILL DEPEND UPON GLOBAL CUES BUT FUNDS SUPPORT IS NEEDED TO KEEP THE MOMENTUM OF MARKET GOING CAUSE EVEN TODAY IF FII'S BOUGHT 304 CR IN CASH THEY SOLD 318 CR IN INDEX FUTURES AND 406 CR IN STOCKS FUTURES SO CLEAR THEY DO NOT POST MUCH BULLISH PICTURE...UNLESS IT IMPROVES TOO MUCH UPSIDE OF MARKET ON ANY RECOVERY IS CAPPED....WATCH

Market Update on 4th sept

LOWER MARKET ON EXPECTED LINES...AS US MARKET WAS CLOSED AND ASIA LITTLE WEAK...AND EFFECT OF SELLING FROM FII'S DII'S OF YESTERDAY......NOW FOR TODAY

5250 NF WILL ACT AS LAST HOPE SUPPORT OF BULLS...ON BOUNCE...5310 NF BULLS HURDLE

ONLY BREAKING THIS RANGE WILL SET FURTHER MOVES FROM BULLS OR BEARS...WATCH