Nifty EOD Chart 18 June 2009
Nifty Close 4251
Support : 4211 / 4171 / 4141
Resistance : 4313 / 4343 / 4383
In our earlies posts on 16 June 2009 ( Click to check the views ) we have updated that Nifty needs to close above previous highs of 4675 - 4690 for fresh bull run for targets 4800 - 5000 respectively but it did not do so & hence the profit booking started. Also it came down to test 4444 levels & bounced back upto 4545 but did not close above this. 4545 spot Nifty level was important key level & 4444 was trail stop loss for all long positions.On hourly charts we can see that once 4444 was broken a basket full of selling pressure came in markets & in just 5 trading sessions we are down by 500+ points from recent top.
On above charts we can see that Nifty is now at important trend line support near 4200-4225 levels, this trend line is the line which is supporting the Bulls in the markets since it has started. So this could be the Key level in short run & some bounce back is expected from this junction. The Trend Reversal level can be placed again at 4444 & close above this levels for 2 to 3 sessions can take markets tests recent highs.
Another View Trading below 4200-4225 can take markets test recent lows near 4100 levels. Next week F&O expiry & this may make markets volatile in the short run. So traders need to take due care while handling stop loss levels & must follow trading Gimmics.
PROVISIONAL FUND FLOW FIGURE RS CRORES FOR 18 JUNE 2009 :
Fii -585
Dii +539
Fii (Derivatives) -312
Index Futures -220
Index options +136
Stock Futures -221
Stock Options -7
News :
Inflation has turned -ve 1.61% provisional for the 1st time in 32 years since 1977-78. This is Wholesale price index (WPI) but Retail or Consumer Price Index (CPI) is too high around 8-10%. Crude Prices are rising, Food Prices are rising, Power Prices are rising & many more prices are rising but still inflaion -ve ? When inflation was rising we remember that FM use to come out & say that we need to check the base for calculating the inflation nos as many of the articles & prices are not included. Hope the media will not panic about Deflation now !!!!!
SEBI scraps entry load for Mutual Funds & Cuts fees for Intermediaries.
On rights issue:
The Sebi board has also rationalised disclosure norms for rights issues. Henceforth, there will be no preferential issue for superior voting rights. Also, no listed company can issue shares with superior rights.
On mutual fund schemes:
Mutual fund investors have a reason to cheer. There will be no entry load on any mutual fund schemes from now on. Distributors will now have to disclose commission for schemes. In a landmark move, mutual fund investors will now decide on the commission payable to distributors.
Fee cut for intermediaries:
The board has decided to rationalise the fees charged by intermediaries. It plans to cut fees for financial intermediaries by 50%. Broker fees for debt deals have been cut to Rs 2.5 per Rs 1 crore of turnover.
On initial public offerings:
From here on, companies planning an initial public offering will have to list on at least one national exchange.
Regards,
Allies Financial Services
Mumbai, India
Website : www.AlliesFin.BlogSpot.Com
