Hello Friends,
NifTiee Close : 4711
Supports : 4696 / 4676 / 4646
Resistances : 4747 / 4777 / 4807
Nifty spot made days high at 4724 very close to test our resistance level of 4726 as updated yesterday. Also Nifty managed to close above 4700 levels which we mentioned yesterday & said that if markets manage to close above these levels then we may soon see 4800 - 5000 levels.
Nifty if manages to close above 4700 today also then the trend may be intact or this breakout may even prove as false breakouts. So second day close above 4700 is much more required to provide Fire to the Bullish Steam Engine. The Trail stop loss can now be moved from 4400 levels to 4444 levels, this level can also be termed as short term reversal level if we close below this.
Provisional Fund Flow Figures Rupees Crores for 03 August 2009 :
Fii +347
Dii +61
Fii (derivatives) +417 (net)
Index Futures +358
Index Options -14
Stock Futures +67
Stock Options +5
Sensex yesterday was up by 250 points only & the rally was mainly led by Reliance pack, Auto, Metals , Reality etc. Also we were concerned about that Markets are making new highs for the year but Reliance pack stocks are about 10-20-30% away from their recent highs, so we may see some big moves in some of these stocks in short term as we saw yesterday.
Few days back we had talked about good results in the U.S markets like Goldman Sachs / Citi / J.P Morgan etc & also Results impact of Indian cos , could give trend reversal & good moves in the short term & fortunately the same happened. We tracked Dow Jones when it was 8100-8200 levels & today its 9200+ levels almost gain of 10% in just months time. Remember U.S economy is in recession & have potiential to give 10% in just months time so why cant our markets give 10-30% return in short term. Based on one of these logic we betted long on Indian Equity markets & would still continue with the same.
When markets were crossing 1 by 1 break out levels we requested people please do not go short in these rising bull markets & in such markets the Theme is Buy on Dips(Corrections) & hold & book profits on comfort levels but we see that many people come out in live markets, spread some rubbish rumors & give sell calls on Nifty futures & individual stock futures. But the final result is many of them are trapped now & are finding hiding places or staying away from the public. Some Biggies are facing the heat too in current scenario but the names cannot be declared as its Question of Status Quo-Pro. Retail people must not repeat this mistakes again of being drawn by some rumors & must not get trapped at any levels & keep booking profits on comfort levels.
Note : Adani Power Fixes Ipo price at Rs 100/- & Premium is placed around 8 - 12 Rs.
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Good Day
Regards,
Allies Financial Services
Mumbai, India
Website : www.AlliesFin.BlogSpot.Com
