30 Jan 2008
Third attempt failed to cross 5400 in Nifty - No support from RBI
RBI kept credit policy unchanged. Market men were expecting a 25 basis points repo rate cut by Reserve Bank of India following a sharp cut in US interest rates last week.
Market continues its efforts to cross 5400 three times and failed. But the intraday technical chart is giving a bullish signal in uptrend envelop. It has modified support levels gradually. the 50% Fibonacci level is protected for the time being. So the level of 5220 in Nifty is to be crucial for the day. We believe that a convincing close above 5400 will give futher momentum to 5600 and then 5800 levels.
The coming two session are very crucial and the market may look increased volatility because of the F&o contract expiry after the big crash. In the bottom levels, this will be good opportunity to pick value stocks for long/medium term.
US indices extended gain on expectation of rate cut from Federal Reserve. Asian markets are in a mixed to positive mood.
Crude oil price closed at $ 91.65 a barrel.
Indian ADRs ended in mixed.
Nifty January 2008 futures were at 5276.10, a discount of 4.70 points as compared to spot closing.
Turnover on NSE’s futures & options segment rose to Rs 56019.95 crore as compared to Rs 43395.88 crore, 28 January 2008.
Market breadth was positive. NSE advance decline ratio was 685:473
According to NSE provisional data FIIs were net sellers for 546 crores and DIIs were net buyers for 98 crores on Tuesday 29 Jan 2008.
Archives:
Third attempt failed to cross 5400 in Nifty - No support from RBI
RBI kept credit policy unchanged. Market men were expecting a 25 basis points repo rate cut by Reserve Bank of India following a sharp cut in US interest rates last week.
Market continues its efforts to cross 5400 three times and failed. But the intraday technical chart is giving a bullish signal in uptrend envelop. It has modified support levels gradually. the 50% Fibonacci level is protected for the time being. So the level of 5220 in Nifty is to be crucial for the day. We believe that a convincing close above 5400 will give futher momentum to 5600 and then 5800 levels.
The coming two session are very crucial and the market may look increased volatility because of the F&o contract expiry after the big crash. In the bottom levels, this will be good opportunity to pick value stocks for long/medium term.
US indices extended gain on expectation of rate cut from Federal Reserve. Asian markets are in a mixed to positive mood.
Crude oil price closed at $ 91.65 a barrel.
Indian ADRs ended in mixed.
Nifty January 2008 futures were at 5276.10, a discount of 4.70 points as compared to spot closing.
Turnover on NSE’s futures & options segment rose to Rs 56019.95 crore as compared to Rs 43395.88 crore, 28 January 2008.
Market breadth was positive. NSE advance decline ratio was 685:473
According to NSE provisional data FIIs were net sellers for 546 crores and DIIs were net buyers for 98 crores on Tuesday 29 Jan 2008.
Archives: