NIFTYWATCH :
JULY 11TH 2008
Intra day support & resistance:
|
S 2 |
S 1 |
Pivot |
R 1 |
R 2 |
|
4075.95 |
4119.05 |
4153.50 |
4196.60 |
4231.05 |
Trend decider : 4157 resistance : 4230 & 4506
Support : 4071 & 3898.
INFY TO GET RUPEE BOOST: rupee depreciated 5% in q1. : manpower cost appreciated.: earning watch day.
Prime Minister Manmohan Singh will seek a vote of confidence ‘as early as possible’ in the wake of Left parties withdrawing support to the government on the Indo-US nuclear deal and the cabinet would meet on Friday to decide the date for convening the Lok Sabha. Till that day government is stable, least to worry on political grounds. Rupee gain 13 paisa at 42.99-43 against a dollar for the 1st time in 2 weeks breached the crucial 43 mark. 3rd good news is Mukesh Ambani led Reliance Industries Limited (RIL) is ranked 206 among the global fortune 500, up from 269 in the previous rankings. Story of the day will not be Reliance but Infosys, Nasscom guidance of slowdown in global economy might finally be telling on the information technology (IT) and business process outsourcing (BPO) companies may dent the charm of strong $. Its time to watch Infosys results and guidance, which may trigger another good upward move or profit booking at higher levels @ 4232 ( 20 days moving averages) . today is FRIDAY , day of INFLATION #S. India’s 10-year bonds fell for a ninth day on speculation a government report tomorrow will show inflation accelerated to the fastest in more than 13 years.
Benchmark yields jumped to the highest since September 2001 as the Ministry of Commerce and Industry may say wholesale prices gained 11.75 percent in the week ended June 28, according to the median estimate of 17 economists surveyed by Bloomberg News. The inflation rate has tripled this year, eroding the fixed payment from debt securities.
“It’s inflation panic again,” said Piyush Wadhwa, who heads interest-rate trading at ICICI Securities Ltd. in Mumbai. “Some rumours in the market even suggest tomorrow’s inflation number may go as high as 13 percent.” Source : Bloomberg.com, so be careful @ when #s are announced.
Iran tensions flares : After missile tests, Rice says U.S. will defend allies from Iran . I do not what would be the closing of crude. It has started gaining, at the time when I am writing this blog……………………….. try to book profits at higher levels once, to cover again at lower levels @ 4200 plus. Just remember few days back we wrote buy it’s the time. Many shares have appreciated more than 50% from those levels.
INTRA DAY CALLS:-
AXIS BANK :-
Intraday support & resistance:
|
S 2 |
S 1 |
Pivot |
R 1 |
R 2 |
|
618.25 |
648.35 |
668.10 |
698.20 |
717.95 |
TREND DECIDER :- 667/- (20 DAYS MOVING AVERAGE) Sell below this level for target of rs.632. above 20 days moving average keep invested. Short term investors can book profit.
STERLITE :-
Intra day support & resistance:
|
S 2 |
S 1 |
Pivot |
R 1 |
R 2 |
|
612.10 |
631.60 |
647.50 |
667.00 |
682.90 |
Key range : 638 - 672 RES : 713.
BHEL :-
Intra day support & resistance:
|
S 2 |
S 1 |
Pivot |
R 1 |
R 2 |
|
1487.80 |
1525.60 |
1567.80 |
1605.60 |
1647.80 |
SELL @ 1615 S.L 1648/- TARGET 1520.
DISCLAIMER :- We can’t dictate the market. Its an observation only. May , may not hold good. Much depend on govt. policies ,economic & political scenario. Its more of an informatics’ article only. Presenter /writer is not liable or responsible for any personal or financial losses or profits.
