Nifty watch:-  24.07.2008

Nifty closed @4476.80(major resistance) for short term and 5 days rsi has reached to 83(means over bought), hence there is possibility of correction of 100 to 150 points (may be intra day).  Although medium term trend has become bullish Lot many shares has given new buy signals (max are either banking stocks, shares of Mr. Anil Dhirubhai , and constructions  ).We recommended sbi ntpc idfc allbk bhel (India’s biggest power-equipment maker)and oil cos. 2 days back( before the results of final match at parliament ) , proved the best among the lot, after shares of anil dhirubhai, sesa goa .  

Intraday support & resistance:

S 2	S 1	Pivot	R 1	R 2
4327.05	4401.95	4446.75	4521.60	4566.40

4451 is the trend decider for the day. Resistance levels are 4521-4566 – 4723 – 5166. support levels are 4327 – 4296 – 4183 – 4072. details levels are been given only because market has entered in to new orbit (above 4366). Stop loss to all long positions is 4072 ( 20 days moving average). India’s 10-year bonds advanced on speculation falling oil prices will help slow inflation and ease pressure on the central bank to raise interest rates. Hurricane may be worrisome on issue. After the song of SINGH IS KING, next music is inflationary . song is soothing to economy till the time crude is under control.

 

This may be the 1^st time in history a global recession has been

avoided because of emerging markets. The good side of the rise

in emerging markets is that the world economy is now much

less reliant on just one economy – US:- CHRISTIAN (HSBC)

(Dolly packed sustained winds of 100 miles per hour and was about 30 miles (50 kilometres) east of Brownsville at 10 a.m. local time, according to the U.S. National Hurricane Centre. The storm reached Category 2 status, meaning winds of 96 to 110 mph, the centre said.

Dolly is the season’s first hurricane in the Gulf of Mexico, home to more than a quarter of U.S. oil production. The storm has steered south of most rigs, which are off the East Texas and Louisiana shores.

A hurricane warning stretches for about 300 miles along the U.S. and Mexican coasts, from Corpus Christi, Texas, southward to Rio San Fernando, Mexico. Dolly may make landfall by noon in Brownsville, home to 172,000 people.

“This isn’t going to be a Category 4, so we aren’t that worried,” Jose Luis Monjaras     said. “Still, the flooding could be pretty bad.” source : Bloomberg.)===== but there are chances that crude may bounce from $122/4 to $127 – $131.

Yesterday one of my friend mr. Sahil has predicted expiry of nifty for next 6 months (thanks for contribution). My dear game is for this month only. More and more entries to Predict and Win will make it very interesting.  Good luck to all participants. Total number of comments have crossed 100 mark. Total post till date are app. 64.

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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.