Underperformers looks to perform-outperforms profit booking ahead of advance tax numbers.
Nifty (5479) has closed positive +71points after making low of 5348 and high of the week 5513 has retraced 82% of the fall from 5549 to 5348 and this market is becoming directionless with almost 58trading days Nifty has been trading above 5200 which is open for 1st January2010 but not moving anywhere making this trading market so any close below 5350 for 1-2days on the downside or 5650 above close for 1-2days only it would be advisable to take a directional call. For the weekly basis 5440 is a strong support and 5530 is a strong resistance and broad range 5380-5580 for nifty if certain support/resistance is broken. Nifty has corrected after 13th week rally from low of 4786 which means 4-5weeks of correction is possible if 5549 not crossed. Nifty long term moving average supporting market 200DMA which 5182 and 100DMA is 5272 any close below 5350 weakness will be high
Nifty (5479) has closed positive +71points after making low of 5348 and high of the week 5513 has retraced 82% of the fall from 5549 to 5348 and this market is becoming directionless with almost 58trading days Nifty has been trading above 5200 which is open for 1st January2010 but not moving anywhere making this trading market so any close below 5350 for 1-2days on the downside or 5650 above close for 1-2days only it would be advisable to take a directional call. For the weekly basis 5440 is a strong support and 5530 is a strong resistance and broad range 5380-5580 for nifty if certain support/resistance is broken. Nifty has corrected after 13th week rally from low of 4786 which means 4-5weeks of correction is possible if 5549 not crossed. Nifty long term moving average supporting market 200DMA which 5182 and 100DMA is 5272 any close below 5350 weakness will be high
Support-5425-5370-5300
Resistance-5520-5575-5625
Month started with flow of data which were mixed Auto sales has showed growth, while Cement sales disappoint and cut in production is anticipated and Steel prices were hiked as Global Steel prices were stable. The HSBC Markit Purchasing Managers' Index, based on surveys of 500 companies in Asia's third-largest economy, fell to 57.25 in August from 57.6 in July, but remained well above the 50 mark that divides growth from contraction. India's manufacturing sector expanded for the 17th successive month in August, although at a slightly slower pace than in July, supported by strength in new orders. India August Services PMI Falls to 59.3 from 61.7 in July - HSBC / Markit
India August Composite PMI Falls to 60.3 from 61.9 in July - HSBC / Markit. IIP data and Advance tax numbers would be the next trigger for which we have to wait for one more week. Underperforming stocks have started to perform and outperformers are seeing profit booking ONMOBILE, FSL & POWERGRID we like in Underperformers. Hotel stocks have shown sudden interest and HOTELLEELA is a Break-out 6-10% gains possible in the stock if market supports.
