NIFTY HAVING TESTED IMPORTANT SUPPORT AREA AROUND 5600 TODAY REGAINED 5700 MARK ON A CLOSING BASIS. ON A DAILY CHART NIFTY FORMED A DOJI, HOWEVER HIGHEST OI AT 5600 PE SUGGEST THAT 5600 MARK IS GOING TO ACT AS STRONG IMMEDIATE SUPPORT. 5700 PE IS HAVING OI OF 52.46 LACS WHEREAS OI AT 5700 AND 5800 CE IS AROUND 40 LACS EACH. 5600 PE ADDED 11.68 LACS IN OI WHEREAS 5800 AND 5900 CE ADDED APPORX 11 LACS IN OI EACH. SO IMMEDIATE REANGE OF NIFTY SEEMS TO BE 5600-5800.
WE BELIVE Q4 RESULTS WILL PROVIDE NEXT TRIGGER TO THE MARKETS. Q4 RESULTS HAVE ALWAYS BEEN CRUCIAL AS COMPANIES NOT ONLY ANNOUNCE THEIR ANNUAL RESULTS BUT ALSO PROVIDE GUIDANCE FOR THE NEXT FISCAL. Q3 RESULTS WERE QUITE BELOW EXPECTATIONS AND WE DONT EXPECT MUCH FROM Q4 RESULTS TOO. THE MAIN REASONS FOR OUR LOW EXPECTATIONS FROM THE Q4 RESULTS ARE POOR IIP NUMBERS FOR THE FIRST TWO MONTHS OF 2013 AND REVISED DOWNWARDS FIGURES OF GDP. THE OTHER FACTOR SUPPORTING OUR LOW EXPECTATION IS HIGHER INFLATION NUMBERS ON A CONSISTENT BASIS.
IN A NUTSHELL WE EXPECT THE MARKETS TO BE HIGHLY STOCK SPECIFIC NOW IN NEAR FUTURE AND ADVISE THE TRADERS TO BE VERY CAUTIOUS WHILE SELECTING A COUNTER.
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