Nifty

#102 Nifty Update

§  NIFTY Close:
Investors in Garba mood!!!! Today NIFTY fluctuated from Positive to negative giving a start to Navratri Today. NIFTY closed near to my support level of 4945 down by around 30 points. We expect NIFTY to remain same tomorrow.
§  IN- HOUSE Updates:
1.        ADAG had a Annual general meeting yesterday and Anil Ambani promised many new ideas which made its shares who had lost almost thrice then what index lost last year to recover in this 2  session. He said that many companies from foreign are seeing interest in getting stake in its AMC and Nippon deal is almost final. He even assured that Tower business of R-Com will be sold soon and promoters are likely to increase their stake to maximum possible limit of 75%.  So now I think Anil ambani got the vibes that ultimately he has to do something to save his companies…Where were u till now Mr. Ambani…anyways I hope that this gives a light of hopes to his group  of companies.
RCOM Technical’s:-
Rcom has been facing resistance near to 86 level and has a strong support at 72 levels which is making stock a range bound. On monthly basis stock has witnessed increasing volumes. Buy the stock on dips.
R-86,93,105
S-78,76,69
2.       Talking about the steel hero “TATA Steel”  it has been facing some beating from investors on the screen. But fundamentally we may see some good numbers this time around. Last FY we had many CAPEX but this year they have pressure in sales volume but they don’t have much CAPEX. Infact they have sales proceeds from the sale of its one arm of business. So I recommend buying the stock currently at this valuation.
Tata Steel Technical’s:-
On weekly chart we have seen a negative divergence of RSI and Price. Even a Doji has been formed on weekly chart. Stock has strong support around 418 levels so buy the stock on dips.
R-449,461,489
S-424,417,407
3.       In the Auto Industry, we have seen a great volatility in TATA motors after its split 2 weeks ago. India Sales of JLP is not cashing in much. Indian Business should be more pushed . Jaguar has low margins than Rand lover. So RL should be marketed more in markets like china and India. But analyst expect a good sales next FY for JLR in india and stock looks attractive at CMP.
TATA Motors Technical’s:-
On weekly chart stock has been taking strong support at 137 levels. Weekly    RSI and MACD has given a bullish crossover. On daily chart we have a gap downside around 148 level which will be the best level to buy the stock
R-163,172,180
S-151,146,137
4.      Coal India in trouble:- Coal India wagers have planned to go on  strike and have kept company in a great dilemma. They have demanded a bonus of Rs.25000/worker by October 10th or else they will stop working. Now if company accepts the offer then it will affect its balance sheet with almost about 4500 million rupees which is a significant amount and if they don’t accept then they will face company image. On other side even the environmental problem has been pending so now stock has to face beatings from the investors. Long term players can take this as a opportunity to buy.
Coal India Technical’s
Technically stock has been trading below all the moving averages and it’s at a crucial level. It has been seen that environmental issue has already been discounted so may see a bounce back from this levels.RSI and MACD has seen a bounce back from oversold zone.
§  GLOBAL UPDATE:
There is the same story chewing in the global markets and that is of financial crisis.  But we witnessed a interesting interview of german chancellor saying that they have extended full support to Greece and it promised Greece visiting president that they will get bailout by next month from EU and IMF. Germany even said that they want Greece to be very much part of the EU. So we can expect a good month ahead in the markets all over the world.
§  NIFTY TECHNICALS
As expected NIFTY has been range bound due to expiry tomorrow. I am noticing again a formation of Inverted H&S and neckline is at 5167. Head is yet to form. We have strong support at 4911 but we may see a intraday fall upto 4885. Therefore short term traders can go short once NIFTY is at 5167 in near term with a target of 4885. Long term investor wait for a bounce back from 5167.
NIFTY levels for 29th Sept:
R-4995,5017,5032,5072
S-4911,4885,4862,4815

Leave a Reply

Your email address will not be published. Required fields are marked *