#31 Nifty Update

Today Bulls and Bears were playing a test match where the end result was a draw. NIFTY closed almost flat at 5278 giving no win to either side. All the front line stocks are already so discounted in the current scenario. If we compare the price of each blue chip companies
with its historical prices on previous 5300 level mark they are way discounted. Market today confirmed “rounding formation”, which I mentioned in last 4-5 reports, as it closed for 3rd consecutive day below 5350 which was the neckline for the formation. Midcap was
Sledged by traders today. Titan industries was down by almost Rs.300. Bank sector was a bit less banged. In Telecom sector Idea and Bharti Airtel were slashed by almost 2-4% each and
expect some short term downwards correction in this sector. In NIFTY50, LT, BAJAJ-AUTO, AXIS BANK ,ONGC ,CIPLA and M&M were the few who hold up the market. Daily Indicators Stochastic and RSI have started showing “Possible Signs” of uptrend but all depends on Greece
debt crisis and Mauritius tax Treaty. Many analysts says that RBI is at the peak of its rates and you may not see any further hike in rates which is a relief for banking stocks and the market as a whole. But still stay away from the market unless the closing is above 5300-5350
level for 2-3 consecutive days
NIFTY levels for 23rd June:-
R-5313  S-5262  
R-5350  S-5196  
R-5400  S-5147  
R-5442  S-5100   

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