#57 Nifty Update

Finally bulls are heavy on see-saw game but India still struggling at Lords!!! NIFTY closed at 5680 with 46 points up. Today Reliance was leading the race for the NIFTY with the news on deal finalization and positive expectation of results today eve. Bank of India announced its
result and it was a way below the street expectations at Rs.560 crores vs street expectations of around Rs.700 crores. Sterlite Industries has posted a bumpy growth of 63% on profit on YoY basis while EBITDA was at 28% versus 25.5% on YoY basis. RIL was not yet out with results. The stock in news of Suzlon energy who sold 26% stake in hanseen at around 455 million pounds. It would have a  positive effect on suzlon’s balance sheet to some extent as they could lower their 10000crores debt. Key sector today was telecom sector with individual stocks like idea, bhari and rcom were up by almost 5-8%. RIL numbers are slightly above the Street expectations. Net profit was at 5661 crores vs 4800 crores on YoY basis while GRM increased to $10.3/bbl from $7.2/bbl. Technically speaking, NIFTY has given a confirmation to a preceding “morning star patter”. Today it gave breakout of a “symmetric triangle” which i mentioned in my sunday’s NIFY view. Now if the expiry is above 5650 then we can confirm the strength of bulls and see
the new highs for the market. I strongly recommend to buy NIFTY on dips with SL of 5540
NIFTY levels for 26th July:-
R-5705             S-5663
R-5749             S-5616
R-5770             S-5581

R-5806             S-5536

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