#82 Nifty Update

Phewwww!!!! Bored and fed up with market. Market opened flat and then showed some bull power but couldnt withstand much and then fell like a loose motion which cannot be stopped even if u want to. NIFTY closed at 4747 down 91 points. Biggest blow to US corporate was resigning of Steve Jobs as CEO of Apple. Tim cook will take over position but steve mentioned that he will be still available for creativity for the company so thats a relief for Apple lovers. Today we have FED meeting around 7:30 pm and if bernake announces some stimulus for the economy then u may see markets rallying high and downside in gold prices. Day before yesterday, Worlds best trader, Warren Buffet purchased stake in Bank of America for around $3.5billion which in a day rose to $5billion as investors took it positively. This is a good deal as warren will get preferential dividend at 6%. US jobless data were out yesterday which claimed more unemployment which suggest weak job security in US. Coming to India and Anna Hazare, government late eve yesterday had decided to discuss jan lok pal bill in parliament and they did today but no significant outcome till right now. Coal india is going to replace Reliance capital in NIFTY 50 Stocks from October. This came as a blow to ADAG group. Whereas ONGC and RIL are fighting for the place of largest company by market cap in NIFTY. Talking about auto segment we have seen a rally in almost all including Heromotocorp, bajaj-auto , M&M but TATA Motors is been beaten up. Morgan Stanley has downgraded tata motors even at CMP so avoid position in this stock. One more mega deal is gonna be sign between GVK and Hancock Australia for purchasing 2 australian mines for USD 2.2 Billion which is gonna be funded by Standard chartered, ICICI and Axis. Technically speaking NIFTY is digging deep in oversold zone. NIFTY for the first time closed below 200 Weekly average since 2009 which can be a bearish sign. NIFTY long stop loss has been triggered but hold 5300 CE as you never know what will Bernake produce tonight. 
NIFTY levels for 29th August:-
R-4796                  S-4722
R-4830                  S-4682
R-4882                  S-4639
R-4936                  S-4600

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