Third consecutive win for the market!!!! NIFTY closed at 5040 plus 39 after open almost 100 points up in pre open session. Market was closed for last two days but 2 important figures were announced which were Auto Sales and Food Inflation. Food inflation came out to be in double digit at 10.08 vs 9.80% last week. While Sales figure were again a disappointment on YoY basis for Tata motors and Maruti but TVS saw a growth of 14%. Everon Education saw a 20% lower circuit on arrest of its MD. ONGC is likely to come with FPO this month. TATA motors is going to split its share from Rs.10 to rs.2 from 13th September so make a note of that. Have you heard about SMSgupshup?? It is one of the social networking sites by an Indian which is giving a tough competition to FB and LinkedIn. Its obviously different from other social networking but it has a great potential ahead. Another example in which a world leader was beaten by its competitor in no time is of FedEx and DHL. An interesting story says that Fed Ex took DHL in india very lightly and they lost the battle. DHL with Blue dart have around 400 branches over the country while FedEx has just around 150-200 branches. So that was a lesson learnt by FEDex.. Never under estimate small competitors. So is India. Hope we are not underestimated because we have the largest retail customer base. World markets had seen two days rally but again on weak economic date in US we may expect some pressure on Monday. What US need is some Job opportunities and people are expecting Obama to launch some boosting report for Jobs. Motorola is going to be acquired by Google for $12 billion which will make a stiff competition for companies such as Apple and Samsung. Technically speaking NIFTY is in bullish mood with RSI and Stochastic supporting them. We may expect some dip on Monday and I recommend to buy NIFTY on Dips.
NIFTY levels for 5th September:-