NIFTY was an odd one out today but for 1st time on positive side. All the US and Europe market together with Asian Markets were in a sharp decline on weak job data in US on Friday making sentiments bearish but NIFTY just closed 22 points down to 5017. Today which had listing of Brooks lab which was trading 30% in opening hours but then we saw the stock at 25% in red making total movement of 60%. This makes us say that never trade on listing day. Reliance capital was booming on high expectation from its new venture with Nippon which is yet to finalize. This will boost Rel cap insurance market. On the other side Hero and Bajaj-auto were moving against the market index on the base of good 2 wheelers says figures last month and it is expected to be better this month on account of festival. One of the interesting data was sent by CMIE (Centre for Monitoring Indian Economy) that earlier they had forecasted 34.5% growth in profits of manufacturing sector in month of sept but now due to Petroleum products high cost they have revised it to decrease in profit rather rise by 5.7%. Now that will be making each investor shocked. But let’s wait and watch for the actual numbers next month. Taking about Air India which people say is digging loss for govt declared that for the first time ever since 2007 they made small cash profit on the route to US. One of the interesting figure was that in month of July Indian companies in total raised USD 3.67 Billion through FCCB and ECB with reliance being sole raise of USD 1.6Billion.. Now thats what we call emerging market. In-spite of such a global melt down people are investing in India which means they are bullish on Indian Companies on long run. Talking about NHAI, its a best example of slow mover. A plan was passed in 2002 to construct NS-EW corridor with a repeated deadlines of 2007,2009, 2010 but whats the progress?? Still they haven’t acquired 30% of land. How do you expect us to grow?? I think contracts should be given to private companies which will do work faster than them. US markets are closed today on account of Labor day so we might not see much movement tomorrow in opening hours. Europe are down by4% but it couldnt move our indian markets. Techincally speaking market is going to take strong support ay 4965,4942 and 4900 levels. RSI is yet on bullish side but we may see resistance at 5060 and 5127. Hope you all entered long on NIFTY near to 4965-4990 levels as i mentioned in last report. I still recommend buy NIFTY on Dips.
NIFTY levels for 6th September:-