· NIFTY had opened at crucial resistance which i mentioned at 5153 and closed almost flat and the session was range bound as expected. Market closed at 5133 down by 7 points.
· NTPC to Exit:- NTPC to exit IVRCL consortium as they havent performed as requirement. Since last 6 years the company has not even to acquire any coal mine for which the consortium was formed. So avoid the stock.
o Technically IVRCL is making lower highs since its listing so you should exit the stock on rise
· NMDC won:- I had mentioned about the NMDC takeover of legacy in Australia before 2 days which is been accepted by legacy. This implies that NMDC will get access to coal mine in Australia which will good for company currently as domestically environmental clearance issue is on. So it wont affect the companies production
o Technically NMDC has given a reversal from the downside. Monthly chart has given a bullish engulfing and Weekly chart is also suggesting a bull run ahead. You may buy this stock on each dip for the long term
· Everonn sold stake to Dubai- Varkey Group: Everonn stock was in news as its MD is in Jail but they declared that they have sold stake to dubai group at a rate of Rs 543/share which is way below CMP. Therefore you should buy this stock for short term with target of 543
o Technically seeing volumes have increased tremendously since last few days. All the indicators are suggesting a buy while monthly chart has formed a dragon fly Doji which is bullish sign..
· Coal Shortage: Power sector is facing coal shortage in the country due to mining constrain and not efficient transport facility. Coal India is the company to look out with NMDC for this sense. They both are the largest supplier of coal in India so they may get good margins which will improve their profits this quarter so have this stocks in your short term portfolio.
o Technically Coal India has given close above all the moving averages confirming the previous Dragon fly Doji. RSI has given bullish crossover while MACD is moving towards the central line. So you may buy the stock with SL of 370
· Today is the deciding day for Crisis. FOMC meet is going to end today and results will be out around 2am IST. Everyone’s eyes is gonna be on Bernake. Be ready for the volatile opening tomorrow.
· Housing data was out yesterday which came to low near to April in US economy. That was the major reason for the Downside of US markets yesterday. Today it will be a cautious market for US.
· NIFTY has confirmed the Inverted H&S but we havent noticed a breakout yet. Volumes have increase marginally and Indicators are still on the bulls side. While PCR is around 1.06 which states Bulls and bears are equal in strength. Now today’s FOMC meet output will decide the further trade in NIFTY. Hold my Long call on NIFTY with SL
NIFTY levels for 22cd September:-