GOOD MORNING!!!
FRESH SELLING IN EARLY AFTERNOON TRADE HALTED AN INTRADAY RECOVERY ON THE BOURSES. ASIAN STOCKS WERE WEAK AS INVESTORS ADOPTED A CAUTIOUS STANCE AHEAD OF THE INFLUENTIAL US JOBS REPORT FRIDAY. FOOD INFLATION ROSE TO 17.56% IN THE WEEK ENDED 23 JANUARY 2010 FROM 17.40% IN THE PREVIOUS WEEK. THE FUEL PRICE INDEX ROSE 5.88% AND THE PRIMARY ARTICLES INDEX JUMPED 14.56%. THE MARKET BREADTH WAS POSITIVE AFTER SWINGING BETWEEN POSITIVE AND NEGATIVE ZONE. REALTY SHARES DECLINED ON SELLING PRESSURE. AUTO STOCKS DECLINED ON FEARS A HIKE IN FUEL PRICE MAY CRIMP DEMAND. IT PIVOTALS DECLINED AFTER A REPORT SHOWED THE US SERVICES INDUSTRY EXPANDED LESS THAN FORECAST. TELECOM STOCKS DECLINED ON REPORTS THE 3G AUCTIONS WILL BE DELAYED. METAL STOCKS, TOO, EDGED LOWER AS METAL PRICES FELL ON THE LONDON METAL EXCHANGE
TODAY MARKETS LOOK WEAK BREAK BELOW 4805 WOULD TAKE NIFTY TO 4741 AND BELOW THIS LEVEL NIFTY WOULD HEAD TOWARDS 4700 AND BREAK BELOW THIS WOULD LEAD NIFTY TO 4625 IN SHORT TERM. IF NIFTY CLOSES BELOW 4805 IT IS CONSIDERED TO BE A WEAK CLOSING. ON THE POSITIVE SIDE IF NIFTY TRADES ABOVE 4873 THEN WE MAY SEE SOME PULL BACK IN FORM OF RETRACEMENT BUT BUYING IS PREFERRED ONLY ABOVE 4944 UNTIL THEN IT IS TIME TO JUST STAY AWAY AND INVESTOR TO BUY ONLY STOCK SPECIFIC COUNTERS RECOMMENDED.
NO CALLS FOR THE DAY
TODAY MARKETS LOOK WEAK BREAK BELOW 4805 WOULD TAKE NIFTY TO 4741 AND BELOW THIS LEVEL NIFTY WOULD HEAD TOWARDS 4700 AND BREAK BELOW THIS WOULD LEAD NIFTY TO 4625 IN SHORT TERM. IF NIFTY CLOSES BELOW 4805 IT IS CONSIDERED TO BE A WEAK CLOSING. ON THE POSITIVE SIDE IF NIFTY TRADES ABOVE 4873 THEN WE MAY SEE SOME PULL BACK IN FORM OF RETRACEMENT BUT BUYING IS PREFERRED ONLY ABOVE 4944 UNTIL THEN IT IS TIME TO JUST STAY AWAY AND INVESTOR TO BUY ONLY STOCK SPECIFIC COUNTERS RECOMMENDED.
NO CALLS FOR THE DAY
