Daily trend of the market is down.
Trend of the world markets still remains down though it seems that the downward movement should reduce and some bargain buying may emerge at lower levels as most of world markets have fallen by more than 50%. Base metals like copper,zinc, Nickel are not showing any sign of rally which shows that industrial activity is not picking up. Even Gold which was taking a good rally against the trend of US Dollar (US Dollar Index and Gold are inversely proportional meaning that when Dollar Index goes up,Gold goes down). The daily trend of Indian Stock Market came in downtrend on 11th Septmeber when Nifty closed at 4287.95 (http://www.crnindia.com/daily.html). We still maintain that the trend is down and one should wait before taking any aggressive buy positions
---------------------------------------------------------------
Percentage above support
Percentage above support is still below 50% (today it is 2%) so we recommend that no delivery should be bought at current levels.
---------------------------------------------------------
Strong Futures
This is list of 10 Strong Futures: Ntpc, Ubi, Indian bk, Obc, Maruti, Power Gride, Bpcl, Hero honda, Sterling Biotech & Colgate Palmoliv
Weak Futures
ThisSeptem is the list of 10 Weak Futures: Kpit, Welspun Guj st, Suzlon energy, Ivr prime urban, Bomvay Dyein, Nagarjuna Constr, Bajaj hind, Hdil & S Kumar.
No comments:
Post a Comment