Daily trend of the market is down.
The world markets are all down. Dow has broken the main support of 8000 and now it has to be seen whether it can rise above 8000 on some positive news or not. If it rises then the world markets can take a counterrally and then Indian markets can also go up. But if Dow goes down further then the world markets are likely to go down further. Volatility is near its highest which shows that the fear is maximum.
Even though Valuations are attractive but till technical levels do not give any buy signals, we are not buying.
The dollar is not topping out and that is also not letting the dollar inflow start in developing countries with the result their stock markets are not able to go up. So we will have to wait for the dollar to start falling.
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Percentage above support
Percentage above support is still below 50% (today it is 6%) so we recommend that no delivery should be bought at current levels.
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Strong Futures
This is list of 10 Strong Futures: TTML, Hind Petro, GTL, Glaxo, Union Bank, Colpal, IOC, BPCL, MTNL & Sterlin Bio.
Weak Futures
This is the list of 10 Weak Futures: Tata Motors, Suzlon, Orchid Chem, Gitanjali, Rel Capital, Ansal Infra, Purva, Matrix Labs, Uni Tech & Amtek Auto
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