- Nifty bounces back with intensity and keeps the hope alive of Bulls
- Post today's bounce - this is the new support of Nifty.
- Why this up move does not sound exciting? Look at the provisional buy/sell data
- Considering this is F&O expiry week? Expect more drama and two sided action going ahead. That's not all: US Fed meeting is tomorrow and that can impact Global market environment
- What pulled the market up? - BANK NIFTY. It was right at support and did all the bullish work to save the Nifty
- The Star performer of the Day: ICICI Bank. The stock zoomed up 8%..looked like a combination of Strong short covering and buying
- But the real star of the market was Maruti. The stock made a fresh high today
- Nifty was up strongly but here's what two leading names in the Nifty did
- One stock that has registered its strength in current market decline: L&T The stock on weekly chart looks good
- Bullish Hope: Can GST be the trigger for upmove? OR is this Wishful thinking
- USDINR has created a strong resistance at 63.91. Today, INR appreciated strongly from resistance levels and now trading at 63.07. That's a sharp pull back.
- There can be real chaos if USD strengthens above 63.91. Keep an eye on that level.
- What market does matters more than what market is supposed to do. Despite lots of worries - it would be sensible to follow the market action first before reaching any conclusion
- Most of the frontline Tech stocks have pulled back and are at good support levels. Can they provide support to the market?
- HCL Tech is at 200 dma. Will Long term bulls offer support to the stock?
- Can Sun Pharma take support here and drive the market up? Well Bulls can hope so
- The sector to keep an eye on: Cement. Most of the Cement stocks be it ACC, Ambuja Cement or Ultratech Cement: all at key moving average i.e. 200 dma. Will they hold and bounce? Well, yes if market has to remain bullish.
- Ambuja Cement has formed a long legged doji at 200 dma: looks like a selling exhaustion. Bulls can hope for long trade with stop loss below 225.
- Stock News: Competition Commission of India CC clears UltraTech's Purchase Of JP Assoc's Two Cement Plants.
- Fundamental Problem: Lots of rate cut talk happens but nobody talks about rate cut transmission. This year, Reserve Bank of India has cut the repo rate by 0.25 percent on January 15 and further by 0.25 percent on March 4. But out of 91 scheduled commercial banks, only 21 banks have lowered their base rates. Read more
- Why recent pullback in Nifty is disturbing? Because look at other markets. This is China. Do you see any pullback
- The strength in Brent Crude right now is really surprising. Can it rally to $75. Well if that happens, it will shock many people
- If the markets were certain then there would be no markets. No one can give you a 100% guarantee of what market will do; all we know is what it can do
- The trouble with most of us is that we think with our hopes or fears or wishes rather than with our minds
ChartSource: Chartalert.com [Indian Stocks]
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Disclaimer – The state of the market notes is Deepak’s perspective on the market. The column is purely for educational purpose. Nothing contained herein is a solicitation to trade or a recommendation of a specific trade. By reading this publication you agree to make no trade relying in whole or in part on the comments of the writers