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Many people say that Nifty will come to 4400 in near term, I don't disagree with them as anything can happen in market, but being a technical analyst I will only say that thinking of 4400 as of now is too early to say or too early to predict, market still looks good, only successful break below 4740 - 4760 will make me think of 4400 but as of now I will not support a point.
On the upside market is going to face resistance at 5035 - 5040 upon crossing this level we can look towards 5120 and after this crossing it can even target 5200 above this is not seen in tomorrow trade.
Pharma sector (Pharma: Healthy prescription for your portfolio) is in the pink of health yesterday as investors/funds rushed to take comfort in the defensive sector. Auto stocks continued to make merry after the budget sops. Gold is running and so is Crude and Silver. Copper hits a 22 month high. There is a huge rush for precious metals across the globe. Commodity analysts predict the continuation of the secular bull run in the precious metals space.
Retail Investors are reluctant to participate in the markets and rumours are flying at a rapid pace that BSE Sensex will kiss 12,000 levels. Looking at the trading volumes one cannot deny those rumours but when the reversal happens it doesn't given an indication too. This is a dangerous market to short too. Take a break. Pick your favourite destination and enjoy your holiday as the current markets will drive you nuts.
The street is likely to be subdued today with a 200 point range and the brokerage stocks hammering likely to continue further. As Merrill Lynch said yesterday that the resilience the US market despite of the continuous negative news flow is really surprising and at the same time the Emerging Markets are succumbing to the same news flow. As mentioned number of times no one can predict the bottoms. Long term investors should continue the bargain hunting
Stock in news - Infosys, TVS Motors, Sintex Industries, Gammon Infra, TCS and many more stocks hit the headlines today.
TVS Motors Feb vehicles sales fell 21 percent year on year
ET reports that Infosys is looking actively scouting for acquisitions in Europe and Japan.
Indian exports posted 20.47 percent growth in January.
Gujarat-based Sintex Industries iss on the lookout for an aquisition. The company ear marked Rs.595 crores for the same.
International ratings agency Moody’s has upgraded private sector major HDFC Bank.
Mint reports that Jignesh P. Shah, CEO of Multi Commodity Exchange of India Ltd, appears to be under investigation by the market regulator for alleged violation of insider trading regulation. Financial Technologies holds major stake in MCX.
Rupee hits a 5 month low against the US Dollar. Rupee ended the day at 40.40/41 levels, down from Friday’s closing levels of 40.01/02 against the US dollar.
TCS signs a multi-million euro deal with Nokia Siemens Networks.
Gammon India group company Gammon Infra IPO will open on Mar 10.
Steel Companies and Cement Companies are ready to hike prices in response to FM's budget