Tuesday, 31 January 2017

NIFTY BELOW 8600; WARRY AHEAD OF UNION BUDGET

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Technically, Analysis would remain same. Indian Stock Market is still in positive zone but seen some choppiness today ahead of Union Budget. it continues to trade sideways in a narrow intra-day range between 8,580 and 8,640 levels. Nifty is also trading sideways in a narrow range. The market breadth is biased towards declines. Domestic indices turned cautious on today ahead of Budget 2017 after a strong rally in the previous week. Nifty Only a strong fall below the immediate support level of 8,550 will be a cue for initiating fresh short positions with a fixed stop-loss. Next key supports are at 8,530 and 8,500 levels. Key resistance beyond 8,650 is in the band between 8,690 and 8,750. Subsequent resistance is placed at 8,720 levels.
it sector in red
IT sector cracked during the day after on visa fears as the H1B visa bill was introduced in the House of Representatives. Nifty IT ended 3.2% lower, becoming the worst performing sectoral index. The index saw the biggest intra-day loss today since January 6. It shed 5.8% this month. All the IT stocks were trading in red, with TCS dragging the pack, down 4.6%. Tech Mahindra, HCL Tech, Wipro and Infosys fell between 2-4.3%.
Union Budget
The Union Government is then due to present its 2017/18 Budget on Wednesday, less than three months after Prime Minister Narendra Modi's bold and risky gamble to outlaw high-value old currency notes. Sentiment remained conspicuously cautious as investors preferred to reduce their positions ahead of the Union Budget tomorrow.
A subdued trend in Asia coupled with a decline on the Wall Street after President Donald Trump’s controversial crackdown on immigration and his plans to overhaul work-visa programmers dampened the domestic sentiment.
Economic Survey
The Economic Survey, presented in Parliament by Union Finance Minister Arun Jaitley projected the growth in 2017-18 to be 6.5% for the current fiscal, down from 7.6% recorded in the last financial year, but is expected to rebound in the range of 6.75-7.5% in 2017-18

12 comments:

  1. INFY future bought today @ 909....pls suggest tgt for this ?

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    Replies
    1. for long term infy target is 980, for short term u can book infy near 940-950

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    2. Thanks ayushi for reply...infy trading @ 930 i thinks i might book some profit here...looking for more positional calls

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    3. To get more positional calls, please fill up the form on right side..>>>

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    4. infy achieved target of 940 made high of 945

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  2. nice blog...well written I m regular reader...

    ReplyDelete
    Replies
    1. thanks for appreciation, it means a lot to us. you can also visit EQUITY CASH CALLS

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  3. no free stock future call today...on budget day?? any suggestions..

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    Replies
    1. today,we have provided "live market" calls.

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  4. I follow your blog daily. what will be the moment in nifty for Monday??

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    Replies
    1. niftystill in positive zone and you should go long at every dip in the market.

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