On Monday we have indicated that Nifty may pull back upto 4250 when the whole world was looking for 3700 level.
DJIA closed above 8600 level equal to Nifty 4400 on pattern matching.
Technically it has closed above right shoulder of head and shoulder pattern.
Nifty may open with a positive gap due to panic short covering.
Expect huge volatility.
Crude oil futures rose above $61 to settle up $2.02 or 3.39%.
The rupee strengthened further by 33 paise to 48.63/64 against the dollar.
CASHSEGMENT:- FII (NETBUYING) : 255cr. Mutual Fund (NETBUYING) :272cr., DERIVATIVES:- FII in INDEX FUTURE : (NETBUYING) 543cr. Stock future (NETBUYING) 456cr.
NIFTY FUTURE (Last close 4236.90)
The counter as expected moved further up and gained yet for the second day an impressive 124 points over its previous close amid volatile session. The counter to maintain its upward momentum needs to trade and remain above 4259.75 whereby it may move further up to 4302/4333. Strong support for NF exists at 4192.25 which if breached decisively NF may slide to 4163/4142.
Saurabh Garg: TATA COMMUNICATIONS FUTURE (Last close 468.00)
The stock of the multi product, multi service telecom giant after remaining range bound during the past few trading sessions closed yesterday above its short term trend line with positive bias. The stock may move further up to 476/481 once it trades and remains above 470.50. Strong support for the stock exists at 465.50.
UNITED SPIRITS FUTURE (Last close 875.55)
The company is India's biggest alcoholic drinks company with at least 59% market share and it is the world's third biggest by sales volume after Diageo and Pernod Ricard. Meanwhile. The stock may move up to 887/898 once it trades and remains above 879.75. Strong support for the stock exits at 869.25.
BUY PETRONET, ERAINFRA, TATASHEM, RELIANCE, BHEL.
BUY BECAUSE OF NEWS :-
Tata Communications has joined hands with Cisco to take wireless road in Gurgaon and thereby promote the digital lifestyle for consumers at home and on the go.
CMC reported a 16% year-over-year rise in its June-quarter net profit. Drug maker Cipla's consolidated net profit rose 10% year-over-year for FY09.