Buy Idea 165 calL @ 1.90 tg 3.20,4.90 sl .80
NIFTY OUTLOOK FOR TOMORROW
Index opened at5930 latter made a high of 5960 and a low 5915
today. The level of 5950 provided a support.The RBI takes drastic measures to
support the rupee—it has increased the marginal standing facility and the Bank
rate to 10.25% from 8.25% with immediate effect. The difficult measures come at
a time when the economy is already suffering quite badly while posting the
lowest ever growth rate of 5% since 2003....
As far as the stock and the
bond market go, we are sure to see its negative effect with short term bond
yield rising and the equity market indices taking a hit. The effect of these
steps, for the equity market here, could be magnified since we have had a rally
of 472 points from the low of 5566 posted on June 21 up until yesterday’s high
of 6038.Technically speaking, the levels between 5990 and 5950 assume
strong significance since falling below 5950 and staying there would signal the
possibilities of a reversal of the current upswing in case, if the Nifty were
to go down below the major support range below 5870 and 5840 in any downswing
from here on that would confirm the reversal. RESISTANCE:5960, 5990,6030
SUPPORT: 5950,
5920,5880
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