PLEASE AVOID SHORT / MIDDLE TERM POSITIONS TOMORROW .
Nifty moved upward and downward without any order and closed at 5335.15. It was forecasted yesterday itself.
Market stayed in green till 2 pm. After 2 pm, the concerns regarding "CSO report and RBI's warning to MANAPPURAM FINANCE LIMITED" made the market weak. Central Statistics Office , CSO revealed that Indian economy is expected to grow 6.9% for the current financial year against the early estimation at 7-7.5%. As the part of mid-year analysis , Central Government expected the growth prediction between 7.25 and 7.75% in last December . CSO also mentioned that Agricultural sector growth expectation at only 2.25% against 7% of the previous year as well as Manufacturing sector at 3.9% against 7.6% for 2010-2011.
Besides , RBI restricted MANAPPURAM FINANCE LIMITED from accepting public deposits.
On the other hand, there are some positive news to the Indian capital market. Credit rating agency, ICRA forecasts that 2012 will be a positive year for mutual fund industry . In addition, Steel companies expect a high demand for their products in this quarter (January - March ). Cement companies have a good demand for their products in the nation, especially in South India.
Our intraday tip was to buy nifty futures above 5387. It touched our first target and then, it became weak. It tells the accuracy of our target setting .
GOOD LUCK....
No comments:
Post a Comment