Presidential Elections: Support Dr.Meira Kumar
Bihar and Jharkhand governments have no choice but to support Dr.Meira Kumar. As defeat of "Bihar ki Beti" in the hands of "UP ka Beta", will invariably bring Shame to the Biharis and Jharkhandis. So, Nitish Kumar has very little option left but to support, Dr.Meira Kumar. This might also probaly correct some of the historical mistakes of not making her father, the Prime Minister of India.
Also, I don't think all the Muslim and Christian MPs and MLAs from the TDP and TRS will ever support a RSS backed Candidate, who acted against Dalit Christian and Muslin reservations. Therefore, invariably cross voting will take place, which might give the underdog, Ms.Kumar, a win. Support Dr.Meira Kumar and make her the 2nd Female President of India.
All the best to Dr.Meira Kumar...
Thursday, June 13, 2013
Yesterday, in In line with expectation, weakness persisted though the level of 5730-5760 provided support. A gap down opening is seen today in the morning amid weak global markets. Market has given a breakdown below 5870 after moving between 5980 and 5870 for four trading sessions. Long positions theoretically should hnce, be avoided, u nless some conditions are fulfilled. Now, from the trading pattern of morning, it seems that the level of 5720-5740 is likely to hold out at the end of the day, as the area provides strong support; though presently it is broken intra-day.
In case of Nifty_Future traders for Thursday, June 13, 2013, the trend deciding point works out at 5736, which is broken for the moment on the downside. The the third weekly support stands at 5714 mark. Hence any fall towards the band of 5736-5714 should ideally have been used as a buying opportunity with a stop loss of thirty to forty points below this level (SL still not broken). But unfortunately this level has been broken intraday/ Therefore, The Nifty_Future Traders can only think of buying, if and only if, the Nifty_Futures moves above 5714 intra-day. Till then long positions are strict no no. Nifty_Spot is now at 5694. On the ascent, the first resistance will emerge at 5826 mark. If there is sustained buying at this level, then Nifty is expected to move towards 5872 mark. The Correction seems to be coming to an end, a tempory bottom can be expected by today's closing trade.
Resistance: 5740 / 5795 (Nifty_Spot)
Support: 5692 / 5650 (NIfty_Spot)
Asian market’s key indices declined today in the morning tracking the fall in US, EU markets last day as investors are worried about the possibility of central banks across the globe cutting back on stimulus measures.
The IIP data for Apr-13 came as a negative surprise, which was reported as 2%, lower than against the estimates of 3%, dragged down by consumer durables growth. However, the upward revision of the Mar-13 provisional data to 3.4% (vs earlier fig of 2.5%) provided some relief. The combined CPI data for May-13 came at 9.31%, though marginally lower than previous figure, it was higher than estimates. The widely tracked WPI Inflation data for May-13 is due on Friday. The Fitch upgraded of India’s outlook to Stable from Negative, while affirming the rating at BBB-. However, this is unlikely to provide any major relief to the market amid global uncertainties. The World Bank has cut its 2013 global economy growth to 2.2% vs 2.4% seen in Jan-13.
Fundamentally speaking, today, the domestic market Indices are seen trading with a negative bias, though the correction seems to be overdone, as the FMO is likely to announce a slew of measures to stem the fall of the INR Vs USD.
Today's call buy IVRCL Ltd at Rs.15.70, T--Rs.19, SL--Rs.15 (exit). After such scintillating results, this sort of break down, is overdone and the scrip should recover. The govt may soon allow PSU infrastructure lending companies to issue overseas bonds for raising capital for long-term infrastructure financing. This is expected to help many of cash strapped companies in this sector, like IVRCL Ltd (Rs.15.60), HCC Ltd (Rs.11.19), NCC Ltd (Rs.28.70) etc.