Tuesday, January 06, 2015

Market Mantra
Photo: MBA Skool
Yesterday the Nifty found resistance around 8440-8450 zone. The Nifty retested 8360 support and closed 0.2% down. Today post gap down opening, since the Support zone of 8290-8300 is breached during the intra-day trade, expectation of a rebound to 8420/8430 levels have become feeble. The Nifty is now testing the next level of support zone at 8240-8200, which the bulls have managed to hold till now. If this level is held then for another couple of hours, then we can again think of reaching 8400, in this week. 

Moreover, the mid-cap index is down by 241.90 points against Nifty which is trading 181.55 down. This shows that bulls are not letting too much selling in the mid-cap space. The traders are suggested to buy good mid-cap stocks and keep holding. I have already recommended Anant Raj Ltd (Rs.44.55), yesterday. Fall in the crude oil price, would work wonders for the domestic driven Indian economy. It is only sentimental push, which is making the indices bleed and obviously this cannot continue for long. Even, the Foreign Portfolio Investors bought shares worth a net Rs.472 crore yesterday, 5 January 2015, as per provisional data. However, yesterday, 05-Jan-2015, the DIIs net sold shares worth Rs.575.74 Cr. May be the panic stricken and clueless DIIs are selling even today. 
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