Nifty on Friday opened huge gap down due to news about Dubai financial tremors, where it went down till 4800 mark and recovered strongly @ the end.Banks and realty's are down more than 3% have recovered finally. Now how far this Dubai crisis will play out the world markets? The amount is not big as what we saw on previous financial crisis occasion and also no major Indian companies or banks deal over there. So there is nothing to do with Dubai crisis in our markets.But there are some internal concerns where we can play out from here on like P note, Increasing taxation on FII trades like Brazil,GDP. GDP numbers coming today which may induce Indian markets move from here on.Lets see how markets will play out.
Nifty View ::
Nifty struggling to cross the new high of this year,whenever we are about to cross some kinda news making all the way to bears.I strongly believed it will be done on last expiry where it was shuffled by Dubai news and DRR hike in china. So technically until we see new high this range will continue with 4798 support and 5151 resistance. So whats the game plan on Nifty today? let see. Asian markets opened strong due to Europe strong +ve close on friday which majorly affected by Dubai debt game. So we can effect a Gap up open above 5000 to fill the gap we left on Friday. One can boldly short around 5008 with stop of 5020, the price action of Friday says we will hit 4885 atleast once. Support for the day pegged @ 4849. we may trade flat until GDP data hits. Try to exit longs @ every rise or have strict stop with some option hedging. Bears will use all rise to short this market until high of october takes out. Pick mid cap banking stocks and cement sector for this month.
Levels ::
Nifty fut supp @ 4849 :: Res @ 5008
Stocks to watch ::
Binani cem
Suzlon
Thinksoft
Ricoauto
Note :: Cant able to update nifty views due to personal reason, will try to post.
Happy trading!!!!!!!!!!
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