Daily Market Strategy -- New Series, Old Worries !! -- IIFL IJK There is no peace of mind in the market as the August series sets in. Though the main indices have gained around 5% in July, the undercurrent remains negative. Crisil has stated that a third of the 11,500 companies it rates may not be in a position to service debt this fiscal as the RBI’s liquidity tightening to shore up the rupee stretches payment cycles. Credit quality of corporates is likely to be weakened by slow growth in GDP, heightened currency volatility, and higher‐than‐expected interest rates, the Crisil report added. That aside the market is expected to open flat today. It’s going to be action‐packed as far as the results are concerned. Some may announce after market hours, which could be a new trend soon. Wipro, HUL and Nestle will be on investor’s radar on account of its numbers expected today. ITC, first‐quarter profits grew 18% at its slowest pace in four years as India’s economic growth slowed. Nifty succumbed to selling pressure on back of weak structure of ‘rising wedge’, violating its short term support of 5,970 on closing basis. Nifty earlier had held on above the support levels last week. It is expected that selling pressure to continue in coming days and any move below 5,900 levels has ability to aggravate weakness to 5,850. Nifty Support : 5813 Nifty Resistance : 5967 Nifty future which added 0.06mn shares in open interest has seen unwinding. Bank Nifty future which added 0.04mn shares in open interest has witness some fresh short. Rollover in Nifty and Bank Nifty future stood at 76% and 57% respectively. Nifty August 5,900 call which added 1.14mn shares in open interest has seen some buying . Nifty August 5,800 put which added 1.12mn shares in open interest has seen buying in yesterday trade. Fresh short addition was seen in Banking, Metals and Textiles sectors. Stocks in Ban period : NIL
Posted on: Fri, 26 Jul 2013 03:24:45 +0000
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