Bribery Scam hits the Market - How will nifty react

Banking, Reality and Finance stocks hammered as bribery scam hits the market

 

Bribery scam rocked Indian stock market in latter part of trading yesterday.

Nifty tanked to 5835 as traders queued up to sell LIC, Central Bank, Punjab National Bank ,Bank of India , DB Reality & Money matters.

Finance ministry is quick to update that it is not a scam, but a bribery case.

Readers can get the full coverage of this story on business line 

Let us see how to trade nifty today.

5877 is the market balance point for today.

Resistance for nifty is at 5915 and 5935.

Break out level is 5955.

Trading above 5955 , nifty will move to 5995, 6030 and 6065.

Support for nifty futures is 5840 and 5820.

Break and trade below 5800 is disaster for nifty and it will move 

down to 5760, 5725 and 5690.

NEXT: WEEKLY OUTLOOK

Disclaimer : This is not a recommendation/ solicitation of any order to buy or sell, but Jerry's view on indian stock market. I assume no responsibility for any opinion or statement made in this blog. Readers are urged to exercise their own judgment in trading. Readers shall solely be responsible for profit/loss

Study of two contrasting charts PNB vs TCS

Bullish stock - PNB

For tomorrow's trading 1090 - 1100 will act as support for PNB

Trading above 1112 PNB will blast its way to 1130 and 1155.

First half hour's low can be stop loss for this trade.

Bearish stock - TCS

838 - 842 will be resistance area for TCS tomorrow.

Reversal from this region will take TCS to 827 and 820 tomorrow.

NEXT: Nifty outlook 04-AUG-2010

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Disclaimer : This is not a recommendation/ solicitation of any order to buy or sell, but Jerry's view on indian stock market. I assume no responsibility for any opinion or statement made in this blog. Readers are urged to exercise their own judgment in trading. Readers shall solely be responsible for profit/loss

Bullish pattern in PNB

PNB

Last time I had written about SBI. On that occasion SBI went up 15% in less than 2 weeks time.

Now another biggie bank is appearing bullish on charts.

PNB is a great bullish positional trade for targets of 1080 and 1120.

Disclaimer : This is not a recommendation/ solicitation of any order to buy or sell, but Jerry's view on indian stock market. I assume no responsibility for any opinion or statement made in this blog. Readers are urged to exercise their own judgment in trading. Readers shall solely be responsible for profit/loss.