Indian stock market edged lower on tuesday 29th january as the stock market had already factored the 25 bps reduction by the “RBI” in its key policy review. Initially the market showed some enthusiasm, but as the details of the policy review trickled in with the RBI governor saying there was no room for monetary easing in future unless & until the country’s inflation and the current account deficit improves significantly over and above the RBI’s expected level, which dampened investors sentiment and they begun profit booking.
Investors sentiment also thwarted by the RBI’s decision to lower the “GDP” growth to 5.8% from 6.5% growth it had earlier (in july, 2012) projected. The S&P CNX nifty (spot) lost 24.90 and shut shop at 6049.90 in the closing. Overall more negatives than positives to take away from the trading screen & in a nutshell, it was a disappointing end.
Now for the rest of the month we have to wait for the pending Q3 corporate results for some positive trigger and ultimately for union budget session on next month.
Be careful & trade with extreme caution at least till month end F&O expiry (on coming Thursday).
Nifty Levels Today 30th January 2013 :-
Nifty Support Levels :- s1: 6046, s2: 6024, s3: 6012, s4: 5999, s5: 5964, s6: 5929
Nifty Resistance Levels :- r1: 6081, r2: 6094, r3: 6116, r4: 6137, r5: 6172, r6: 6207
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