Nifty took support near 5260 - a trend line as marked on chart. So the dilemma is there still 1 more upmove pending for c(5) or is this a start for down trend.
So whats the Answer for all these ? So before that following question to be answered !!
1) Is GAAR Completed Exempted ? If So why PM has not finalized it still ? Many Business Channels broad casting their own view with FLASH news and confusing the Innocent Traders!!!.
2) Is Euro Zone trouble is Solvable - If so what Happened in Last Euro Summit and Now why Germany & France in Confusion ? Why Spain & Italy still having Pressure on Bonds Yield above 7%.
3) If RBI can Handle Rupee through OMO's (Open Market Operations) by Buying Rs.12,000 Crore worth of Govt. Securities and told last time that it managed to Keep the Rupee slide in Control, and Later last week RBI said OMO's has nothing to do with Rupee Movement.
4) FII's are always giving Negative Outlook and threatening India to Down grade - Rumour of India to be removed from BRICS and Now they are Pumping more that 5000 Crores worth in Indian Equity Market ?? Why ??
5) Is there any Accounting malpractice or Satyam Like Fraud case found by the Govt in companies Like JSW Steel / DLF or Essar Oil ???
All these questions are un answerable and Nifty too sluggish with out any clear direction. Only answer I have is if Nifty able to break the Trend line 5260 then we can say that Nifty started Wave C or 3 on the Down side.
Else if able to move up with out breaking the trend line - then there can be one more upside move left.
So as usual lets wait for tomorrows Market to Open. Till then Bye. Cheers!!!
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