Wednesday, September 19, 2012

Political Chaos Vs Nifty

Dear All,

Trinamool Congress chief Mamata Banerjee on Wednesday vehemently denied any attempt at communication from the Prime Minister's Office (PMO).

"You may control some channels but you cannot control us. We are transparent. People know our credentials," she added. "I was never informed about FDI decisions," Banerjee reiterated.

"I will stick to my position, come what may...the (TMC) ministers will tender their resignations," she told reporters, a day after she announced withdrawal of support and pull out of ministers, if the government does not go back on its decisions.

Trinamool Congress, the second biggest constituent of the UPA, on Tuesday dealt a major blow to the Manmohan Singh government when it decided to withdraw support on the issue of FDI in retail, diesel price hike, cap on subsidised LPG cylinders and corruption.

She had said that party ministers in the UPA government would meet the prime minister in Delhi and submit their resignations at 3:00 pm on Friday.

>>> NIFTY <<<

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Nifty forming a Pennant formation - a Break below the channel may target 5500 or 5450. Upper side break out may lead to 5660 & 5706.


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Tata Motors - forming a Head & Shoulder - Support at 272, breaks below may lead a fall up to 263 & 257.

>>> HINDALCO <<<

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Hindalco - Complted a-b-c - retracement and broken the support of 114.50. Should fill the gap for a possible low upto 109 & 103