GET SET GO ..... Said Govt.
Didi Gone, FDI amended, Cong govt Stable, Nifty & Sensex at a New High...What made these all, What else left to do ?
Nifty Jumped around 450 Points, Rupee at its 4 months High.
1) Govt Cut withholding tax on overseas borrowing by local companies to 5% from 20%. Now Cheaper Funds will flow into Local companies.
2) Fin Ministry also approved Rajiv Gandhi Equity Savings Scheme to encourage small investors to enter the stock market. Retail investors earning less than Rs 10 lakh ($18,400) annually, would be eligible for a 50% tax deduction on investments up to Rs 50,000. The programme will include mutual funds and exchange-traded funds.
3) Infrastructure and construction companies, burdened with huge debt, will benefit from the government’s tax measure.
4) Govt. would relax the minimum requirements for Indian carriers to fly overseas.
Inflation, Monetary Policy and External Factors like Euro Crises and Chinese issue remain the same, yet to be assessed going forward.
Weekly Nifty Chart :-
>Click the Chart to see on full screen<
Nifty Weekly Chart shows that Price crossed and closed above 61.8% retrace looks bullish. May cross over to 5950 which is 78.6% retrace next.
As per EW theory - On going Wave is C. 5870 is the Logical target for Wave C.
Daily Nifty Chart :-
>Click the Chart to see on full screen<
Daily Chart - Both Channels topping out - as 1-5 wave is ending - as its time for correction before a Next Upmove. Possibly a good round of selling next week possible.
May try to fill the first Gap at 5450.
Weekly Bank Nifty :-
>Click the Chart to see on full screen<
Bank Nifty Weekly Chart closed above 61.8%. But the Previous High 11433 may act as a Resistance this week.
Daily Bank Nifty :-
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Daily Chart of Bank Nifty - Have marked here as A-B-C. On going C was should cross 11433 as shown on Weekly Chart and should touch 11620 which is 78.6% retrace of wave A.
>Performance<
Following Excel Sheet is our Sep month Performance So far :-
Performance was down due to Tata Motor which had a gap up Opening a day after FDI bill Passed. Even though advised only small or risky traders to exit / Other to Average. So have deducted Tata Motor as Loss here.
Those who wish to Participate our Calls should call me on 9677924975 or krish_venkatesh@yahoo.com
Cheers!!!
