NiftyforAll: 05/23/13

Thursday, May 23, 2013

Support 5928 & 5854

Dear All,

World Market along with Indian Market too fell sharply Today, as fears over a tapering of the Federal Reserve’s bond-buying program continued to play out. I have warned about this on my Face Book Yesterday itself. Those worries and weak China data led to heavy losses for global stocks, with Japan equities suffering their biggest one-day loss in more than two years.

Also State Bank of India (SBI), the largest commercial bank in the country, today said its net profit for the quarter ended March 31, 2013 fell by 18.5% from a year earlier to Rs 3,299 crore on account of higher provisions and decline in net interest income. SBI shares plunged nearly 7% as earnings were poorer than market expectations.

Reacting to the meltdown in global equities, Finance Minister P Chidambaram said that the US Federal Reserve Chairman's statement has been misunderstood by the market. He said that foreign inflows into India in May have been copious and there is no need for investors to be nervous.

Meanwhile After S&P retained the lowest investment grade for India a week back, Moody's Analytics, in a statement today, said that the Indian economy is growing below its potential.

It said, "The government believes India can grow at an 8% pace if everything goes according to script. We think this is unlikely, seeing India’s potential growth rate at around only 7%; anything higher will fan inflation."

>>>NIFTY<<<

>Click the chart to see on full screen<

As wrote earlier Nifty broken the key support 6070 and 6025 and made a low of 5955.85. Now 5928 should be the support and if breaks then should fill the gap left at 5854. Lets See.

>>> BANK NIFTY <<< - as Posted on Face Book Yesterday