Tuesday, August 27, 2013

Support 5254

Dear All,


Markets welcomed the Food Security Bill (FSB) cleared by the Lok Sabha with an over 600 points fall. Rupee kept on sliding with the FSB giving it a further push to breach 66 against the dollar. Even as politicians continue to pat their own back for clearing the bill, financial markets, which is a reflection of sentiment of the people who study numbers do not believe there is any reason to celebrate.

While there is no clear figure on the size of hole that the FSB would punch in the economy, general expectation is around Rs 130,000 crore. India’s fiscal deficit for 2012-13 stood at Rs 490,000 crore, which was equivalent to 4.9% of the GDP.

Just a day before the bill was cleared, rating agency Fitch warned about the dangers of a slipping fiscal deficit. Yet even after the bill was cleared, Finance Minister maintained that the red line of 4.8% of fiscal deficit will not be breached.

>>> NIFTY <<<

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As shown on chart two alternatives pending before us for tomorrow trade. If breaks 5254 then 3rd wave should start with more fall. Else sub wave 2 should move up for wave c. Lets See.

>>> COAL INDIA - As Updated Yesterday <<<

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As said yesterday Coal India made a good fall today.

>>> Happened and Yet to <<<

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Coal India achieved my first target at 260 and made a profit of Rs.17000. Now if 255 support as shown on chart, if breaks then fall should continue.