NiftyforAll: Weekly Review

Saturday, February 21, 2015

Weekly Review - 23.02.2015

Dear All,

Indian bourses will remain open for trading on the Union Budget day on February 28, a Saturday. The Securities and Exchange Board of India on Friday asked stock exchanges to allow trading as per normal trading hours on the day when finance minister Arun Jaitley will present the Budget of the Narendra Modi-led government. The capital market regulator had earlier decided against allowing trading on the day, but brokers had been urging the market watchdog and the finance ministry to keep the markets Open.

Meanwhile a major crackdown on alleged leak of classified documents from petroleum ministry, capital markets watchdog Sebi today warned it will take stern action if such stolen information was being used in the markets.

There have been reports that these leaked documents could also have been used for trading in the stock markets, although there are no official words on this.

"I am hearing it for the first time from you people that the stolen information was allegedly used for trading in the market. We have an integrated surveillance department. If there is an iota of truth in that, my people would already be on working on that," Sinha said.

On Thursday, the oil ministry was rocked by a scandal involving the leakage of official documents by government employees and other officials.

The entire pack of oil & gas sector stocks witnessed a decline on the back of document-leak scandal. Indian Oil was down 2.7 per cent, ONGC fell 0.7 per cent, and Castrol India was down 0.9 per cent.

"The leaking of the documents acted as a trigger for investors who were looking to book profits in the sector. Over the past several months, many of the oil & gas stocks had risen quite significantly and stocks had become expensive," said Dipen Shah, head of private client group research at Kotak Securities.

"Some amount of heavy-selling was seen in index derivatives towards the end of the day. This could be a part of the pre-Budget hedging by traders and investors," said Daljeet Singh Kohli, head of research at IndiaNivesh Securities.

"The markets had been rising continuously for the past seven sessions. So some amount of profit-booking was expected. The selling was not extraordinary because at no point did the index fall by more than one per cent," said Bhamre, who heads the derivatives analysis at Angel Broking.

Analysts said the mood going into the Budget was optimistic and there was very little cause for nervousness. "People have high expectations from the Budget, but that does not mean people are nervous and will look to pare positions aggressively. There could be some risk-aversion at higher levels as the Budget draws closer. But overall, the sentiment remains positive," said Shah

BRUSSELS—The eurozone approved a four-month extension on Greece’s bailout Friday, provided Athens submits by Monday details on the reform and budgetary measures it plans to take, Austria’s finance minister Hans Jörg Schelling said.

The four-month extension falls short of the six months Greece had requested Thursday and strengthens the hand of the country’s creditors in negotiations for a follow-up deal.

Greece has to submit a list of proposed measures by Monday, which will then assessed by the European Commission, the European Central Bank and the International Monetary Fund by April, Schelling said.

Finance ministers will hold conference call Tuesday night to discuss the Greek list of measures.

>>> Nifty Weekly Chart <<<

>>> click the chart to see on full screen <<<

As shown on above weekly chart bulls ignored a Doji last time, lets hope this may be repeated again.

>>> Nifty Daily Chart <<<

>>> click the chart to see on full screen <<<

Yes 9578 may be the final Target for bulls. We are long since 8530 and continue to hold the long until there is a meaningful sell trigger on the chart.

>>> Nifty Hourly Chart <<<

>>> click the chart to see on full screen <<<

Ofcourse the golden cross over happened in favour of bulls, 78.6% Resistance must be crossed and closed above should help the bulls for a healthy upmove. So lets wait for it.

>>> Bank Nifty - Hourly <<<

>>> click the chart to see on full screen <<<

We are Long in Bank Nifty - Looking for a good Break Out. Lets Wait and See.

>>> Stocks of the Week <<<

>>> BIOCON - As Posted on 13th Feb, 2015 <<<

>>> click the chart to see on full screen <<<

Posted last week and wrote to Buy Biocon on every dips for a good upmove. See what happened.

>>> BIOCON - Happened and Yet to <<<

>>> click the chart to see on full screen <<<

We had a Part Booking of Rs.10K. Price made a high of 453.8 near to our first Target 458. More rally on card. Keep buying on dips.

>>> Grasim - As Posted on 12th Feb, 2015 <<<