Morning Bells (22 Nov 13)

Morning Bells (22 Nov 13)

Good Morning Friends.

Thought of the day – Miss anything  for your best life but don’t miss best life for anything.

It was completely unpredictable day for me, people are saying it fell down due Fed tapering indication, but it was already cleared in last Fed meeting that they will scale down in next few meetings then what made this fall so deep.

It was not just profit booking but its offloading which is very dangerous. Now experts are just hoping that like last time when Nifty will find support around current level.

The fall can also be attributing to weakness in rupee and rising government bond yields. Data from China showing slower growth in the manufacturing sector also hampered the investing mood.

The news also not in favour - Meanwhile, according to Fitch Ratings, India's narrowing current account deficit will not be enough to shield the country from pressures tied to Fed tapering, reports Reuters.

MARKET OUTLOOK –

So all of sudden it turned to negative, may be this statement help the bulls - "The taper will occur well after the first quarter in 2014," Christopher Palmer of Henderson Global said.

So no outlook at the moment just a wise advice, most probably Nifty to hold 5980 (on closing) and if it breaks 5950 decisively then we may see steep fall and next stop will be somewhere around 5600-5700 mean we will be there from where this fund flow rally was started.

OPENING – Can be uncertain mean flat and then market will look for cues to move further.

MG’s Nifty trading range –

R – 6230 – 6290 – 6350

S – 6020 – 5980 (Trend Changer level 5950 for Bears and 6350 for Bulls)

ECONOMIC EVENTS / RESULT CALENDAR –

03 Dec 13 – Power Grid OFS

OI Activity –

STOCK OUTLOOK -

(Stock that can see some good moves either side)

FRL –

Future Retail was down nearly 7% to Rs73.5 after report said that National Stock Exchange (NSE) decided to remove the stock from future and options (F&O) contract from January 31, 2014 onwards.

MBC PL –

Oct PL = -7400 + 600 (1200 Loss in NMDC, 1600 gain in Nifty PEs) = -7000

Open Call –