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Dear Friends,
On Friday Nifty moved above its 20day moving average. I believe technically the short term downtrend will see a reversal if Nifty holds 4480. Going ahead traders should watch out for two triggers 4480 and 4630. The former should be held on a closing basis and the latter should be crossed on a closing basis in next four days.
The way small cap and mid cap stocks are reacting, Nifty seems to have entered the phase of final upmove where irrational exuberance might set it. All said and done Nifty needs to hold the 50-day moving average at all cost. Recent lows at 4353 might act as a good trigger going forward. The next trigger for markets that is going unnoticed is the 100-Day Action Plan of the Government of India. We can hear more about the implementation of the same by late August. Traders should note that the focus of marketsmen after budget was on the same action plan. Globally the cues have been improving off late except the Shanghai markets. As far as I see the problem in the Chinese markets is one that bears a distinct similarity with the one that occurred with Uncle Sam late in 2007. Most of the Chinese top tier banks have garnered there TIER-2 capital by Buying each other’s Bonds. There is no harm in this system until and unless the NPA starts increasing. With an already inflated asset bubble it is to be seen whether the Chinese Bubble squeezes all of the ASIAN giants along with it.
One company I have been tracking on the Bubble side is Vishal Information Technologies Limited. The total number of outstanding shares of the company is 24.16 crore. Market cap based on Fridays closing price is 435 crores. Almost a year back in poor market conditions the companies IPO got subscribed one time and just managed to sail off. Company as part of its disclosures has announced that it had launched a website named www.tutisclassics.xxx. After an year the daily pageviews of the site are at 178. I personally feel most of these companies launch commercial websites only to siphon off funds. In last six months the company has announced its intention to acquire atleast three companies in three different regions around the world. The problem remains that none of these acquisition is seeing the light of the day. Last Year Company reported 68 crs in sales and a meager 15 crs in net profits. It is trading at 28X its FY09 earnings. I believe even after the run Up INFOSYS is a far better bet then this mid size over hyped IT stock. BE CAUTIOUS.NIFTY SUPPORT:-4350,4522
Nifty resistance :-4630,4619
Bullish and bearish stocks Uploaded every day at
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TSR JULY SERIES REPORT.
PROFIT IN JULY 71519 = IN 1 LOT
REFER
http://www.future-friend.blogspot.com/
TSR INTRA NIFTY
PROFITS IN JULY 49150 (983 POINTS IN 1 LOT)
REFER
http://www.tsrnifty.blogspot.com/
TSR OPTIONS PLAN
PROFITS IN JULY 35417
REFER
http://www.tsroption.blogspot.com/
More then 78% accuracy in June series in Intraday calls.Check day by day sheet at http://www.smscalls.blogspot.com/ .
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