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Markets were closed on Thursday. On Wednesday Nifty closed down1.29% at 5221. Banking led decline after
Moody's lowered outlook on banking system, citing slowing growth & concerns about asset quality but banks
are making all the due provisioning required & our banking system is well capitalized as compared to the banks
abroad. SBI fell 6.8%, despite a forecast-beating 2Q profit after a rise in NPA. ICICI, Axis & HDFC Bank fell
between 1.4% & 2.5%. Banking index closed down 2.62%. Lingering concerns over the health of the domestic
economy, widening fiscal deficit & slowing exports dragged the market. India's trade deficit in October is seen
at $19.6 billion, the highest in 4 years & at this rate, for the year 2012 could breach $150 billion. Depreciating
rupee is troubling the current account deficit & because of subsidy burden fiscal deficit is troubling. Auto stocks
were hit, with Maruti falling 4.2%, after sales suffered a fall of 23.8% in Oct on higher interest rates. Auto index
closed down 1.72%. TCS rose 3.7% after it won a $2.2 billion UK order. IOC fell 3.8% after it recorded a net
loss in 2Q. BPCL & HPCL fell more than 5%, after crude rose over $115. TISCO reported a 89% drop in the
2Q's PAT due to rising raw material costs & weak prices in Europe. Investors were cautious due to euro zone
debt crisis, slowing corporate earnings growth & rising fuel prices. Corporate earnings will remain in focus. It
looks that high inflation will dent growth outlook. Nifty is down 16.77% in last 365 days. On 26th October Nifty
closed above key hurdle at 5196 & 5200 & remain so thereafter. But during last 7 session it closed below important
5350 which it conquered on 30th October. Nifty hit a low of 5201 on last Thursday & 5212 on 9th Nov. Its
apparent that market is unable to sustain at higher levels & will take some time to consolidate. Above 5196 Nifty
may try to move up to 5400. Presence of 200 SMA & Fibonacci resistance around 5400 makes it a very strong
hurdle for bulls. If Nifty manages to get past 5400 look for 5431, 5572 & even 5700. Failure to conquer 5400 as
happened this week can take it down to 5196 –5160 support zone which Nifty can attempt today. Subsequent
supports are at 5100, 5065 & 5000. Resistance is at 5223, 5264, 5304, 5311-17, 5326, 5360, 5400 & 5450.
Support is at 5212, 5201– 5160, 5142, 5100, 5070 & 5038. Market is likely to open weak today & further move
in sync with developments pertaining to European debt crisis. Trade with caution & proper stop loss.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Markets were closed on Thursday. On Wednesday Nifty closed down1.29% at 5221. Banking led decline after
Moody's lowered outlook on banking system, citing slowing growth & concerns about asset quality but banks
are making all the due provisioning required & our banking system is well capitalized as compared to the banks
abroad. SBI fell 6.8%, despite a forecast-beating 2Q profit after a rise in NPA. ICICI, Axis & HDFC Bank fell
between 1.4% & 2.5%. Banking index closed down 2.62%. Lingering concerns over the health of the domestic
economy, widening fiscal deficit & slowing exports dragged the market. India's trade deficit in October is seen
at $19.6 billion, the highest in 4 years & at this rate, for the year 2012 could breach $150 billion. Depreciating
rupee is troubling the current account deficit & because of subsidy burden fiscal deficit is troubling. Auto stocks
were hit, with Maruti falling 4.2%, after sales suffered a fall of 23.8% in Oct on higher interest rates. Auto index
closed down 1.72%. TCS rose 3.7% after it won a $2.2 billion UK order. IOC fell 3.8% after it recorded a net
loss in 2Q. BPCL & HPCL fell more than 5%, after crude rose over $115. TISCO reported a 89% drop in the
2Q's PAT due to rising raw material costs & weak prices in Europe. Investors were cautious due to euro zone
debt crisis, slowing corporate earnings growth & rising fuel prices. Corporate earnings will remain in focus. It
looks that high inflation will dent growth outlook. Nifty is down 16.77% in last 365 days. On 26th October Nifty
closed above key hurdle at 5196 & 5200 & remain so thereafter. But during last 7 session it closed below important
5350 which it conquered on 30th October. Nifty hit a low of 5201 on last Thursday & 5212 on 9th Nov. Its
apparent that market is unable to sustain at higher levels & will take some time to consolidate. Above 5196 Nifty
may try to move up to 5400. Presence of 200 SMA & Fibonacci resistance around 5400 makes it a very strong
hurdle for bulls. If Nifty manages to get past 5400 look for 5431, 5572 & even 5700. Failure to conquer 5400 as
happened this week can take it down to 5196 –5160 support zone which Nifty can attempt today. Subsequent
supports are at 5100, 5065 & 5000. Resistance is at 5223, 5264, 5304, 5311-17, 5326, 5360, 5400 & 5450.
Support is at 5212, 5201– 5160, 5142, 5100, 5070 & 5038. Market is likely to open weak today & further move
in sync with developments pertaining to European debt crisis. Trade with caution & proper stop loss.
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