Markets had spectacular on Monday after the truce between two brothers ADA and MDA and the IIP numbers added fire to the fuel.
In US Investors grew cautious Tuesday after quarterly sales at Johnson & Johnson fell short of expectations .The Nasdaq rose 0.75 to 2,139.89. Asian markets are trading flat to positive .
Reliance Communications at Rs 247 might come under tremendous pressure after an independent auditor set up by the Department of Telecom to examine the accounts of Reliance Communications has concluded that the company has under-reported revenues of Rs 2,799 crore to the Government resulting in under-payment of Rs 315 crore as licence fee and spectrum charges during 2006-08. Stay away from the stock.
Nifty had 4900 a very strong support to deal with though the market looks down’ the market has managed to stay above our very crucial support of 4900 and stayed closed in the green, technically the trend is still intact up and we may see some more upside in the days to come and hopefully 5100 would be breached in coming days.
We advice members to be cautious after huge rally on moday.
Banks and Tech stock may be in action today watch out PSU banks canara, BOI, PNB and SBI for smart moves.
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