Tuesday, August 20, 2013

Nifty crashes to 5306 as envisaged by Acestocktips Team on 31st of July 2013

Nifty Update : Nifty made an intra day low of 5306,Nifty within 80 points of our intermediate target of 5225.Recall our Post and Nifty update of 30th July when Nifty was trading above 5744.We said that Nifty will see savage cut of 450-550 points & trigger for this move would be dramatic fall in rupee.Nifty has crashed by 435-440 points from 5744.Breach of Neckline level coincided with further weakness in the rupee(rupee depreciated to 63.90 from 60.90).Market may bounce back due to oversold positions,however unless and until Nifty trades above 5480/5525 for 2-3 consecutive days,every upmove will be feeble.Markets will stabilize if a) On technical parameters : Nifty trades above neckline level of 5480/5525 & b) On fundamental parameters :rupee stabilizes around 60.80-61.40 level due to intervention by RBI.Govt should not botched up economy by silly measures.It comes to surprise that govt is following an old age adage " Penny wise,Pound foolish" by banning duty free import of Tv's etc rather than withdrawing Food security bill that can sink the economy further.Food security bill is welcomed if the intention of present govt is uplifting of poor people.But like MGNREGA of 2009,Food security bill of 2013 is merely a vote grabbing tactic to camouflage severe short comings of present govt that runs on dual power.We want Hon PM to stand up as an economist and withdraw this bill immediately because currently our economy is in dire straits.There are few whispers going on that India has approached IMF and that Chinese and few Hedge Fund sharks are ready to unleash financial war on India by taking Rupee above 70 v/s dollar.Hon PM & opposition must rise above petty politics and derail such plans by chucking out Food security bill.For daily nifty trading levels with Ace Trading Table check out www.acestocktips.com

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