Mid Market Report, March 20, 2014 | Stocks and Commodities

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March 20, 2014
Time: 1 pm

Mid Market Report:

1. Markets are trading as expected, consolidating.
2. Rupee fell by more than 30 paise and then recovered.
3. Due to the Rupee movement, IT and Pharma stocks are doing well.
4. Banks are down.
5. Huge FII buying limiting the downside.
6. As we have mentioned in the morning, Nifty future is taking support at around 6500.
7. VIX is also not shooting up.
8. Europe is likely to open lower by about half a percent.
9. If there is any FII buying, Nifty future is likely to move towards 6550.
10. If that happens, then it is positive for the markets.
11. Now we are getting good news from political front.
12. In AP, Jagan Mohan Reddy announced that whoever is forming the Government, he will support.
13. He is likely to get 15 to 20 seats.
14. So if NDA gets about 230 to 240 seats as opinion polls suggests, it will not be difficult to form a stable government.
15. So we hope that markets do not break down.
16. Nifty is likely to consolidate for few more days and then will break out on the higher side.