So How's The Market Today, Research Report By Elite Wealth Advisors.........

    

             Market Outlook                        2nd May 2014                            

         NIFTY FINDS SUPPORT AT 6650, INDEX REMAINS INSIDE TRADING RANGE; RANGE BOUND MARKETS ARE NOT GOOD FOR TRADING. CURRENT DOWN MOVE IS A CORRECTION IN AN ONGOING UPTREND.

            

    Bank Nifty traded choppy on Wednesday. Prices first breaks the short term support near 12900 and then   came back and closed at the same. Index becomes very choppy now. Wait for this choppiness to be over  and then look for a trade.

•             CNX IT closed near its support at 9200. A breakdown from this support will give us a shorting opportunity. A short term resistance comes at 9400. A breakout above 9400 will gives us a buying opportunity in IT Stocks.
    is in a process of decline. Trend is down in this sector and Media stocks are declining. We should look for a shorting opportunity in Media Stocks like DISH TV, SUN TV and ZEEL
•                                                                                                                      Bata India has reported 2.44% increase in standalone net profit at Rs 39.4 crore for the quarter ended March 31, 2014 as against a net profit of Rs 38.46 crore in the corresponding period last year.Bata's net sales rose by 9.14% to Rs 495.12 crore for the quarter under review as against Rs 453.63 crore in the corresponding period a year ago.   
   PTC India Financial Services (PFS), reported a whopping 91% jump in its profit after tax at Rs 46.36 crore for the fourth quarter ended March 31, 2014. The total revenue for the period under review increased by 94% to Rs 149.44 crore compared to Rs 77.07 crore in the same period last fiscal.
  Mahindra & Mahindra has reported 11% decline in total tractor sales at 20,731 units in April.
  The company had sold 23,202 units in the same month last year, Mahindra & Mahindra said in a statement.
      Major carmakers, including Maruti Suzuki India, Toyota, Kirloskar Motor and General Motors India, reported decline in domestic sales in April as demand continued to be subdued due to overall unfavourable macro-economic conditions. Other manufacturers Hyundai Motor India Ltd, Honda Cars India and Ford, however, reported increase in April sales on the back of their new models.      
   IDBI Bank reported 7 per cent drop in net profit at Rs 518 crore for the March quarteron     highe provisioning, which jumped 28 per cent to Rs 1,332 crore. 
  Piramal Enterprises, has proposed to acquire 9.99 per cent stake in NBFC firm Shriram City   Union Finance for about Rs 790 crore. Piramal Enterprises has agreed to acquire 65.8 lakh shares for cash on preferential basis at a price of Rs 1,200 per share of Shriram City Union Finance.     FOMC announced a fourth $10 billion reduction to its quantitative easing program, reducing its monthly bond purchases to $45 billion and keeping pace with earlier guidance. The Fed will cut monthly mortgage bond purchases to $20 billion from $25 billion. Treasury purchases will drop to $25 billion a month from $30 billion.