What a mess?? GDP numbers also not sparred

Heck, this is heights. India ranks in one of the most corrupt countries in the world, but still the 2^nd fastest growing economy in the world. The mess that was created in counting the GDP numbers has raised the question on the credibility of the FM. The GDP numbers for Q1 stays at 8.8%. The Central Statistical Organization (CSO) nearly tripled the initially estimated growth on the demand side to 10% from 3.7% announced on Tuesday.

On Thursday US markets flared on back of excellent manufacturing numbers. The US Manufacturing sector grew faster than expected in Aug the 13^th straight month of expansion, claiming fears that growth was stagnating. But private employers unexpectedly cut jobs, showing the recovery still face major headwinds.

Pawar takes step to decontrol sugar.

Indian markets started on a rough note. Markets closed almost flat on the first day of the week after making a high of 5469 but closed down at 5390. The day after, markets tanked but recovered sharply. Nifty slipped to make a low of 5349 (as mentioned in my earlier article support at 5350) but closed above the 5400 levels. On Wednesday Markets bounced back sharply. Global markets surged nearly 2% high. US markets closed nearly 2.5% high on back of unexpected rise in manufacturing numbers. Indian markets opened positive on Thursday, but corrected in the end.

Nifty is still trading inside the range of 5495- 5391 range. In the past 4 trading session the Nifty have not been able to close outside this range. Close outside the range will give us the indication of the trend of the market. Till Thursday, looking at the chart the Indices have not given any indication to buy. Nifty closed above its 20 DMA. For the further move Nifty should close above the trendline and above the rande. Nifty will continue to find support at 5400-5350 levels. RSI has given positive move but still the MACD has not given positive divergence.

Last weeks call Till ( 02^nd Sep 2010)

Short Abb below 757. SL 775. Did not trigger the price.

Buy Zee Ent with SL of 290. SL triggered.

Short Unitech below 77 with SL of 80. did not trigger the price.

Short Tech Mahindra below 654 with SL of 668. Made a low of 634.

Buy Tata steel close above 513. Made a high of 546.

Short Tata Power tgt 1200. Made a low of 1212.

Short Sbi below 2785. SL of 2780. Made a low of 2738.

This weeks call

Buy Tata Steel above 547 with SL of 539.

Buy Ril only above 945. with SL of 925.

Buy Axisbank above 1388 Sl of 1360.