MARKETS WERE PURELY RANGE BOUND SEEMS TO BE IN THE PHASE OF CONSOLIDATION THIS KIND OF CONSOLIDATION AFTER A GOOD MOVE WILL MAKE THE MARKET TO BE RANGE BOUND FOR ANOTHER COUPLE OF DAYS AND THEN MAY GIVE CLEAR INDICATION ABOUT THE TREND. MARKETS AT THIS JUNCUTRE LOOKING VERY BULLISH AND MAY HEAD TOWARDS 3750 IN NEAR TERM THIS IS CONSIDERED TO BE THE RESISTANCE FOR THE NIFTY. WE HAVE SEEN SOME FRESH OPEN INTREST BUILD UP IN THE FRONT END STOCKS WHICH IS AGAIN A BULLISH SIGN FOR THE MARKETS. WE HAVE ALSO WITNESSED HUGE VOLUME BASED BUYING IN SMALL AND MEDIUM CAP STOCKS, WHICH CLEARLY STATES THAT THERE IS FURTHER SCOPE OF UPSIDE IN THE NEAR TERM.
THOUGH MARKET SEEMS TO BE BULLISH ONE CANNOT RULE OUT ANY DOWNSIDE WHICH IS GOING TO COME LIKE HURRICANE. SO THE RISK OF HOLDING ANYTHING NAKEDLY IN THIS MARKET MAY EAT AWAY ALL THE GAINS MADE SO HEDGE YOUR POSITIONS TO CERTAIN EXTENT ATLEAST BY 1:5 OF YOUR CAPITAL. FOR TODAY MARKETS WOULD REMAIN RANGE BOUND. THE LEVELS ONE HAS TO WATCH ARE FOR NIFTY ARE SUPPORT AT 3542 RESISTANCE AT 3772. NIFTY WOULD REMAIN BETWEEN 3620-3705.
BUY SUZLON ABOVE 73 SL 71 TGT 76/78
BUY RNRL ABOVE 62 SL 60.80 TGT 64/67/69
BUY NMDC CMP SL 205 TGT 225/232 ---> CAN HOLD POSITIONALLY
SELL HDFC BELOW 1858 SL 1882 TGT 1827/1785
SELL HDIL BELOW 171 SL 174.90 TGT 167/161/157
SELL APIL BELOW 345 SL 353 TGT 335
OPTIONS
BUY ICICIBANK 540 PA AROUND 30-35 SL 18 TGT 65/80 CAN HOLD DELV
BUY TATAMOT 240 PA AROUND 6-7 SL 4 TGT 15/20/30 CAN HOLD DELV
