YESTERDAY WITH PROFIT BOOKING AND AWAITED US BANKS STRESS TEST RESULT OUR MARKETS WERE IN THE PHASE OF SELL OFF. WE HAVE WITNESSED SELL OFF MAJORLY IN BANKING SECTOR, WITH THE POSITIVE IMPACT OF THE US BANK STRESS TEST AND WITH THE POSITIVE OUTLOOK OF THE GLOBAL INDICIES MARKET HAS NOT GIVEN UP THE HOPE OF FURTHER UPMOVE. THIS KIND OF NEWS(US STRESS TEST) IN THE POSITIVE MAREKT WILL HELP THE STOCKS TO TAKE LITTLE RETRACEMENT FOR FURTHER UP MOVE. SECTORS LIKE MEDIA AND FERTILIZERS ARE LOOKING GOOD AND WITH THE POSITIVE IMPACT OF US BANK STRESS TEST MAY ALSO FAVOUR BANKING SECTOR.
FOR TODAY MARKETS WILL BE VOLATILE ON A POSITVE BIAS, IF NIFTY IS BELOW 3614 ONE CAN PREFER TO EXIT LONGS AND STAY SHORT WITH LOW VOLUMES AND IF NIFTY BREACHES 3600 THEN ONE CAN GO SHORT AND IF NIFTY BREACHS 3580 ON CLOSING BASIS ONE CAN STAY SHORT AND CAN SEE NIFTY TO TEST 3500 LEVELS IMMEDIATELY. ON THE UPSIDE THOUGH THE MARKETS MAY NOT BE ENCOURAGING AT THIS STAGE, ONE CAN GO LONG ONLY ABOVE 3680 ON POSITIONAL BASIS ONE CAN USE THIS LEVEL FOR ENTRY IF THIS LEVEL CROSSES THEN WE CAN SEE FURTHER UPSIDE TILL 3715 TO 3760.
BUY BANKOFINDIA FUTURES ABOVE 230 SL 225 TGT 240/247/254
BUY NTPC FUTURES AROUND 195 SL 192.80 TGT 200/202
BUY IFCI FUTURES ABOVE 27 SL 25.90 TGT 29
SELL MARUTI FUTURES BELOW 808 SL 817.4 TGT 800/786
SELL JP ASSOCIATES FUTURES BELOW 136.80 SL 139.60 TGT 133/130
