GOOD MORNING!!!!
AS EXPECTED MARKET WAS VOLATILE AND RECOVERY ON THE BOURSES BEGAN SOON AFTER A WEAK OPENING TRIGGERED BY A SETBACK IN GLOBAL EQUITIES. MARKETS MOVED INTO GREEN FROM RED FOR A BRIEF PERIOD IN THE MORNING ON THE NEWS THAT MOST COMPANIES IN THE LIST OF TOP TAX PAYERS FROM MUMBAI HAVE PAID HIGHER ADVANCE TAX FOR THE APRIL-JUNE 2009. BANKING STOCKS RECOVERED BECAUSE OF TWO REASONS ONE WAS GOLDMAN, SACHS & CO. RAISED ITS RATING ON SOME STATE RUN BANKS CITING A LIKELY REBOUND IN INDIAS ECONOMY AND THE FINANCIAL SERVICES INDUSTRY AND THE SECOND REASON WAS IN THE ADVANCE TAX PAYMENTS FOR THE FIRST QUARTER OF THE FINANCIAL YEAR STATE BANK OF INDIA BEING THE HIGHEST TAXPAYER DURING THE QUARTER WITH 61.09% JUMP TO 1068 CRORES, HDFC BANK HAS PAID 16.28% HIGHER ADVANCE TAX TO 250 CRORES AND EVEN SMALL BANKS SUCH AS INDUSIND BANK HAS PAID 122% HIGHER THEN PREVIOUS WITH 20 CRORE, DENA BANK AND YES BANK FOLLOWED THE TREND WITH INCREASE OF 75% AND 42% WITH INCREASE OF 35 AND 27 CRORES RESPECTIVELY.
MARKETS TODAY WILL BE VOLATILE AND WE CAN EXPECT SOME WEAK OPENING INITIALLY BUT WE EXPECT SOME RECOVERY AFTER A DIP IN THE MARKET BUT BE CAUTIOUS IN BUYING WHILE RECOVERY, BUY ONLY THE STRONG STOCKS WITH STRICT STOPLOSS. TODAY IF NIFTY CROSSES 4550 THEN WE CAN SEE NIFTY'S RESISTANCE AT 4615 LEVLES AND ON THE DOWNSIDE IF NIFTY BREACHES 4500 LEVELS AND TRADES BELOW THAT THEN WE CAN SEE NIFTY SUPPORT AT 4430. IF NIFTY CLOSES ABOVE 4620 THEN WE CAN SEE SOME MORE UPSIDE FROM HERE, INVESTORS ARE ADVISED NOT TO HOLD ANY SHORT ABOVE 4620. KEEP AN EYE ON PSU'S, POWER AND FERTILIZERS THESE MAY OUTPERFORM IN COMING DAYS.
BUY RELIANCE CAPITAL ONLY ABOVE 996 SL 977 TGT 1016/1028/1041
BUY INDUSINDBANK ONLY ABOVE 82.50 SL 79.90 TGT 87/89/92
BUY M&M ONLY ABOVE 777.50 SL 764 TGT 795/818
BUY RELIANCE INFRA ABOVE 1267 SL 1254 TGT 1285/1298
BUY SBI ABOVE 1714 SL 1698 TGT 1748/1763
