GOOD MORNING!!!
YESTERDAY THE MARKET WAS VERY VOLATILE. THE MARKET MOVED BETWEEN POSITIVE AND NEGATIVE ZONE IN EARLY TRADE. IT WEAKENED IN THE MORNING TRADE ON LOWER US INDEX FUTURES. THE MARKET CUT LOSSES LATER AS INVESTORS TOOK FRESH POSITIONS ON THE HOPES OF A REFORM-ORIENTED BUDGET. THE SENSEX SURGED IN EARLY AFTERNOON TRADE, TRADE ON FIRM EUROPEAN STOCKS. THE MARKET, HOWEVER PARED GAINS LATER AFTER HITTING FRESH INTRADAY HIGHS IN THE AFTERNOON TRADE. BANKING SHARES SAW AN ACROSS-THE-BOARD RALLY ON HOPES OF FAVORABLE ANNOUNCEMENT IN THE UNION BUDGET 2009-2010, BUT IT SLIPPED ON FEARS OF US ECONOMIC RECOVERY AS IT IS EXPECTED TO TAKE LONGER TIME THAN EXPECTED.
TODAY MARKETS ARE EXPECTED TO BE VOLATILE. MARKETS WOULD OPEN FIRM BUT MAY NOT WITHSTAND FOR LONGER TIME. LAST DAY WE HAVE SEEN SOME GOOD SELLING IN THE MARKETS WITH HIGH VOLUMES IN THE LAST HOUR OF TRADE WHICH HAS BUILT SOME PANIC AND CAUTION IN THE INVESTORS MIND. I WOULD SUGGEST YOU TO HEDGE YOUR POSITIONS. TODAY NIFTY MAY TEST RESISTANCE AT 4435 AND MAY COME DOWN IF IT DOESNT SUSTAIN THAT LEVEL FOR SOMETIME BUT IF IT TRADES ABOVE 4435 IN GOOD VOLUMES THEN THE NEXT LEVEL WE CAN SEE NIFTY IS AT 4482 AND ON THE DOWN SIDE IF TRADES BELOW 4380 THEN WE CAN SEE NIFTY TO REACH 4342 AND IF TRADES BELOW THIS LEVEL THEN WE CAN SEE NIFTY AT 4292.
BUY BAJAJHIND ABOVE 230 SL 224.9 TGT 238/244
BUY AXIS BANK ABOVE 865 SL 849 TGT 880/890/900
BUY NTPC 198 SL 196.70 TGT 201.60/205.25**
BUY RELIANCE ABOVE 2085 SL 2074 TGT 2100/2115/2224
BUY DLF ABOVE 335 SL 329 TGT 344/355
BUY CHAMBAL FERTILIZERS 67.40 SL 66.25 TGT 69/73/77/80**
SELL ICICI BANK BELOW 750 SL 757 TGT 736/724
SELL SUZLON BELOW 117 SL 119.25 TGT 114/111/109.20
ONE CAN HOLD IDFC,CHAMBAL,POWER GRID,NTPC AS RECOMMENDED
