GOOD MORNING!!!
BULLS CONTINUED TO DOMINATE TRADE AS KEY BENCHMARK INDICES EXTENDED GAINS TO HIT FRESH HIGHS AS ENCOURAGING Q1 JUNE 2009 RESULTS FROM INDIA INC AND FIRM GLOBAL STOCKS BOOSTED THE SENTIMENT. THE MARKET BREADTH, INDICATING THE OVERALL HEALTH OF THE MARKET, WAS STRONG. INDEX HEAVYWEIGHT RELIANCE INDUSTRIES JUMPED AHEAD OF A SUPREME COURT (SC) HEARING TODAY ON A DISPUTE OVER THE GAS SUPPLY TO RELIANCE NATURAL RESOURCES. IT, AUTO AND BANKING HAVE OUTPERFORMED.
FOR TODAY MARKET MAY BE IN THE STATE OF CONSOLIDATION AFTER A STRONG RALLY, NIFTY MAY OPEN LITTLE NEGATIVE. IF NIFTY BREACHES 4494 AND TRADES BELOW IT THEN WE CAN SEE NIFTY TO TOUCH 4446 IMMEDIATELY AND CLOSING BELOW THIS LEVELS WOULD TAKE NIFTY TO 4351-4250 LEVELS AS THE MARKET BREADTH IS POSITIVE ONE HAS TO BE ON THE SIDELINES ONE CAN RETAIN SHORT POSITIONS AS LONG AS NIFTY IS BELOW 4600 LEVELS AND ONCE THIS LEVELS IS BREACHED AND CLOSED THEN ONE HAS TO CONVERT ALL THEIR SHORTS INTO LONGS. IF NIFTY TRADES ABOVE 4510 THEN WE CAN SEE NIFTY TO TOUCH 4550 THIS IS THE VERY HIGH RESISTANCE POINT AND IF IT BREACHES THEN THE ULTIMATE RESISTANCE AT 4600 AND ONCE IF NIFTY HAS CROSSED THIS THEN NIFTY WILL HIT THE NEW HIGHS
BUY APIL ABOVE 517 SL 504 TGT 540/556
BUY JPHYDRO 83.5 SL 81.30 TGT 85/87.7/90
BUY CIPLA SL 283.40 TGT 294/297
SELL BHARTI BELOW 845 SL 851 TGT 836/824/812
SELL BHEL BELOW 2268 SL 2286 TGT 2244/2222
SELL HDFC BANK BELOW 1473 SL 1485 TGT 1450/1435/1415
SELL ONGC BELOW 1060 SL 1074 TGT 1037/1023
SELL BANK NIFTY BELOW 7550 SL 7601 TGT 7455/7347/7200
POSITIONAL
BUY UTV SOFT TGT 450
BUY ETC NETWORK TGT 145
BULLS CONTINUED TO DOMINATE TRADE AS KEY BENCHMARK INDICES EXTENDED GAINS TO HIT FRESH HIGHS AS ENCOURAGING Q1 JUNE 2009 RESULTS FROM INDIA INC AND FIRM GLOBAL STOCKS BOOSTED THE SENTIMENT. THE MARKET BREADTH, INDICATING THE OVERALL HEALTH OF THE MARKET, WAS STRONG. INDEX HEAVYWEIGHT RELIANCE INDUSTRIES JUMPED AHEAD OF A SUPREME COURT (SC) HEARING TODAY ON A DISPUTE OVER THE GAS SUPPLY TO RELIANCE NATURAL RESOURCES. IT, AUTO AND BANKING HAVE OUTPERFORMED.
FOR TODAY MARKET MAY BE IN THE STATE OF CONSOLIDATION AFTER A STRONG RALLY, NIFTY MAY OPEN LITTLE NEGATIVE. IF NIFTY BREACHES 4494 AND TRADES BELOW IT THEN WE CAN SEE NIFTY TO TOUCH 4446 IMMEDIATELY AND CLOSING BELOW THIS LEVELS WOULD TAKE NIFTY TO 4351-4250 LEVELS AS THE MARKET BREADTH IS POSITIVE ONE HAS TO BE ON THE SIDELINES ONE CAN RETAIN SHORT POSITIONS AS LONG AS NIFTY IS BELOW 4600 LEVELS AND ONCE THIS LEVELS IS BREACHED AND CLOSED THEN ONE HAS TO CONVERT ALL THEIR SHORTS INTO LONGS. IF NIFTY TRADES ABOVE 4510 THEN WE CAN SEE NIFTY TO TOUCH 4550 THIS IS THE VERY HIGH RESISTANCE POINT AND IF IT BREACHES THEN THE ULTIMATE RESISTANCE AT 4600 AND ONCE IF NIFTY HAS CROSSED THIS THEN NIFTY WILL HIT THE NEW HIGHS
BUY APIL ABOVE 517 SL 504 TGT 540/556
BUY JPHYDRO 83.5 SL 81.30 TGT 85/87.7/90
BUY CIPLA SL 283.40 TGT 294/297
SELL BHARTI BELOW 845 SL 851 TGT 836/824/812
SELL BHEL BELOW 2268 SL 2286 TGT 2244/2222
SELL HDFC BANK BELOW 1473 SL 1485 TGT 1450/1435/1415
SELL ONGC BELOW 1060 SL 1074 TGT 1037/1023
SELL BANK NIFTY BELOW 7550 SL 7601 TGT 7455/7347/7200
POSITIONAL
BUY UTV SOFT TGT 450
BUY ETC NETWORK TGT 145
