KEY BENCHMARK INDICES EDGED LOWER, REVERSING GAINS IN THE PRECEDING THREE TRADING SESSIONS WITH LOWER EUROPEAN STOCKS AND US INDEX FUTURES TRIGGERED PROFIT TAKING AFTER A RECENT SOLID RALLY. IN THE OPENING TRADE BSE HAS HIT THE PSYCHOLOGICAL 16,000 MARK FOR THE FIRST TIME IN MORE THAN 14 MONTHS. REALTY, POWER AND IT STOCKS UNDERWENT CORRECTION EVEN AS AUTO STOCKS EXTENDED RECENT GAINS ALONG WITH FMCG SECTOR ON ROBUST JULY 2009 SALES. THE MARKET CUT LOSSES IN EARLY AFTERNOON TRADE AS INDEX HEAVYWEIGHT RELIANCE INDUSTRIES (RIL) AND STATE BANK OF INDIA (SBI) ROSE AND RECOVERED TO A GREATER EXTENT.
MARKET THOUGH LOOKED TO BE NEGATIVE YESTERDAY THIS HAS TO BE CONSIDERED AS RETRACEMENT, MARKET STILL LOOKS VERY STRONG WHEN YOU LOOK ON THE OVERALL HEALTH OF THE MARKET. ONE NEEDS TO UNDERSTAND THAT AND GO ALONG WITH THE TREND THAN JUST GOING WITH THESE SMALLER FLUCTUATIONS DON’T GET PANIC IN THIS MARKET AS MARKET IS ON THE BULLISH SIDE ONE CAN RETAIN POSITIONS ON THE LONGER SIDE AS LONG AS NIFTY DOESN’T BREAK THE LEVELS INDICATED BELOW. MARKET MAY SEE NEW HIGHS ONCE IF NIFTY BREAKS ABOVE 4700 AND TRADES. IF NIFTY TRADES ABOVE 4700 ONE CAN GO LONG WITH A TARGET OF 4769 AND BREAK ABOVE THIS LEVEL CAN TAKE MARKET TO 4808 AND IF MARKET CROSSES THIS LEVEL THEN IT IS QUITE EVIDENT THAT WE CAN SEE MARKET AT 5000 AND THEN 5200 IN A VERY SHORT RUN AND ON THE NEGATIVE TERRAIN IF MARKET TRADES BELOW 4660 THEN WE CAN SEE MARKET TAKING SUPPORT AT 4625 LEVELS AND BREAK BELOW THIS 4587 AND BREAK BELOW THIS LEVEL ONE IS ADVISED TO EXIT LONGS AND STAY AWAY FROM TRADE TILL MARKET BREACHES 4540 LEVELS. I WOULD ADVICE TRADERS NOT TO GO SHORT. TODAY MARKET WOULD BE POSITIVELY BIASED.
BUY INDIA CEMENTS SL 141.7 TGT 147.5/149
BUY TATA MOTORS SL 437 TGT 455/463/469
BUY ACC ABOVE 905 SL 890 TGT 918/927
BUY RELCAP SL 904 TGT 927/935/946
BUY SUZLON SL 95.7 TGT 99.30/103/106
MARKET THOUGH LOOKED TO BE NEGATIVE YESTERDAY THIS HAS TO BE CONSIDERED AS RETRACEMENT, MARKET STILL LOOKS VERY STRONG WHEN YOU LOOK ON THE OVERALL HEALTH OF THE MARKET. ONE NEEDS TO UNDERSTAND THAT AND GO ALONG WITH THE TREND THAN JUST GOING WITH THESE SMALLER FLUCTUATIONS DON’T GET PANIC IN THIS MARKET AS MARKET IS ON THE BULLISH SIDE ONE CAN RETAIN POSITIONS ON THE LONGER SIDE AS LONG AS NIFTY DOESN’T BREAK THE LEVELS INDICATED BELOW. MARKET MAY SEE NEW HIGHS ONCE IF NIFTY BREAKS ABOVE 4700 AND TRADES. IF NIFTY TRADES ABOVE 4700 ONE CAN GO LONG WITH A TARGET OF 4769 AND BREAK ABOVE THIS LEVEL CAN TAKE MARKET TO 4808 AND IF MARKET CROSSES THIS LEVEL THEN IT IS QUITE EVIDENT THAT WE CAN SEE MARKET AT 5000 AND THEN 5200 IN A VERY SHORT RUN AND ON THE NEGATIVE TERRAIN IF MARKET TRADES BELOW 4660 THEN WE CAN SEE MARKET TAKING SUPPORT AT 4625 LEVELS AND BREAK BELOW THIS 4587 AND BREAK BELOW THIS LEVEL ONE IS ADVISED TO EXIT LONGS AND STAY AWAY FROM TRADE TILL MARKET BREACHES 4540 LEVELS. I WOULD ADVICE TRADERS NOT TO GO SHORT. TODAY MARKET WOULD BE POSITIVELY BIASED.
BUY INDIA CEMENTS SL 141.7 TGT 147.5/149
BUY TATA MOTORS SL 437 TGT 455/463/469
BUY ACC ABOVE 905 SL 890 TGT 918/927
BUY RELCAP SL 904 TGT 927/935/946
BUY SUZLON SL 95.7 TGT 99.30/103/106
