GOOD MORNING!!!
INDICES POSTED SECOND STRAIGHT DAY OF LOSSES, AS WEAK GLOBAL STOCKS AND BELOW NORMAL RAINS WEIGHED ON INVESTOR SENTIMENT. STRONG RESPONSE TO THE INITIAL PUBLIC OFFER (IPO) OF NHPC HAS RAISED CONCERNS IT HAS AND WILL SUCK OUT LIQUIDITY FROM THE SECONDARY MARKET. POWER, AUTO, REALTY AND BANKING STOCKS WERE THE MAJOR LOSERS. INDEX HEAVYWEIGHT RELIANCE INDUSTRIES (RIL) SLUMPED. SCANTY RAINS REMAINS A CAUSE OF CONCERNS FOR INVESTORS. THE SOUTH WEST MONSOON RAINS WERE 64% BELOW NORMAL IN THE PAST SEVEN DAYS TO 5 AUGUST 2009, DIPPING FOR THE SECOND STRAIGHT WEEK AT A CRUCIAL PERIOD FOR OILSEEDS AND SUGARCANE, AND RAISING CONCERNS OF RISING FOOD PRICES. LAST WEEK'S RAINFALL WAS THE WORST SINCE MID-JUNE, WHILE TOTAL RAINFALL SINCE THE START OF SEASON ON 1 JUNE 2009 WAS A QUARTER BELOW AVERAGE, THE INDIA METEOROLOGICAL DEPARTMENT SAID ON THURSDAY. BUT THE GLOBAL RALLY MAY COOL THE NEGATIVE IMPACT OF MANSOON FOR A WHILE AND MEANWHILE IF FORTUNE FAVOURS AND FARMERS THEN THE SENTIMENT OF MARKET WOULD BE MUCH MORE BULLISH.
TODAY WE CAN SEE A GAP UP OPEN IN THE MARKETS WITH GLOBAL INDICES FAVORING BULLS. TODAY IF NIFTY TRADES ABOVE 4473 ONE CAN GO FOR BUYING WITH A STOPLOSS OF 4444 ABOVE 4473 MARKET CAN HIT 4515 AND SUSTAIN ABOVE THIS LEVEL MARKET CAN SEE 4600 LEVELS AND ON THE DOWNSIDE IF MARKET TRADES BELOW 4444 THEN ONE CAN EXIT LONGS AND GO FOR FRESH SHORTS ONLY IF MARKET CLOSES BELOW 4444 THEN GO FOR SHORTS IN THE CLOSING ONE HAS TO ACCEPT THAT THE MARKET IS BULLISH BOUNCE BACK OF 100 POINTS IN NIFTY WILL TURN THE TREND BULLISH SO ONE HAS TO BE VERY CAUTIOUS ON THE DOWN SIDE AND IF NIFTY CLOSES ABOVE 4600 THEN ONE IS ADVISED TO STAY AWAY FROM SHORTS STRICTLY. TODAY WE CAN SEE RALLY IN METAL SPACE, SUGARS, REALITY AND AUTO.
BUY DHAMPUR SUGARS SL 76 TGT 78/82/105**
BUY STER SL 622 TGT 656/670
BUY JINDAL STEEL SL 2700 TGT 2827/2861/2909/2970
BUY RENUKA ABOVE 174 SL 172 TGT 180/186/194
BUY ABAN ABOVE 1075 SL 1060 TGT 1097/1145/1175
BUY INDIA BULLS ABOVE 190 SL 187 TGT 194/203/208
BUY SRF SL 134.8 TGT 145/150.
TODAY WE CAN SEE A GAP UP OPEN IN THE MARKETS WITH GLOBAL INDICES FAVORING BULLS. TODAY IF NIFTY TRADES ABOVE 4473 ONE CAN GO FOR BUYING WITH A STOPLOSS OF 4444 ABOVE 4473 MARKET CAN HIT 4515 AND SUSTAIN ABOVE THIS LEVEL MARKET CAN SEE 4600 LEVELS AND ON THE DOWNSIDE IF MARKET TRADES BELOW 4444 THEN ONE CAN EXIT LONGS AND GO FOR FRESH SHORTS ONLY IF MARKET CLOSES BELOW 4444 THEN GO FOR SHORTS IN THE CLOSING ONE HAS TO ACCEPT THAT THE MARKET IS BULLISH BOUNCE BACK OF 100 POINTS IN NIFTY WILL TURN THE TREND BULLISH SO ONE HAS TO BE VERY CAUTIOUS ON THE DOWN SIDE AND IF NIFTY CLOSES ABOVE 4600 THEN ONE IS ADVISED TO STAY AWAY FROM SHORTS STRICTLY. TODAY WE CAN SEE RALLY IN METAL SPACE, SUGARS, REALITY AND AUTO.
BUY DHAMPUR SUGARS SL 76 TGT 78/82/105**
BUY STER SL 622 TGT 656/670
BUY JINDAL STEEL SL 2700 TGT 2827/2861/2909/2970
BUY RENUKA ABOVE 174 SL 172 TGT 180/186/194
BUY ABAN ABOVE 1075 SL 1060 TGT 1097/1145/1175
BUY INDIA BULLS ABOVE 190 SL 187 TGT 194/203/208
BUY SRF SL 134.8 TGT 145/150.
