GLOBAL SELL OFF AFTER A DISAPPOINTING US CONSUMER SENTIMENT REPORT REIGNITING CONCERNS ABOUT THE GLOBAL ECONOMIC RECOVERY TRIGGERED A SHARP SELL-OFF ON THE DOMESTIC BOURSES. SUSTAINED BEAR HAMMERING KEPT INDICES UNDER PRESSURE THROUGHOUT THE DAY. STOCKS ACROSS SECTORS COLLAPSED WITH THOSE FROM REALTY, METAL, BANKING AND AUTO GRIPPED FIRMLY UNDER SELL-OFF. ALL THE 30 SHARES FROM SENSEX PACK DECLINED. ASIAN STOCKS DROPPED TODAY FOR THE FIRST TIME IN THREE DAYS AFTERAN UNEXPECTED DECLINE IN A U.S. CONSUMER CONFIDENCE INDEX RAISED CONCERN ABOUT THE STRENGTH OF A REVIVAL IN GLOBAL GROWTH. THE KEY BENCHMARK INDICES IN CHINA, HONG KONG, SOUTH KOREA, SINGAPORE AND TAIWAN FELL BY BETWEEN 1.95% TO 5.79%. EUROPEAN SHARES WERE LOWER ON MONDAY, RETREATING FOR A SECOND DAY AS INVESTORS BECAME CAUTIOUS ON GLOBAL RECOVERY HOPES. THE KEY BENCHMARK INDICES IN FRANCE, GERMANY AND UK WERE DOWN BY BETWEEN 1.85% TO 2.1%.
TODAY MARKET WOULD NEGATIVELY BIASED AND HIGHLY RANGE BOUND. MARKET MAY TAKE SUPPORT AT 4342 AND BREAK BELOW THIS LEVEL WOULD TAKE MARKETS TO 4282 AND THIS LEVEL SHOULD HOLD GOOD FOR INTRADAY AND FALL BELOW THIS LEVEL ONE CAN TAKE AN OPPORTUNITY IN FRESH SHORTS. AND ONCE MARKET TOUCHES 4282 THERE IS EVERY CHANCE OF BOUNCE BACK ONE CAN EXIT SHORTS HERE FOR PROFIT BOOKING AND CLOSING ABOVE 4391 ONE CAN EXIT EVERYTHING AND STAY SIDELINE. ON THE UPSIDE NIFTY MAY SEE CRUCIAL RESISITANCE AT 4391 AND BREAK ABOVE THIS POINT WOULD TAKE NIFTY TO 4442 WHICH IS REMOTE. KEEP AN EYE ON PHARMA & AUTO SECTORS.
BUY UNITECH WHEN MARKET DECLINE WITH SL 79 TGT 89-92
BUY IFCI WHEN MARKET DELINES WITH SL OF 44 TGT 52
SELL STER SL 630 TGT 606/600
SELL TISCO SL 442 TGT 431/425/418
SELL RELCAP SL 814 TGT 785/778.
SELL JINDALSTEL SL 2936 TGT 2870/2825
SELL DLF SL 371 TGT 359/351/347
POSITIONAL TRADES
TODAY MARKET WOULD NEGATIVELY BIASED AND HIGHLY RANGE BOUND. MARKET MAY TAKE SUPPORT AT 4342 AND BREAK BELOW THIS LEVEL WOULD TAKE MARKETS TO 4282 AND THIS LEVEL SHOULD HOLD GOOD FOR INTRADAY AND FALL BELOW THIS LEVEL ONE CAN TAKE AN OPPORTUNITY IN FRESH SHORTS. AND ONCE MARKET TOUCHES 4282 THERE IS EVERY CHANCE OF BOUNCE BACK ONE CAN EXIT SHORTS HERE FOR PROFIT BOOKING AND CLOSING ABOVE 4391 ONE CAN EXIT EVERYTHING AND STAY SIDELINE. ON THE UPSIDE NIFTY MAY SEE CRUCIAL RESISITANCE AT 4391 AND BREAK ABOVE THIS POINT WOULD TAKE NIFTY TO 4442 WHICH IS REMOTE. KEEP AN EYE ON PHARMA & AUTO SECTORS.
BUY UNITECH WHEN MARKET DECLINE WITH SL 79 TGT 89-92
BUY IFCI WHEN MARKET DELINES WITH SL OF 44 TGT 52
SELL STER SL 630 TGT 606/600
SELL TISCO SL 442 TGT 431/425/418
SELL RELCAP SL 814 TGT 785/778.
SELL JINDALSTEL SL 2936 TGT 2870/2825
SELL DLF SL 371 TGT 359/351/347
POSITIONAL TRADES
BUY OMNITECH TGT 120 (POSITIONAL FOR 1 TO 3 MONTHS)
BUY AXIS IT&T TGT 100 (POSITIONAL WHICH IS ALREADY RECOMMENDED)
BUY AXIS IT&T TGT 100 (POSITIONAL WHICH IS ALREADY RECOMMENDED)
