GOOD MORNING!!!
INDICES EXTENDED LOSSES FOR FOURTH STRAIGHT TRADING SESSIONS BUCKING FIRM GLOBAL STOCKS ON WORRIES A SURGE IN FOOD PRICES MAY STOKE INFLATIONARY PRESSURES IN THE ECONOMY. INDEX HEAVYWEIGHTS RELIANCE INDUSTRIES AND L&T LOST GROUND. ANOTHER HEAVYWEIGHT ICICI BANK REVERSED INTRADAY GAINS IN CHOPPY TRADE. CAPITAL GOODS, AUTO, OIL AND GAS AND FMCG STOCKS FELL. THE MARKET BREADTH, INDICATING THE OVERALL HEALTH OF THE MARKET, WAS SLIGHTLY POSITIVE, WEAKENING FROM EARLIER STRONG BREADTH. A BOUT OF VOLATILITY WAS WITNESSED EARLIER IN THE DAY AS THE MARKET RECOVERED AFTER FALLING INTO THE RED FOR A BRIEF PERIOD FOLLOWING AN INITIAL SURGE TRIGGERED BY FIRM ASIAN STOCKS. THE MARKET HELD POSITIVE ZONE AMID RANGE BOUND TRADE LATER. ANALYSTS ARE CONCERNED THAT A SHARP SURGE IN FOOD PRICES IN THE PAST FEW DAYS DUE TO SCANTY RAINS MAY STOKE INFLATIONARY PRESSURES IN THE ECONOMY. INTEREST RATES COULD RISE ON HIGHER INFLATION WHICH IN TURN MAY IMPACT A NASCENT ECONOMIC RECOVERY AND CORPORATE PROFITS.
TODAY MARKETS MAY BE RANGE BOUND IF NIFTY TRADES BELOW 4572 THEN IT IS LIKELY TO GO TO 4527 AND THEN TO 4500 MARKETS WOULD BOUNCE FROM THE THESE LEVELS BUT IF THEY DON’T THEN WE CAN SEE NIFTY TO MOVE UP IF 4527 AND 4500 LEVELS ARE NOT BREACHED SO ONE CAN TAKE LONGS KEEPING THIS AS STOPLOSS AND ON THE UPFRONT IF NIFTY TRADES ABOVE 4616 THEN WE CAN SEE NIFTY TO FACE RESISTANCE AT 4650 AND IF NIFTY CROSSES 4660 THEN WE CAN SEE NIFTY TO MOVE FURTHER HIGHS AND ONE CAN RETAIN LONGS AND INITIATE FRESH LONGS ABOVE 4660.
BUY ADLABS SL 334 TGT 348/355
BUY ALOK INDS SL 21.9 TGT 24.5/26
BUY EDUCOMP SL 4200 TGT 4307/4454
POSITIONAL TRADES
BUY RPOWER SL 135 TGT 245
BUY PTC SL 79 TGT 112
BUY PRISM CEMENTS SL 49 TGT 70
BUY PETRONET LNG SL 66 TGT 93
BUY HANUNG TOYS SL 68 TGT 96
BUY TV TODAY NETWORK SL 81 TGT 116
TODAY MARKETS MAY BE RANGE BOUND IF NIFTY TRADES BELOW 4572 THEN IT IS LIKELY TO GO TO 4527 AND THEN TO 4500 MARKETS WOULD BOUNCE FROM THE THESE LEVELS BUT IF THEY DON’T THEN WE CAN SEE NIFTY TO MOVE UP IF 4527 AND 4500 LEVELS ARE NOT BREACHED SO ONE CAN TAKE LONGS KEEPING THIS AS STOPLOSS AND ON THE UPFRONT IF NIFTY TRADES ABOVE 4616 THEN WE CAN SEE NIFTY TO FACE RESISTANCE AT 4650 AND IF NIFTY CROSSES 4660 THEN WE CAN SEE NIFTY TO MOVE FURTHER HIGHS AND ONE CAN RETAIN LONGS AND INITIATE FRESH LONGS ABOVE 4660.
BUY ADLABS SL 334 TGT 348/355
BUY ALOK INDS SL 21.9 TGT 24.5/26
BUY EDUCOMP SL 4200 TGT 4307/4454
POSITIONAL TRADES
BUY RPOWER SL 135 TGT 245
BUY PTC SL 79 TGT 112
BUY PRISM CEMENTS SL 49 TGT 70
BUY PETRONET LNG SL 66 TGT 93
BUY HANUNG TOYS SL 68 TGT 96
BUY TV TODAY NETWORK SL 81 TGT 116
