GOOD MORNING!!!
STRONG GLOBAL CUES WITH POSITIVE EUROPEAN MARKETS AND ASIAN MARKETS EXTENDING GAINS IN LATE TRADE TRIGGERED A SOLID RALLY ON THE LOCAL BOURSES, HELPING THEM BREAK THEIR FOUR-DAY DECLINING TREND. KEY BENCHMARK INDICES RALLIED IN LATE TRADE ON BUYING DEMAND FOR AUTO, METAL AND CAPITAL GOODS AFTER STARTING THE DAY ON A SOFT NOTE.. THE MARKET BREADTH WAS STRONG WITH SMALL AND MID-CAP SHARES ALSO PARTICIPATING IN THE RALLY. ALL THE SECTORAL INDICES EDGED HIGHER. THE EMPLOYEES' PROVIDENT FUND ORGANISATION (EPFO) IS LOOKING FOR OPTIONS TO PARK 3-5% OF ITS CORPUS OF RS 2.57 LAKH CRORE OF RETIREMENT FUND IN STOCK MARKETS TO EARN BETTER RETURNS. DIRECT TAX COLLECTIONS BY THE GOVERNMENT GREW TO RS 87,888 CRORE FOR THE FIRST FIVE MONTHS OF THE CURRENT FISCAL, A 4.12% GROWTH WHICH IS ATTRIBUTED TO TAX REFUNDS PAID DURING THE PERIOD. THE DIRECT TAX MOP-UP IN AUGUST 2009 WAS RS 13,898 CRORE AGAINST RS 12,761 CRORE IN THE YEAR-AGO PERIOD. FRIDAY’S GAINS WERE ALSO BOOSTED BY A RESEARCH REPORT FROM A FOREIGN BROKERAGE HOUSE WHICH INDICATED THAT THE BENCHMARK INDICES BSE SENSEX COULD HIT THE 50,000 MARK IN NINE YEARS ON MORE GROWTH IN FISCAL YEAR 2011. THE PACE FOR THE GAIN WILL DEPEND ON ECONOMIC GROWTH, INTEREST RATES, INFLATION AND THE SUCCESS OF THE NATION'S INFRASTRUCTURE AND FISCAL CONSOLIDATION EFFORTS, THE RESEARCH REPORT SAID.
TODAY MARKET WOULD OPEN ON THE POSITIVE FRONT AND MAY TRY TO BREAK THE CRUCIAL RESISTANCE BARRIERS OF LAST FEW MONTHS PEAK I.E., 4750. IF THIS LEVEL IS BROKEN AND ANY CLOSE ABOVE THIS POINT WOULD TAKE NIFTY TO NEW HIGHS BUT ONE SHOULD HAVE A CLOSE VIGIL ON THE UPSIDE. IF NIFTY TRADES ABOVE 4713 YOU CAN SEE NIFTY TO FACE RESISTANCE AROUND 4750 AND IF THIS LEVEL IS BROKEN WITH GOOD VOLUMES THEN YOU CAN SEE IT TO NEW HIGHS AND ANY CLOSE ABOVE THIS POINT IS ADVISED TO STAY ON THE LONG SIDE. ON THE NEGATIVE SIDE OF THE NIFTY IF IT TRADES BELOW 4690 THEN WE CAN SEE NIFTY TO FACE SUPPORT AT 4652 LEVELS, BREAK BELOW THIS LEVEL WOULD LEAD NIFTY 4612. IF NIFTY CLOSES BELOW 4581 STAY AWAY FROM LONGS. OVERALL HEALTH OF THE MARKET TURNED POSITIVE SO ADVISED TO ACT SMARTLY ON THE SHORT SIDE.
BUY HEROHONDA SL 1596 TGT 1650/1684
BUY JSWSTEEL ABOVE 695 SL 689 TGT 704/709/718
BUY VOLTAS SL 150.85 TGT 157/160
BUY IDBI SL 104.90 TGT 107/109/112
BUY UNITECH SL 105.90 TGT 109/112
SELL M&M AT 876 SL 881 TGT 856/846/836
SELL PANTALOON SL 318.6 TGT 311/307
STRONG GLOBAL CUES WITH POSITIVE EUROPEAN MARKETS AND ASIAN MARKETS EXTENDING GAINS IN LATE TRADE TRIGGERED A SOLID RALLY ON THE LOCAL BOURSES, HELPING THEM BREAK THEIR FOUR-DAY DECLINING TREND. KEY BENCHMARK INDICES RALLIED IN LATE TRADE ON BUYING DEMAND FOR AUTO, METAL AND CAPITAL GOODS AFTER STARTING THE DAY ON A SOFT NOTE.. THE MARKET BREADTH WAS STRONG WITH SMALL AND MID-CAP SHARES ALSO PARTICIPATING IN THE RALLY. ALL THE SECTORAL INDICES EDGED HIGHER. THE EMPLOYEES' PROVIDENT FUND ORGANISATION (EPFO) IS LOOKING FOR OPTIONS TO PARK 3-5% OF ITS CORPUS OF RS 2.57 LAKH CRORE OF RETIREMENT FUND IN STOCK MARKETS TO EARN BETTER RETURNS. DIRECT TAX COLLECTIONS BY THE GOVERNMENT GREW TO RS 87,888 CRORE FOR THE FIRST FIVE MONTHS OF THE CURRENT FISCAL, A 4.12% GROWTH WHICH IS ATTRIBUTED TO TAX REFUNDS PAID DURING THE PERIOD. THE DIRECT TAX MOP-UP IN AUGUST 2009 WAS RS 13,898 CRORE AGAINST RS 12,761 CRORE IN THE YEAR-AGO PERIOD. FRIDAY’S GAINS WERE ALSO BOOSTED BY A RESEARCH REPORT FROM A FOREIGN BROKERAGE HOUSE WHICH INDICATED THAT THE BENCHMARK INDICES BSE SENSEX COULD HIT THE 50,000 MARK IN NINE YEARS ON MORE GROWTH IN FISCAL YEAR 2011. THE PACE FOR THE GAIN WILL DEPEND ON ECONOMIC GROWTH, INTEREST RATES, INFLATION AND THE SUCCESS OF THE NATION'S INFRASTRUCTURE AND FISCAL CONSOLIDATION EFFORTS, THE RESEARCH REPORT SAID.
TODAY MARKET WOULD OPEN ON THE POSITIVE FRONT AND MAY TRY TO BREAK THE CRUCIAL RESISTANCE BARRIERS OF LAST FEW MONTHS PEAK I.E., 4750. IF THIS LEVEL IS BROKEN AND ANY CLOSE ABOVE THIS POINT WOULD TAKE NIFTY TO NEW HIGHS BUT ONE SHOULD HAVE A CLOSE VIGIL ON THE UPSIDE. IF NIFTY TRADES ABOVE 4713 YOU CAN SEE NIFTY TO FACE RESISTANCE AROUND 4750 AND IF THIS LEVEL IS BROKEN WITH GOOD VOLUMES THEN YOU CAN SEE IT TO NEW HIGHS AND ANY CLOSE ABOVE THIS POINT IS ADVISED TO STAY ON THE LONG SIDE. ON THE NEGATIVE SIDE OF THE NIFTY IF IT TRADES BELOW 4690 THEN WE CAN SEE NIFTY TO FACE SUPPORT AT 4652 LEVELS, BREAK BELOW THIS LEVEL WOULD LEAD NIFTY 4612. IF NIFTY CLOSES BELOW 4581 STAY AWAY FROM LONGS. OVERALL HEALTH OF THE MARKET TURNED POSITIVE SO ADVISED TO ACT SMARTLY ON THE SHORT SIDE.
BUY HEROHONDA SL 1596 TGT 1650/1684
BUY JSWSTEEL ABOVE 695 SL 689 TGT 704/709/718
BUY VOLTAS SL 150.85 TGT 157/160
BUY IDBI SL 104.90 TGT 107/109/112
BUY UNITECH SL 105.90 TGT 109/112
SELL M&M AT 876 SL 881 TGT 856/846/836
