INTRADAY TIPS FOR 24 SEPTEMBER 2009

GOOD MORNING!!!

KEY INDICES SLUMPED IN THE LAST ONE HOUR OF TRADE ON FEARS A GLUT IN SHARE SALES MAY SUCK LIQUIDITY FROM THE SECONDARY MARKET. PROFIT TAKING EMERGED AFTER A STRONG RALLY THIS MONTH TOOK THE MARKET TO A 16-MONTH HIGH. VOLATILITY WAS THE ORDER OF THE DAY AS TRADERS ROLLED OVER DERIVATIVES CONTRACTS FROM SEPTEMBER 2009 SERIES TO OCTOBER 2009 SERIES AHEAD OF THE EXPIRY OF SEPTEMBER 2009 CONTRACTS. IT, REALTY, TELECOM AND CAPITAL GOODS STOCKS LED THE LOSSES. VOLATILITY MAY REMAIN HIGH IN THE NEAR TERM DUE TO ROLLOVER IN DERIVATIVES CONTRACTS. AMONG INDIVIDUAL STOCKS, L&T, HERO HONDA, INDIA CEMENTS, POWER GRID CORPORATION, AND M&M, HAVE SEEN SUBSTANTIAL ROLLOVER. STOCKS WITH LOW ROLLOVER INCLUDE WELSPUN-GUJARAT STAHL ROHREN, DISH TV, STEEL AUTHORITY OF INDIA, INDIABULLS REAL ESTATE AND SHREE RENUKA SUGARS.
MARKETS TODAY WOULD OPEN ON NEGATIVE NOTE BUT MARKET STILL IS NOT WEAK, ONE HAS TO WATCH OUT FOR THE KEY LEVELS IN THE NIFTY BEFORE TAKING ANY SHORT OR LONG POSITIONS. ON THE NEGATIVE FRONT IF NIFTY TRADES BELOW 4950 THEN IS LIKELY TO SEE NIFTY AT 4897 LEVELS BREAK BELOW 4890 WOULD LEAD NIFTY TO 4845 IF NIFTY CLOSES BELOW 4860 THEN WE SEE SOME NEGATIVE TREND IN NIFTY. ON THE POSITIVE FRONT IF NIFTY TRADES ABOVE 4990 THEN WOULD LEAD NIFTY TO 5040 AND THEN ABOVE THAT 5070. CLOSE ANYTHING ABOVE 5000 WOULD TAKE NIFTY TO NEW HIGHS. TEA STOCKS LOOKING GOOD

POSTIVE STOCKS TO WATCH OUT : JSWSTEEL, HCC, JETAIRWAYS, AXIS BANK

NEGATIVE STOCKS TO WATCH OUT: STATEBANK, RELCAP, BHARTI, JINDALSTEL