GOOD MORNING!!!
GAINS FOR THE STRAIGHT SECOND DAY IN A ROW AS A RALLY IN GLOBAL STOCKS, STRONG RESPONSE TO THE INITIAL PUBLIC OFFER OF INDIABULLS POWER AND STRONGER-THAN EXPECTED Q2 RESULTS FROM HOUSING FINANCE MAJOR HDFC AND HEALTHY Q2 OUTCOME FROM HDFC BANK, BOOSTED MARKET SENTIMENT. A RALLY IN US INDEX FUTURES TRIGGERED BY A STRONG GUIDANCE FROM CHIP MAJOR INTEL, AIDED THE RALLY ON THE DOMESTIC BOURSES. THE MARKET BREADTH TURNED QUITE STRONG. INDEX HEAVYWEIGHT RELIANCE INDUSTRIES (RIL) EDGED HIGHER IN CHOPPY TRADE. OIL EXPLORATIONAL STOCKS GAINED WHEREAS PSU OMCS FELL AS CRUDE HIT ITS HIGHEST LEVEL IN 2009 ON WEAK DOLLAR. METAL AND SUGAR STOCKS GAINED. INDIA'S LARGEST ENGINEERING AND CONSTRUCTION FIRM BY SALES LARSEN & TOUBRO ROSE ON WINNING A LARGE ORDER. OTHER CAPITAL GOODS STOCKS ALSO ROSE. BUT TELECOM STOCKS FELL. TELECOM STOCKS HAD RISEN RECENTLY AFTER TELECOM REGULATOR TELECOM REGULATORY AUTHORITY OF INDIA (TRAI) SAID ON 8 OCTOBER 2009 THAT OPERATORS WOULD BE FREE TO OFFER VARIOUS TARIFF PLANS TO THEIR SUBSCRIBERS, INCLUDING THE PER-SECOND BILLING SCHEME, AND THEY WOULD ALSO BE FREE TO FIX THE TARIFF PER SECOND. THIS WOULD COME AS A RELIEF TO THE TELECOM OPERATORS WHO WOULD HAVE TAKEN A HIT ON THEIR REVENUES, IF THE PER-SECOND-BILLING MODEL WAS TO BECOME MANDATORY, AS TELCOS ARE ALREADY FACING LOW REVENUES PER SUBSCRIBER. TELECOM STOCKS HAD TUMBLED IN THE RECENT PAST ON CONCERNS OVER DECLINING TARIFFS AND RISING COMPETITION.
TODAY MARKET WOULD BE ON THE POSITIVE OPENING OF AROUND 40 POINTS AND IF NIFTY TRADES ABOVE 5160 ON VOLUMES THEN WE CAN SEE NIFTY TO HAVE RESISTANCE AROUND 5190 LEVELS AND TODAY IF NIFTY CLOSES ANYWHERE ABOVE 5160 IT IS A VERY GOOD CLOSING AND ONE HAS TO CONSIDER IT AS A SCOPE OF FURTHER UPSIDE AND ON THE DOWNSIDE IF NIFTY TRADES BELOW 5107 THEN WE CAN SEE NIFTY TO COME DOWN TO 5086 AND IF NIFTY TRADES BELOW THIS POINT THEN IT IS EVIDNET THAT NIFTY MAY TAKE SUPPORT AT 5067. CLOSING ANYTHING ABOVE 5086 IS CONSIDERED TO BE POSITIVE AND CLOSING ABOVE 5160 IS CONSIDERED TO BE QUITE STRONG AND CLOSING BELOW 5086 IS CONSIDERED TO BE NEGATIVE AND BELOW 5067 IS WEAK.
BUY NAGARJUNA CONST SL 174 TGT 184/186/188
BUY ESSAR OIL SL 158 TGT 167/169/172
BUY JINDAL SAW FUTURES SL 737 TGT 760/769/777
BUY JINDALSTEELFUTURES SL 665 TGT 675/680/688
BUY M&M SL966 TGT 981/987/994
BUY CAIRN SL 278 TGT 284/288
TODAY MARKET WOULD BE ON THE POSITIVE OPENING OF AROUND 40 POINTS AND IF NIFTY TRADES ABOVE 5160 ON VOLUMES THEN WE CAN SEE NIFTY TO HAVE RESISTANCE AROUND 5190 LEVELS AND TODAY IF NIFTY CLOSES ANYWHERE ABOVE 5160 IT IS A VERY GOOD CLOSING AND ONE HAS TO CONSIDER IT AS A SCOPE OF FURTHER UPSIDE AND ON THE DOWNSIDE IF NIFTY TRADES BELOW 5107 THEN WE CAN SEE NIFTY TO COME DOWN TO 5086 AND IF NIFTY TRADES BELOW THIS POINT THEN IT IS EVIDNET THAT NIFTY MAY TAKE SUPPORT AT 5067. CLOSING ANYTHING ABOVE 5086 IS CONSIDERED TO BE POSITIVE AND CLOSING ABOVE 5160 IS CONSIDERED TO BE QUITE STRONG AND CLOSING BELOW 5086 IS CONSIDERED TO BE NEGATIVE AND BELOW 5067 IS WEAK.
BUY NAGARJUNA CONST SL 174 TGT 184/186/188
BUY ESSAR OIL SL 158 TGT 167/169/172
BUY JINDAL SAW FUTURES SL 737 TGT 760/769/777
BUY JINDALSTEELFUTURES SL 665 TGT 675/680/688
BUY M&M SL966 TGT 981/987/994
BUY CAIRN SL 278 TGT 284/288
