INTRADAY TIPS FOR 21 OCTOBER 2009

GOOD MORNING!!!

INDICES SLUMPED TO FRESH INTRADAY LOW IN MID-AFTERNOON TRADE AS EUROPEAN STOCKS DROPPED. INVESTORS TOOK HOME CASH AFTER A RECENT SHARP SURGE IN SHARE PRICES TRIGGERED BY HUGE FOREIGN FUND INFLOWS. INDEX HEAVYWEIGHT RELIANCE INDUSTRIES EXTENDED LOSSES AHEAD OF A SUPREME COURT HEARING ON GAS TUSSLE WITH RELIANCE NATURAL RESOURCES (RNRL). CAPITAL GOODS, BANKING AND TELECOM STOCKS EDGED LOWER. BUT, REALTY STOCKS ROSE. THE MARKET BREADTH TURNED NEGATIVE IN CONTRAST TO A STRONG BREADTH EARLIER IN THE DAY THE MARKET WAS VOLATILE. THE MARKET SURGED IN EARLY TRADE AS THE GOVERNMENT'S DECISION TO SALE STAKE IN TWO STATE-RUN POWER FIRMS INDICATED A RESOLVE TO SPEED UP REFORMS. THE NIFTY HIT ITS HIGHEST LEVEL IN MORE THAN 17 MONTHS IN EARLY TRADE. THE MARKET REGAINED POSITIVE TERRITORY AFTER SLIPPING INTO THE RED FOR A BRIEF PERIOD IN MORNING TRADE.
TODAY MARKET WOULD OPEN SLIGHTLY NEGATIVE AND WOULD REMAIN VERY RANGE BOUND. NIFTY IF BREACHES 5093 THEN IS LIKELY TO TAKE SUPPORT AROUND 5073 AND TRADING BELOW THIS LEVEL WOULD TAKE NIFTY 5027 IF NIFTY CLOSES BELOW 5093 LEVELS IT IS CONSIDERED THAT NIFTY HAS WEAKENED AND CLOSING BELOW 5073 IS WEAKEST AND ONE CAN TAKE SHORT CALLS BELOW 5073. ON THE POSITIVE SIDE IF NIFTY TRADES ABOVE 5115 THEN IT IS LIKELY TO MOVE TO 5150. TRADE ABOVE 5150 WE CAN SEE NIFTY TO MOVE UPTO 5164 TO 5182 ANY CLOSE ABOVE 5115 IS AGAIN POSITIVE SIGN FOR NIFTY.
BUY EVERONN SL 462 TGT 474/480
BUY SRF ABOVE 218 SL 212 TGT 224/227/229

BUY JPASSOCIATES SL 264 TGT 270/272
SELL ICICI BANK SL 953 TGT 933/908
SELL EDUCOMP SL 4749 TGT 4658/4600/4548

SELL NAGARJUNA CONST SL 174.7 TGT 170.4/168.75/164

SELL ROLTA SL 191.85 TGT 185.8/183