GOOD MORNING!!!
PROFIT BOOKING SNAPPED LAST FOUR DAYS' GAINS, EDGING INDICES TO CLOSE WITH SMALL LOSSES. FMCG, CAPITAL GOODS, TELECOM AND REALTY STOCKS FELL. THE MARKET BREADTH WAS NEGATIVE IN CONTRAST TO A STRONG BREADTH EARLIER IN THE DAY. INTRADAY VOLATILITY ON THE BOURSES WAS HIGH. THE MARKET OPENED ON A FIRM NOTE ON HIGHER ASIAN STOCKS AND OVERNIGHT SOLID RALLY IN US STOCKS. IT TRIMMED GAINS IN MID-MORNING TRADE ON PROFIT TAKING AFTER A SHARP SURGE OVER THE PAST FOUR DAYS. THE MARKET REGAINED STRENGTH AFTER FALLING TO AN INTRADAY LOW IN MID-MORNING TRADE. HOWEVER, THE INTRADAY REBOUND PROVED VERY SHORT LIVED. THE MARKET SLIPPED INTO THE RED IN EARLY AFTERNOON TRADE. THE MARKET CUT LOSSES AFTER HITTING A FRESH INTRADAY LOW IN EARLY AFTERNOON TRADE. FINANCE MINISTER PRANAB MUKHERJEE TODAY SAID THE GOVERNMENT WILL HAVE TO TAKE CORRECTIVE MEASURES ON STIMULUS IN DUE COURSE. HE ALSO SAID THE ECONOMY IS IN THE PROCESS OF RECOVERY AND THERE IS A NEED OF GENERATING STRONG DOMESTIC DEMAND UNTIL THE ROBUST RECOVERY ALL OVER THE WORLD. HE ALSO ADDED THAT THE TIMING OF THE WITHDRAWAL OF STIMULUS STEPS FOR INDIA'S ECONOMY WILL BE DECIDED WHEN IT BECOMES CLEAR ABOUT THE ECONOMY
TODAY MARKET LOOKS VOLATILE AND VERY RANGE BOUND AND ONE NEEDS TO STAY VERY CAUTIOUS IN THIS MARKETS. IF NIFTY TRADES BELOW 4867 THEN IT IS LIKELY TO SLIDE DOWN TO 4825 AND BREAK BELOW THIS LEVEL WOULD TAKE NIFTY TO 4770. IF NIFTY CLOSES BELOW 4790 I WOULD SUGGEST TO EXIT LONGS TO THE MAXIMUM POSSIBLE. AND ON THE UPSIDE IF NIFTY TRADES ABOVE 4888 THEN ONE CAN TAKE LONG POSITION FOR A TARGET OF 4935 AND BREAK ABOVE THIS LEVEL INDICATE STRENGTH IN THE MARKET AND CAN LEAD NIFTY 4980. UNLESS AND UNTIL NIFTY CLOSES BELOW 4790 IT IS BETTER TO STAY ON THE POSITIVE DIRECTION. FOR INTRADAY ONE HAS TO BEAR IN MIND 4795 AS STOPLOSS FOR LONGS.
BUY STER SL 797 TGT 824/833
BUY RECLTD SL 214.5 TGT 222.7/224/227
SELL ABAN SL 1252 TGT 1191/1168/1135
SELL WIPRO SL 598 TGT 580/570
SELL TTML SL 26.5 TGT 25
SELL PTC SL TGT 108/106.6/103.7
TODAY MARKET LOOKS VOLATILE AND VERY RANGE BOUND AND ONE NEEDS TO STAY VERY CAUTIOUS IN THIS MARKETS. IF NIFTY TRADES BELOW 4867 THEN IT IS LIKELY TO SLIDE DOWN TO 4825 AND BREAK BELOW THIS LEVEL WOULD TAKE NIFTY TO 4770. IF NIFTY CLOSES BELOW 4790 I WOULD SUGGEST TO EXIT LONGS TO THE MAXIMUM POSSIBLE. AND ON THE UPSIDE IF NIFTY TRADES ABOVE 4888 THEN ONE CAN TAKE LONG POSITION FOR A TARGET OF 4935 AND BREAK ABOVE THIS LEVEL INDICATE STRENGTH IN THE MARKET AND CAN LEAD NIFTY 4980. UNLESS AND UNTIL NIFTY CLOSES BELOW 4790 IT IS BETTER TO STAY ON THE POSITIVE DIRECTION. FOR INTRADAY ONE HAS TO BEAR IN MIND 4795 AS STOPLOSS FOR LONGS.
BUY STER SL 797 TGT 824/833
BUY RECLTD SL 214.5 TGT 222.7/224/227
SELL ABAN SL 1252 TGT 1191/1168/1135
SELL WIPRO SL 598 TGT 580/570
SELL TTML SL 26.5 TGT 25
SELL PTC SL TGT 108/106.6/103.7
