VOLATILITY RULED THE KEY IN THE LAST TRADING SESSION. MARKET AFTER OPENING BELL WAS AROUND 40 POINTS ON THE UPSIDE AND CONTINUED TO REMAIN ON THE POSITIVE TERRITORY TILL THE END OF THE DAY AND INDICES (NIFTY AND SENSEX) ATTAINED THEIR HIGHEST CLOSING LEVELS IN MORE THAN A MONTH. FIRM GLOBAL STOCKS AIDED THE RALLY ON THE DOMESTIC BOURSES. INDEX HEAVYWEIGHT RELIANCE INDUSTRIES (RIL) LED THE RALLY. THE STOCK SURGED MORE THAN 3% YESTERDAY, AFTER THECOMPANY SAID IT HAS PUT A BID TO ACQUIRE BANKRUPT CHEMICALS MAKER LYONDELLBASELL INDUSTRIES. METAL, FMCG AND BANKING AND AUTO STOCKS ROSE. THE MARKET BREADTH WAS STRONG. TRADERS ROLLED OVER POSITIONS IN THE DERIVATIVE SEGMENT FROM NOVEMBER 2009 SERIES TO DECEMBER 2009 SERIES AHEAD OF THE EXPIRY OF THE NEAR MONTH NOVEMBER 2009 CONTRACTS ON THURSDAY, 26 NOVEMBER 2009 A WEAK DOLLAR BOOSTED WORLD STOCKS, AS TRADERS BORROW AGAINST THE LOW-YIELDING GREENBACK TO REINVEST ELSEWHERE IN WHAT'S KNOWN AS THE CARRY TRADE. THE DOLLAR INDEX, WHICH TRACKS THE PERFORMANCE OF THE GREENBACK AGAINST A BASKET OF OTHER MAJOR CURRENCIES, FELL 0.7% TO 75.153 IN RECENT TRADING. THE DOLLAR HAS TUMBLED THIS YEAR ON SPECULATION THE US FEDERAL RESERVE WILL KEEP INTEREST RATES LOW FOR A PROLONGED PERIOD OF TIME TO AID RECOVERY IN THE US ECONOMY.
TODAY MARKET WOULD BE VOLATILE, MARKET AS TOLD YESTERDAY IF IT CROSSES 5085 THEN WE CAN SEE NIFTY TO MOVE TO 5159. WE MAY SEE NIFTY TO MOVE TO 5159 IN TODAYS SESSION AND NIFTY IS EXPECTED TO REMAIN VERY VOLATILE IN THE NEXT 2 DAYS OF TRADING AHEAD OF EXPIRY, NIFTY MAY FACE A STILL RESISTANCE AROUND 5159 ZONES AND ONE IS ADVISED TO STAY CAUTIOUS AT THIS LEVEL BEFORE THIS EXPIRY BUT ANY CLOSE ABOVE 5159 IN NIFTY TODAY MAY TAKE NIFTY TO 5276 LEVELS BUT ONE IS ADVISED TO STAY VERY CAUTIOUS AND TRADE WITH VERY LOW QUANTITY. AND ON THE NEGATIVE SIDE IF NIFTY TRADES BELOW 5080 THEN ONE CAN GO SHORT WITH A STOPLOSS OF 5121 FOR A TARGET OF 5010 AND BREAK BELOW THIS LEVEL WOULD TAKE NIFTY TO 4937 ANY CLOSE BELOW 4980 IS CONSIDERED TO BE WEAK AND ONE CAN TAKE POSITIONAL SHORTS.
BUY AXIS BANK SL 984 TGT 1004/1018
BUY TATASTEEL SL 565 TGT 577/584
INTRADAY CALLS WILL BE GIVEN DURING MARKET HOURS TO THE REGISTERED CLIENTS
TODAY MARKET WOULD BE VOLATILE, MARKET AS TOLD YESTERDAY IF IT CROSSES 5085 THEN WE CAN SEE NIFTY TO MOVE TO 5159. WE MAY SEE NIFTY TO MOVE TO 5159 IN TODAYS SESSION AND NIFTY IS EXPECTED TO REMAIN VERY VOLATILE IN THE NEXT 2 DAYS OF TRADING AHEAD OF EXPIRY, NIFTY MAY FACE A STILL RESISTANCE AROUND 5159 ZONES AND ONE IS ADVISED TO STAY CAUTIOUS AT THIS LEVEL BEFORE THIS EXPIRY BUT ANY CLOSE ABOVE 5159 IN NIFTY TODAY MAY TAKE NIFTY TO 5276 LEVELS BUT ONE IS ADVISED TO STAY VERY CAUTIOUS AND TRADE WITH VERY LOW QUANTITY. AND ON THE NEGATIVE SIDE IF NIFTY TRADES BELOW 5080 THEN ONE CAN GO SHORT WITH A STOPLOSS OF 5121 FOR A TARGET OF 5010 AND BREAK BELOW THIS LEVEL WOULD TAKE NIFTY TO 4937 ANY CLOSE BELOW 4980 IS CONSIDERED TO BE WEAK AND ONE CAN TAKE POSITIONAL SHORTS.
BUY AXIS BANK SL 984 TGT 1004/1018
BUY TATASTEEL SL 565 TGT 577/584
INTRADAY CALLS WILL BE GIVEN DURING MARKET HOURS TO THE REGISTERED CLIENTS
