GOOD MORNING!!!
INTRADAY VOLATILITY WAS HIGH, WE HAVE WITNESSED SELLING IN BANK STOCKS RIGHT FROM THE BEGINNING OF THE TRADE SELLING FEARS OF MONETARY TIGHTENING BY THE CENTRAL BANK. AUTO AND CAPITAL GOODS STOCKS ALSO FELL. THE MARKET BREADTH TURNED WEAK. THE MARKET PARED GAINS AFTER AN EARLY SURGE TRIGGERED BY HIGHER ADVANCE TAX NUMBERS BY SOME INDIAN FIRMS FOR THE THIRD INSTALLMENT. THE MARKET REGAINED STRENGTH IN MORNING TRADE. BUT THE INTRADAY REBOUND WAS SHORT-LIVED. THE MARKET ONCE AGAIN PARED GAINS IN MID-MORNING TRADE. THE MARKET SLIPPED INTO THE RED LATER AS THE DOLLAR STRENGTHENED AND THE DISAPPOINTING ICICI BANK ADVANCED TAX NUMBERS HAS FURTHER WEAKEND THE MARKET AND THE NUMBERS WERE BELOW THE EXPECTATIONS.
TODAY MARKET WOULD REMAIN VOLATILE. IF NIFTY TRADES BELOW 5031 LIKELY TO TEST 5003 AND BREAK BELOW 5000 THE IT IS LIKELY TO TAKE SUPPORT AT 4978 BREAK BELOW THIS LEVEL WOULD TAKE NIFTY TO 4940 THIS IS ONE OF THE VERY GOOD SUPPORT ANY BREAK BELOW 4940 IS CONSIDERED TO BE WEAK AND NIFTY CAN DECLINE TO 4800 IN A VERY SHORT TIME. ON THE UPSIDE IF NIFTY TRADES ABOVE 5041 THEN LIKELY TO HAVE SOME RESISTANCE AROUND 5070 BUT ANY BREAK IN VOLUMES AT THIS LEVEL WOULD AGAIN TAKE NIFTY TO 5111 LEVELS AND ANY CLOSE ABOVE 5100 IS AGAIN CONSIDERED TO BE BULLISH AND ONE CAN RETAIN THEIR POSITIONS ON THE LONG SIDE. KEEP AN EYE ON OIL STOCKS ALONG WITH IT STOCKS.
BUY ORCHID CHEMICALS SL 219 TGT 229/234
BUY WIPRO SL 654 TGT 664/675
SELL GAIL SL 416.7 TGT 401/396
SELL TATAMOTORS SL 701 TGT 691/686
SELL AXISBANK SL 977 TGT 961/952
SELL UNION BANK SL 261 TGT 251/247
SELL ABAN SL 1231 TGT 1211/1200/1192
INTRADAY VOLATILITY WAS HIGH, WE HAVE WITNESSED SELLING IN BANK STOCKS RIGHT FROM THE BEGINNING OF THE TRADE SELLING FEARS OF MONETARY TIGHTENING BY THE CENTRAL BANK. AUTO AND CAPITAL GOODS STOCKS ALSO FELL. THE MARKET BREADTH TURNED WEAK. THE MARKET PARED GAINS AFTER AN EARLY SURGE TRIGGERED BY HIGHER ADVANCE TAX NUMBERS BY SOME INDIAN FIRMS FOR THE THIRD INSTALLMENT. THE MARKET REGAINED STRENGTH IN MORNING TRADE. BUT THE INTRADAY REBOUND WAS SHORT-LIVED. THE MARKET ONCE AGAIN PARED GAINS IN MID-MORNING TRADE. THE MARKET SLIPPED INTO THE RED LATER AS THE DOLLAR STRENGTHENED AND THE DISAPPOINTING ICICI BANK ADVANCED TAX NUMBERS HAS FURTHER WEAKEND THE MARKET AND THE NUMBERS WERE BELOW THE EXPECTATIONS.
TODAY MARKET WOULD REMAIN VOLATILE. IF NIFTY TRADES BELOW 5031 LIKELY TO TEST 5003 AND BREAK BELOW 5000 THE IT IS LIKELY TO TAKE SUPPORT AT 4978 BREAK BELOW THIS LEVEL WOULD TAKE NIFTY TO 4940 THIS IS ONE OF THE VERY GOOD SUPPORT ANY BREAK BELOW 4940 IS CONSIDERED TO BE WEAK AND NIFTY CAN DECLINE TO 4800 IN A VERY SHORT TIME. ON THE UPSIDE IF NIFTY TRADES ABOVE 5041 THEN LIKELY TO HAVE SOME RESISTANCE AROUND 5070 BUT ANY BREAK IN VOLUMES AT THIS LEVEL WOULD AGAIN TAKE NIFTY TO 5111 LEVELS AND ANY CLOSE ABOVE 5100 IS AGAIN CONSIDERED TO BE BULLISH AND ONE CAN RETAIN THEIR POSITIONS ON THE LONG SIDE. KEEP AN EYE ON OIL STOCKS ALONG WITH IT STOCKS.
BUY ORCHID CHEMICALS SL 219 TGT 229/234
BUY WIPRO SL 654 TGT 664/675
SELL GAIL SL 416.7 TGT 401/396
SELL TATAMOTORS SL 701 TGT 691/686
SELL AXISBANK SL 977 TGT 961/952
SELL UNION BANK SL 261 TGT 251/247
SELL ABAN SL 1231 TGT 1211/1200/1192
