GOOD MORNING!!!
INTRADAY VOLATILITY ON THE BOURSES WAS HIGH. THE MARKET TUMBLED IN EARLY TRADE ON WEAK GLOBAL STOCKS. THE MARKET STAGED A STRONG INTRADAY REBOUND IN AFTERNOON TRADE AFTER THE CHIEF ECONOMIC ADVISER TO THE FINANCE MINISTRY KAUSHIK BASU SAID THE ECONOMY WILL BE BACK AT A 9% GROWTH RATE BY THE NEXT FISCAL YEAR. BUT THE INTRADAY REBOUND PROVED SHORT-LIVED. THE MARKET WEAKENED IN AFTERNOON TRADE. THE MARKET ONCE AGAIN RECOVERED FROM LOWER LEVEL. IT LOST GROUND AGAIN LATER. THE MARKET BREADTH WAS EXTREMELY WEAK. INFRASTRUCTURE RELATED SECTORS DECLINED FOR THE SECOND DAY IN A ROW, REALITY, POWER AND CAPITAL GOODS STOCKS SUFFERED SEVERE SETBACK. IT STOCKS WERE NOT SPARED EITHER FOLLOWING WORRIES THE OBAMA BANK PLAN WILL CRIMP OUTSOURCING DEMAND.
TODAY MARKETS LOOK VOLATILE WITH GLOBAL QUES BEING NEGATIVE. MARKETS LAST DAY REBOUNDED ON A HIGH NOTE WITH DII DOMINATING THE BUYING WHILE FII FIRING ON SELLING. MARKETS HAVE SHOWN GREAT RECOVERY ON THE DOWNSIDE AND MAY HOLD THIS SUPPORT ZONE UNTIL THE EXPIRY OF THE CURRENT MONTH TAKES PLACE. FOR TODAY NIFTY MAY TAKE SUPPORT INITIALLY AT 4990 IF IT SUSTAINS WITHOUT BREAKING THIS LEVEL THEN CAN SEE A BOUNCE BACK BUT IF THE LEVEL IS NOT SUSTAINED THEN WE CAN HEAD TOWARDS 4944 THIS IS CONSIDERED TO BE ONE OF THE CRUCIAL LEVELS FOR NIFTY FOR THE SHORT TERM IF 4944 IS BROKEN WE CAN DIRECTLY HEAD TOWARDS 4800 THIS IS A MINOR SUPPORT IN THE NEAR TERM IF 4944 IS BROKEN. ON THE POSITIVE SIDE AS LONG AS NIFTY IS ABOVE 5000 AT THIS LEVEL MARKET CAN REMAIN SIDEWAYS IF NIFTY TRADES ABOVE 5052 THEN CAN SEE FURTHER UPSIDE BEFORE EXPIRY. ONE IS ADVISED TO STAY SHORT ONLY BELOW 4944 AND LONG ONLY ABOVE 5052
BUY MARUTI SL 1409 TGT 1482/1515/1546 (ONE CAN HOLD POSITIONALLY WITH SL 1369 FOR A TARGET OF 1734)
BUY DREDGECORP SL 679 TGT 735/760/784
BUY SPICE JET SL 55 TGT 63/66/69
BUY STRIDE AERCOLAB SL 285 TGT 308/314/324
BUY BHEL SL 2352 TGT 2390/2412/2446
BUY MCDOWELL-N SL 1259 TGT 1350/1369/1391
SELL TATASTEEL SL 631 TGT 609/591
POSITIONAL TRADES
BUY NOIDA MEDICARE AT 23 TGT 46/69/92
TODAY MARKETS LOOK VOLATILE WITH GLOBAL QUES BEING NEGATIVE. MARKETS LAST DAY REBOUNDED ON A HIGH NOTE WITH DII DOMINATING THE BUYING WHILE FII FIRING ON SELLING. MARKETS HAVE SHOWN GREAT RECOVERY ON THE DOWNSIDE AND MAY HOLD THIS SUPPORT ZONE UNTIL THE EXPIRY OF THE CURRENT MONTH TAKES PLACE. FOR TODAY NIFTY MAY TAKE SUPPORT INITIALLY AT 4990 IF IT SUSTAINS WITHOUT BREAKING THIS LEVEL THEN CAN SEE A BOUNCE BACK BUT IF THE LEVEL IS NOT SUSTAINED THEN WE CAN HEAD TOWARDS 4944 THIS IS CONSIDERED TO BE ONE OF THE CRUCIAL LEVELS FOR NIFTY FOR THE SHORT TERM IF 4944 IS BROKEN WE CAN DIRECTLY HEAD TOWARDS 4800 THIS IS A MINOR SUPPORT IN THE NEAR TERM IF 4944 IS BROKEN. ON THE POSITIVE SIDE AS LONG AS NIFTY IS ABOVE 5000 AT THIS LEVEL MARKET CAN REMAIN SIDEWAYS IF NIFTY TRADES ABOVE 5052 THEN CAN SEE FURTHER UPSIDE BEFORE EXPIRY. ONE IS ADVISED TO STAY SHORT ONLY BELOW 4944 AND LONG ONLY ABOVE 5052
BUY MARUTI SL 1409 TGT 1482/1515/1546 (ONE CAN HOLD POSITIONALLY WITH SL 1369 FOR A TARGET OF 1734)
BUY DREDGECORP SL 679 TGT 735/760/784
BUY SPICE JET SL 55 TGT 63/66/69
BUY STRIDE AERCOLAB SL 285 TGT 308/314/324
BUY BHEL SL 2352 TGT 2390/2412/2446
BUY MCDOWELL-N SL 1259 TGT 1350/1369/1391
SELL TATASTEEL SL 631 TGT 609/591
POSITIONAL TRADES
BUY NOIDA MEDICARE AT 23 TGT 46/69/92
