GOOD MORNING!!!
INDICES EXTENDED LOSSES TO FRESH INTRADAY LOW IN LATE TRADE AFTER A GOOD START AT THE MARKETS. POWER, REALTY, METAL, AUTO, CAPITAL GOODS AND BANKING STOCKS FELL. THE MARKET BREADTH TURNED WEAK IN CONTRAST TO A STRONG BREADTH EARLIER IN THE DAY. WITH THE KICKSTART OF NTPC FUND RAISING EXERCISE IT IS EXPECTED TO SUCK AWAY THE LIQUIDITY FROM THE SECONDARY MARKETS LEADING SOME DECLINE IN THE MARKET.
TODAY NIFTY MAY OPEN NEGATIVE BUT MAY NOT DECLINE MUCH WITH THE SUPPORT FORM GLOBAL CUES AND ASIAN MARKETS TRADING HIGHER AFTER THE INITIAL DECLINE IN THE MARKETS NIFTY MAY TAKE A STRONG SUPPORT AT 4778 IF THIS LEVEL IS NOT SUSTAINED THEN WE WILL SEE NIFTY TO NOSE DIVE TO 4709 WHICH IS A MINOR SUPPORT BREAK BELOW THIS LEVEL WOULD LEAD NIFTY TO 4573 SO ONE HAS TO PLAY VERY CAUTIOUSLY ON THE TECHNICAL FRONT AS THESE LEVELS ARE VERY CRUCIAL. IF NIFTY TRADES ABOVE 4805 THEN WE MAY SEE NIFTY TO MOVE UP TO 4847 AND ABOVE THAT LEVEL WE MAY SEE NIFTY TO HIT 4889 BUT BE CAUTIOUS AS MARKETS ARE IN SELLING ZONE. WE EXPECT A PRE BUDGET RALLY AFTER THIS RETRACEMENT
SELL RELCAP SL 771 TGT 761/755/747
SELL M&M SL 1028 TGT 1006/996/987
SELL ABAN SL 1171 TGT 1145/1130/1116
POSITIONAL TRADES
BUY THINK SOFT TGT 612/850
BUY MUNDRAPORT 714 *
BUY MPHASIS TGT 1031/1281
BUY INGARSHI MOTORS TGT 100%/200%/500% LONG TERM 1000%
BUY BHARTISHIP 359/446
NOTE: POSITIONAL CALLS ONE SHOULD BUY IN SMALL QUANTITIES EXCEPT FOR INGARSHI MOTORS.
TODAY NIFTY MAY OPEN NEGATIVE BUT MAY NOT DECLINE MUCH WITH THE SUPPORT FORM GLOBAL CUES AND ASIAN MARKETS TRADING HIGHER AFTER THE INITIAL DECLINE IN THE MARKETS NIFTY MAY TAKE A STRONG SUPPORT AT 4778 IF THIS LEVEL IS NOT SUSTAINED THEN WE WILL SEE NIFTY TO NOSE DIVE TO 4709 WHICH IS A MINOR SUPPORT BREAK BELOW THIS LEVEL WOULD LEAD NIFTY TO 4573 SO ONE HAS TO PLAY VERY CAUTIOUSLY ON THE TECHNICAL FRONT AS THESE LEVELS ARE VERY CRUCIAL. IF NIFTY TRADES ABOVE 4805 THEN WE MAY SEE NIFTY TO MOVE UP TO 4847 AND ABOVE THAT LEVEL WE MAY SEE NIFTY TO HIT 4889 BUT BE CAUTIOUS AS MARKETS ARE IN SELLING ZONE. WE EXPECT A PRE BUDGET RALLY AFTER THIS RETRACEMENT
SELL RELCAP SL 771 TGT 761/755/747
SELL M&M SL 1028 TGT 1006/996/987
SELL ABAN SL 1171 TGT 1145/1130/1116
POSITIONAL TRADES
BUY THINK SOFT TGT 612/850
BUY MUNDRAPORT 714 *
BUY MPHASIS TGT 1031/1281
BUY INGARSHI MOTORS TGT 100%/200%/500% LONG TERM 1000%
BUY BHARTISHIP 359/446
NOTE: POSITIONAL CALLS ONE SHOULD BUY IN SMALL QUANTITIES EXCEPT FOR INGARSHI MOTORS.
