GOOD MORNING!!!
THE MARKET RECOVERED FROM LOWER LEVEL IN EARLY TRADE. HOWEVER, THE INTRADAY RECOVERY PROVED SHORT-LIVED. THE MARKET ONCE AGAIN CAME OFF THE DAY'S HIGH LATER. IT TRIMMED LOSSES IN MID-AFTERNOON TRADE. THE MARKET SURGED IN LATE TRADE AS TRADERS ROLLED OVER POSITIONS IN THE DERIVATIVES SEGMENT FROM THE MARCH 2010 SERIES TO THE APRIL 2010 SERIES AHEAD OF THE EXPIRY AND TRACKING HIGHER EUROPEAN STOCKS AND GAINS IN US INDEX FUTURES. STOCKS ROSE FOR THE SECOND STRAIGHT DAY. BANKING, CAPITAL GOODS, FMCG AND REALTY STOCKS ROSE. THE MARKET BREADTH, INDICATING OVERALL HEALTH OF THE MARKET, TURNED NEGATIVE COMPARED TO POSITIVE BREADTH EARLIER IN THE DAY.
TODAY MARKET WOULD OPEN FLAT, IF NIFTY TRADES ABOVE 5260 THEN LIKELY TO HIT 5300 AND BREAK ABOVE 5300 IS CONSIDERED TO BE BULLISH AND WE MAY SEE IN THE NEAR TERM NIFTY HEADING TOWARDS NEW HIGHS OF THE YEAR SURPASSING THE PREVIOUS HIGHS OF THE YEAR, ANY CLOSING ABOVE 5300 IS CONSIDERED TO BE VERY BULLISH AND ONE IS ADVISED TO STAY INVESTED IF NIFTY CLOSES ABOVE 5300 AND ON THE DOWNSIDE, IF NIFTY TRADES BELOW 5236 THEN IT IS LIKELY TO COME DOWN TO 5205 AND ANY BREAK BELOW THIS POINT WOULD LEAD NIFTY TO 5150 AND CLOSING BELOW 5200 IS CONSIDERED TO BE WEAK FOR NIFTY.
BUY VALECHA ENGG SL 118 TGT 127/132/135.9
BUY WIPRO SL 717 TGT 728/735/741
BUY RPOWER SL 146 TGT 152/154/157
BUY TATASTEEL SL 634 TGT 640/642/646
THE MARKET RECOVERED FROM LOWER LEVEL IN EARLY TRADE. HOWEVER, THE INTRADAY RECOVERY PROVED SHORT-LIVED. THE MARKET ONCE AGAIN CAME OFF THE DAY'S HIGH LATER. IT TRIMMED LOSSES IN MID-AFTERNOON TRADE. THE MARKET SURGED IN LATE TRADE AS TRADERS ROLLED OVER POSITIONS IN THE DERIVATIVES SEGMENT FROM THE MARCH 2010 SERIES TO THE APRIL 2010 SERIES AHEAD OF THE EXPIRY AND TRACKING HIGHER EUROPEAN STOCKS AND GAINS IN US INDEX FUTURES. STOCKS ROSE FOR THE SECOND STRAIGHT DAY. BANKING, CAPITAL GOODS, FMCG AND REALTY STOCKS ROSE. THE MARKET BREADTH, INDICATING OVERALL HEALTH OF THE MARKET, TURNED NEGATIVE COMPARED TO POSITIVE BREADTH EARLIER IN THE DAY.
TODAY MARKET WOULD OPEN FLAT, IF NIFTY TRADES ABOVE 5260 THEN LIKELY TO HIT 5300 AND BREAK ABOVE 5300 IS CONSIDERED TO BE BULLISH AND WE MAY SEE IN THE NEAR TERM NIFTY HEADING TOWARDS NEW HIGHS OF THE YEAR SURPASSING THE PREVIOUS HIGHS OF THE YEAR, ANY CLOSING ABOVE 5300 IS CONSIDERED TO BE VERY BULLISH AND ONE IS ADVISED TO STAY INVESTED IF NIFTY CLOSES ABOVE 5300 AND ON THE DOWNSIDE, IF NIFTY TRADES BELOW 5236 THEN IT IS LIKELY TO COME DOWN TO 5205 AND ANY BREAK BELOW THIS POINT WOULD LEAD NIFTY TO 5150 AND CLOSING BELOW 5200 IS CONSIDERED TO BE WEAK FOR NIFTY.
BUY VALECHA ENGG SL 118 TGT 127/132/135.9
BUY WIPRO SL 717 TGT 728/735/741
BUY RPOWER SL 146 TGT 152/154/157
BUY TATASTEEL SL 634 TGT 640/642/646
