GOOD MORNING!!!
INDICES MANAGED TO CLOSE THE DAY IN GREEN DESPITE OF SELLING AT THE END OF THE DAY. THE MARKETS STARTED THE SESSION ON A STEADY NOTE BUOYED BY STRONG INDICATIONS FROM EQUITY INDICES ACROSS THE GLOBE THE GAINS WERE TRIGGERED BY ANNOUNCEMENT OF AUSTERITY MEASURES BY ANOTHER EURO ZONE NATION - SPAIN. THE COUNTRY, WHICH IS CURRENTLY FACING A BUDGET DEFICIT OF 11% OF GROSS DOMESTIC PRODUCT (GDP), IS LOOKING TO SAVE AROUND $21 BILLION IN NEXT TWO YEARS THROUGH VARIOUS WAYS INCLUDING 5% SALARY CUT FOR PUBLIC SECTOR EMPLOYEES THIS YEAR AND FREEZING IT NEXT YEAR, SLASHING PENSION AND REGIONAL GOVERNMENT FUNDING, ETC WITH THIS MARKETS HAVE GIVEN UP THE GAINS. REALTY AND AUTO STOCKS HOGGED THE LIMELIGHT DURING THE ENTIRE SESSION. WHILE, PROFIT BOOKING PULLED THE METAL AND OIL & GAS STOCKS LOWER.
TODAY MARKETS WOULD OPEN GAP DOWN AND MAY REMAIN IN NEGATIVE ZONE IF NIFTY TRADES BELOW 5170 THEN LIKELY TO MAKE A NOSE DIVE TO 5130 LEVELS AND ANY BREAK BELOW THIS LEVEL WOULD TAKE NIFTY DOWN TO 5090 ANY TRADE BELOW THIS LEVEL IS CLEARLY A SELL AND ONE CAN REMAIN SHORT. ON THE POSITIVE SIDE IF NIFTY BREACHES 5194 THEN LIKLEY TO MAKE AN UP MOVE TO 5220 AND THEN TO 5250 LEVELS WHICH IS REMOTE IN TODAYS TRADING SESSION.
SELL SBIN SL 2326 TGT 2291/2275/2258
SELL PNB SL 1033 TGT 1018/1012/1005
SELL RCOM SL 147 TGT 143/141/139
SELL TATASTEEL SL 579 TGT 565/560/555
SELL MUNDRA PORT SL 747 TGT 732/713/698*
BUY PFC SL 284 TGT 290/292/294 (BUY WHEN MARKET OPENS GAP DOWN)
