GOOD MORNING!!!
INDICES COULD NOT HOLD THE GAINS OF THE LAST FEW SESSIONS, THEY GOT SLUMPED TO FRESH INTRADAY LOWS IN LATE TRADE AS EUROPEAN STOCKS EXTENDED LOSSES AND US INDEX FUTURES TURNED NEGATIVE. METAL, BANKING AND IT STOCKS FELL, FMCG STOCKS ROSE. THE MARKET BREADTH WAS NEGATIVE IN CONTRAST TO A POSITIVE BREADTH EARLIER. THERE WAS IMMENSE VOLATILITY IN THE TRADE AS TRADERS ROLLED OVER POSITIONS IN THE DERIVATIVES SEGMENT FROM THE NEAR-MONTH JUNE 2010 CONTRACTS TO JULY 2010 CONTRACTS AHEAD OF THE EXPIRY.
TODAY MARKETS LOOK WEAK AND LIKELY TO OPEN NEGATIVE, BUT STILL ONE CANNOT IGNORE THE POSITIVITY OF THE MARKETS TILL THE TIME THE LEVELS ARE BREACHED AND MARKETS GET INTO COMPLETE NEGATIVITY ONE CANT THINK OF MARKETS TO BE IN THE NEGATIVE MODE. TODAY NIFTY TRADES BELOW 5300 LIKELY TO MAKE A NOSE DIVE TO 5286 AND BREACH BELOW THIS LEVEL WOULD DRAG NIFTY TO 5262 AND ANY BREAK AND TRADE BELOW THIS POINT WOULD TAKE NIFTY TO 5200 ON THE POSITIVE SIDE IF NIFTY TRADES ABOVE 5350 ONE CAN SEE IT TO GO UP TO 5400 AND THEN IT MAY MOVE UP FURTHER TO NEW HIGHS OF THE YEAR.
BUY GLOBUSSPR SL 168 TGT 179/185/190
BUY DHANBANK ABOVE 175.5 SL 172 TGT 180/188/193
BUY RECLTD SL 299 TGT 306/312/316
BUY MCLEODRUSS ABOVE 195.3 SL 194 TGT 197/199.5/201.4
BUY LUMAXIND ABOVE 272.5 SL 265 TGT 284/299/313
