GOOD MORNING!!!
THE KEY BENCHMARK INDICES REVERSED INITIAL STRONG GAINS IN LATE TRADE AFTER A SHARP SURGE IN INFLATION AND PROFIT TAKING TRIGGERED ON THE NOTE OF INDICES SCALING TO NEW HIGHS OF ALMOST 29 MONTHS ADDING FIRE TO THE FUEL WAS DECLINE IN EUROPEAN STOCKS AND US INDEX FUTURES. MARKET TRADED IN A NARROW RANGE BAND UNTIL IT GAVE AWAY ITS INTRADAY GAINS. OVERALL MARKETS BREADTH TURNED NEGATIVE IN CONTRAST TO THE POSITIVE BREADTH EARLIER IN THE DAY.
TODAY MARKETS LOOK VOLATILE, IF NIFTY TRADES BELOW 5375 THEN ONE CAN SEE NIFTY TO SLIDE DOWN TO 5340 LEVELS AND BREAK BELOW THIS LEVEL WOULD DRAG NIFTY TO 5305 LEVELS AND ANY FURTHER BREACH BELOW 5300 WOULD TAKE NIFTY TO 5240 LEVELS. ON THE POSITIVE SIDE IF NIFTY TRADES ABOVE 5420 THEN LIKELY TO MAKE AN UPMOVE TO 5450 LEVELS BUT ONE HAS TO STAY CAUTIOUS AT HIGHER LEVELS AS THERE ARE FEW WORRIES CROPPING UP IN THE MARKET THEY ARE
(a) INFLATION
(b) RBI MEET ON RATE HIKE
(c) RESULTS
(d) PROFIT TAKING AT HIGHER LEVELS.
BUT ONE IS CAUTIONED THAT IF NIFTY TRADES ABOVE 5460 THEN LIKELY TO MOVE UP TO 5560 WITHOUT ANY HURDLE SO AVOID SHORTING ABOVE 5400 AND BELOW 5400 ONE CAN TAKE CHANCE IN ORDER TO CATCH THE NIFTY AT PEAKS.
BUY TATA COMMUNICATIONS SL 288 TGT 292/296/299
BUY IRB SL 270 TGT 273.5/276.75/278.7
BUY SINTEX SL 340 TGT 346/350/356
BUY LT SL 1789 TGT 1895/1904/1914
BUY GITANJALI SL 152 TGT 160/168/172 (MEDIUM TERM 225)
BUY PATNI SL 525 TGT 533/540/546
BUY UTVSOF SL 424 TGT 436/444/455
POSITIONAL TRADES
BUY WALCHANNAG TGT 260/285
THE KEY BENCHMARK INDICES REVERSED INITIAL STRONG GAINS IN LATE TRADE AFTER A SHARP SURGE IN INFLATION AND PROFIT TAKING TRIGGERED ON THE NOTE OF INDICES SCALING TO NEW HIGHS OF ALMOST 29 MONTHS ADDING FIRE TO THE FUEL WAS DECLINE IN EUROPEAN STOCKS AND US INDEX FUTURES. MARKET TRADED IN A NARROW RANGE BAND UNTIL IT GAVE AWAY ITS INTRADAY GAINS. OVERALL MARKETS BREADTH TURNED NEGATIVE IN CONTRAST TO THE POSITIVE BREADTH EARLIER IN THE DAY.
TODAY MARKETS LOOK VOLATILE, IF NIFTY TRADES BELOW 5375 THEN ONE CAN SEE NIFTY TO SLIDE DOWN TO 5340 LEVELS AND BREAK BELOW THIS LEVEL WOULD DRAG NIFTY TO 5305 LEVELS AND ANY FURTHER BREACH BELOW 5300 WOULD TAKE NIFTY TO 5240 LEVELS. ON THE POSITIVE SIDE IF NIFTY TRADES ABOVE 5420 THEN LIKELY TO MAKE AN UPMOVE TO 5450 LEVELS BUT ONE HAS TO STAY CAUTIOUS AT HIGHER LEVELS AS THERE ARE FEW WORRIES CROPPING UP IN THE MARKET THEY ARE
(a) INFLATION
(b) RBI MEET ON RATE HIKE
(c) RESULTS
(d) PROFIT TAKING AT HIGHER LEVELS.
BUT ONE IS CAUTIONED THAT IF NIFTY TRADES ABOVE 5460 THEN LIKELY TO MOVE UP TO 5560 WITHOUT ANY HURDLE SO AVOID SHORTING ABOVE 5400 AND BELOW 5400 ONE CAN TAKE CHANCE IN ORDER TO CATCH THE NIFTY AT PEAKS.
BUY TATA COMMUNICATIONS SL 288 TGT 292/296/299
BUY IRB SL 270 TGT 273.5/276.75/278.7
BUY SINTEX SL 340 TGT 346/350/356
BUY LT SL 1789 TGT 1895/1904/1914
BUY GITANJALI SL 152 TGT 160/168/172 (MEDIUM TERM 225)
BUY PATNI SL 525 TGT 533/540/546
BUY UTVSOF SL 424 TGT 436/444/455
POSITIONAL TRADES
BUY WALCHANNAG TGT 260/285
