GOOD MORNING!!!
INDICES END A TAD HIGHER AS RELIANCE AND BANKING STOCKS HAVE EDGED HIGHER. STRONG AUTO SALES FOR JULY, SUSTAINED BUYING FROM FOREIGN FUNDS FROM THE LAST TWO MONTHS, REVIVAL OF MONSOON RAINS IN THE CRUCIAL SOWING MONTH OF JULY, SUPPORTED THE BOURSES. THOUGH MARKETS OVERALL WERE FLAT ONLY THE BANKING STOCKS HAVE CONTAINED THE MARKET FROM BUYING. INITIALLY MARKETS SLIPPED INTO NEGATIVE IN THE AFTERNOON TRADE AS EUROPEAN STOCKS DECLINED BUT LATER REGAINED STRENGTH IN THE LATE TRADE. ALL-IN-ALL MARKET MOVED IN A NARROW RANGE AND IN THE PHASE OF CONSOLIDATION. FOREIGN FUNDS CONTINUE TO MOP UP INDIAN STOCK MARKETS, IN JULY FORIEGN FUNDS HAVE BOUGHT 8320.5 CRORE IN JULY WHICH HAS TRIGGERED MARKETS TO BREACH LAST 29 MONTH HIGHS IN THE INDICIES.
TODAY MARKETS WOULD BE RANGE BOUND AND EXPECTED TO BE RANGE BOUND NIFTY WILL TRY TO BE IN A CONSOLIDATED STATE AND MOVING FORWARD WE CAN SEE IT WILL BE IN A CHANNEL BASED TRADE IF IT TRIES TO MOVE UP FROM HERE ON, ELSE NIFTY WOULD HAVE SOME RETRACEMENT TO FURTHER SCALE TO NEW HIGHS. IF NIFTY TRADES ABOVE 5454 THEN LIKELY TO SEE SOME RESISTANCE AROUND 5476 AND ANY UPMOVE FROM HERE ON WILL HALT AT 5560 LEVELS AND ON THE DOWNSIDE IF NIFTY TRADES BELOW 5430 THEN LIKELY TO COME DOWN TO 5411 AND BREAK BELOW THIS LEVEL WOULD DRAG IT TO 5380 LEVELS. SUGARS LOOKING GOOD.
BUY HMT SL 82 TGT 87/90/92
BUY TTML SL 22.5 TGT 23/23.2/23.5
BUY BAJAJ HIND SL 117.5 TGT 119.7/120.8/122
POSITIONAL TRADES
BUY SUKHJIT STARCH CMP 203.75 TGT 250/300
