INTRADAY TIPS FOR 17 AUGUST 2010

GOOD MORNING!!!

WEEK KICK STARTED WITH DOUBTS OVER GLOBAL ECONOMIC RECOVERY AND INDICES EDGED LOWER IN THE LATE TRADE. IT, REALTY AND METALS STOCKS FELL. THE MARKET BREADTH WAS WEAK, IN CONTRAST WITH A STRONG BREADTH EARLIER IN THE DAY. VOLATALITY WAS IMMENSE INITIALLY WITH THE TRADE RANGE BEING VERY NARROW, INDICES SWUNG BETWEEN GAINS AND LOSSES.AND LATER TURNED WEAK TRACKING EUROPEAN MARKETS AND US INDEX FUTURES WHICH EDGED LOWER. ALL IN ALL MARKET BREADTH TURNED WEAK IN THE LATE TRADE.

TODAY MARKETS WOULD OPEN FLAT AND REMAIN IN RANGE BOUND UNTIL THE BELOW MENTIONED LEVELS ARE SURPASSED. IF NIFTY TRADES ABOVE 5442 THEN LIKLEY TO MAKE AN UPMOVE 5470 LEVELS AND ANY BREAK ABOVE 5476 LEVELS MAY TAKE NIFTY TO 5490 LEVELS AND ANY CLOSE ABOVE 5490 MAY TAKE MARKET TO 5560 LEVELS. ON THE NEGATIVE SIDE IF NIFTY TRADES BELOW 5393 THEN LIKELY TO COME DOWN TO 5365 LEVELS AND BREAK BELOW THIS LEVEL WOULD DRAG NIFTY FURTHER DOWNSIDE TO 5325 LEVELS AND ANY CLOSE BELOW 5320 MAY DRAG NIFTY FURTHER DOWNSIDE IN A VERY SHORT NOTE. STAY AWAY FROM NIFTY IF NIFTY CLOSES BELOW 5440 LEVELS.

BUY DISHTV SL 51 TGT 52.4/53/54
BUY WOCKHARDT LTD SL 187 TGT 200/210/215
BUY ENIL SL 241 TGT 253/262/275
BUY CUMMINS SL 712 TGT 729/739/755
BUY PROVOGUE SL 66.4 TGT 68/69.35/70
BUY IBN18 SL 102.7 TGT 106.8/109/110.7 (SHORT TERM 123)
POSITIONAL TRADES
BUY MANJUSHREE TGT 82/105