GOOD MORNING!!!
MARKETS WERE VERY VOLATILE DURING THE ENTIRE TRADING SESSION INITIALLY MARKETS OPENED HIGH TRACKING FRIDAYS STRONG CLOSE IN US & EUROPEAN MARKETS AND STRONG MONDAY OPENING IN ASIAN MARKETS. AFTER STRONG OPENING MARKETS STARTED SLOWLY GIVING AWAY ALMOST ALL THE GAINS AND SLOWLY REGAINED STRENGTH ON VERY LOW VOLUMES THERE AFTER IT AGAIN SLID DOWN BREAKING THE NEW LOWS OF THE DAY. MARKET ONCE AGAIN STARTED RECOVERY ON THE NEWS OF DIRECT TAX CODE. THE MARKET BREADTH WAS WEAK, IN CONTRAST WITH A STRONG BREADTH IN THE MORNING TRADE. IT WAS THE BIGGEST LOOSER SECTORAL WISE.
TODAY MARKETS WOULD OPEN WEAK TRACKING GLOBAL CUES. NIFTY LIKELY TO OPEN GAP DOWN OF AROUND 45 POINTS IF NIFTY TRADES BELOW 5360 THEN LIKELY TO MAKE A NOSE DIVE TO 5301 AND ANY BREAK BELOW THIS POINT WOULD DRAG NIFTY TO 5238 WHICH IS VERY CRUCIAL SUPPORT IN THE NEAR TERM. ON THE POSITIVE SIDE IF NIFTY TRADES ABOVE 5450 THEN LIKELY MAKE AN UPMOVE TO 5487 AND BREAK ABOVE THIS POINT WOULD TAKE TO 5500 AND ANY CLOSE ABOVE 5500 IS CONSIDERED TO BE VERY BULLISH. ONE IS ADVISED TO STAY AWAY FROM LONGS KEEP IN VIEW THE BEARISH TREND FOR THE PAST FOUR TRADING SESSIONS. WE MAY LIKELY TO RETRACE FURTHER MORE SO STAY ON SIDELINES AND GRAB THE OPPORTUNITY AFTER A SLIDE AT EVERY SUPPORT ONE CAN TAKE LONG POSITIONS AND EXIT IF THE SUPPORT IS BREACHED. DON’T INVEST MORE THAN 25 TO 40% OF THE CAPITAL IN THE CURRENT SITUATION.
TODAY MARKETS WOULD OPEN WEAK TRACKING GLOBAL CUES. NIFTY LIKELY TO OPEN GAP DOWN OF AROUND 45 POINTS IF NIFTY TRADES BELOW 5360 THEN LIKELY TO MAKE A NOSE DIVE TO 5301 AND ANY BREAK BELOW THIS POINT WOULD DRAG NIFTY TO 5238 WHICH IS VERY CRUCIAL SUPPORT IN THE NEAR TERM. ON THE POSITIVE SIDE IF NIFTY TRADES ABOVE 5450 THEN LIKELY MAKE AN UPMOVE TO 5487 AND BREAK ABOVE THIS POINT WOULD TAKE TO 5500 AND ANY CLOSE ABOVE 5500 IS CONSIDERED TO BE VERY BULLISH. ONE IS ADVISED TO STAY AWAY FROM LONGS KEEP IN VIEW THE BEARISH TREND FOR THE PAST FOUR TRADING SESSIONS. WE MAY LIKELY TO RETRACE FURTHER MORE SO STAY ON SIDELINES AND GRAB THE OPPORTUNITY AFTER A SLIDE AT EVERY SUPPORT ONE CAN TAKE LONG POSITIONS AND EXIT IF THE SUPPORT IS BREACHED. DON’T INVEST MORE THAN 25 TO 40% OF THE CAPITAL IN THE CURRENT SITUATION.
BUY POWER GRID SL 107.4 TGT 110/111.5/112.7 (SHORT TERM 120)
BUY PEARL POLYMERS SL 27 TGT 28.85/30.6/31.75
OPTION: BUY ONGC 1300 CA AROUND 50 – 55 SL 1260 IN FUTURES
