GOOD MORNING!!!
INDICES OPENED ON A STRONG NOTE TRACKING US & EUROPE CLOSING AND POSITIVE START FROM ASIAN PEERS, BUT COULD NOT HOLD THE GAINS. MARKETS STARTED GIVING AWAY SLOWLY ALL THE GAINS IN A VERY VOLATILE TRADE. THE SELLING PRESSURE WAS SEEN IN LATE TRDE WHICH HAS WIPED AWAY ALMOST ALL THE GAINS. THE MARKET BREADTH TURNED WEAK IN CONTRAST TO THE STRONG BREADTH EARLIER IN THE OPENING TRADE, ALL-IN-ALL CLOSED ON A POSITIVE BREADTH. THE MID CAPS AND SMALL CAPS HOGGED THE LIMELIGHT. THERE WAS BUYING INTEREST SEEN IN AUTO, BANKING, METALS AND CONSUMER GOODS, SUGAR STOCKS WERE THE MAJOR GAINERS OF THE DAY REPORTS ON POSSIBLE DECONTROL IN PRICES HAVE TRIGGERED ALL THE SUGARS STOCKS.
TODAY MARKETS LOOK FLAT AND VOLATILE. IF NIFTY TRADES BELOW 5474 THEN LIKELY TO NOSE DIVE TO 5438 LEVELS AND BREAK BELOW THIS LEVEL WOULD DRAG NIFTY TO 5414 LEVELS AND ANY CLOSE BELOW 5414 IS CONSIDERED TO BE WEAK AND MAY SEE FURTHER DOWNSIDE IN NIFTY IN COMING DAYS. ON THE POSITIVE FRONT IF NIFTY TRADES ABOVE 5510 THEN LIKELY TO MAKE AN UPMOVE TO 5540 AND BREAK ABOVE THIS POINT WOULD TRIGGER NIFTY TO 5560 LEVELS. ANY CLOSE ABOVE 5540 IS CONSIDERED TO BE VERY STRONG CLOSING.
BUY EXIDE INDS SL 155 TGT 159.5/162/165 (SHORT TERM 200)
BUY CORE PROJECTS SL 279 TGT 286/289.75/296.50
BUY VINDHYA TELELINK SL 348.9 TGT 369/381/388 (SHORT TERM 450)
BUY ISPAT INDS SL 19.75 TGT 20.40/20.85/21.10
POSITIONAL TRADES
BUY JINDAL DRILLING TGT 750
BUY CEAT TGT 200
