GOOD MORNING!!!
INDICES RECOVERED FROM LOWER LEVEL, REGISTERING SMALL GAINS IN NIFTY. INDIAN STOCKS OUTPERFORMED GLOBAL EQUITIES, WHICH FELL ON RENEWED CONCERNS ABOUT THE HEALTH OF EUROPEAN BANKS. IT STOCKS AND REALTY STOCKS ROSE, REVERSING INITIAL LOSSES WHILE AUTO, FMCG AND CAPITAL GOODS STOCKS FELL. MARKET OPENED LOWER AT THE ONSET OF THE TRADING SESSION ON WEAK ASIAN STOCKS. THE MARKET MOVED IN A NARROW BAND IN MORNING TRADE AND HIT INTRADAY LOW IN MID-MORNING TRADE. THE INTRADAY RECOVERY GATHERED STEAM AS THE KEY BENCHMARK INDICES MOVED INTO POSITIVE ZONE IN EARLY AFTERNOON TRADE. THE MAJOR CONCERN OVERALL IN THE GLOBAL MARKETS IS WORRIES ABOUT EUROPE'S BANKS HAVE RESURFACED AFTER THE WALL STREET JOURNAL ON TUESDAY REPORTED THAT STRESS TESTS OF EUROPEAN BANKS EARLIER THIS YEAR UNDERSTATED SOME LENDERS' HOLDINGS OF POTENTIALLY RISKY GOVERNMENT DEBT. THIS HAS HIT THE SENTIMENT OF THE INVESTORS.
TODAY MARKETS WOULD OPEN POSITVE AND MAY REMAIN IN A POSITIVE ZONE UNTIL NIFTY TRADES ABOVE 5593 LEVELS AND MAY FACE RESISTANCE AROUND 5625 AND BREAK ABOVE THIS POINT WOULD LEAD NIFTY TO 5648 AND MARKETS ARE HEADING TOWARDS 5700 LEVELS. ON THE NEGATIVE SIDE IF NIFTY TRADES BELOW5593 IT WOULD DRAG NIFTY TO 5575 LEVELS AND BREACH BELOW THIS POINT WOULD TAKE NIFTY TO 5557 AND THEN TO 5540 LEVELS AND ANY CLOSE BELOW 5540 WOULD CONVERT NIFTY INTO A NEGATIVE ZONE AND MAY PULL DOWN FURTHER ON RETRACEMENT FACTOR. LONG TERM STILL LOOKS POSITIVE AND WE WOULD STILL DO BETTER IN THE LONGER TERM PERSPECTIVE WE HAVE A GOOD GROWTH STORY AHEAD. WE HAVE SEEN BREAKOUT IN SUGARS AND CEMENT SECTOR.
INDICES RECOVERED FROM LOWER LEVEL, REGISTERING SMALL GAINS IN NIFTY. INDIAN STOCKS OUTPERFORMED GLOBAL EQUITIES, WHICH FELL ON RENEWED CONCERNS ABOUT THE HEALTH OF EUROPEAN BANKS. IT STOCKS AND REALTY STOCKS ROSE, REVERSING INITIAL LOSSES WHILE AUTO, FMCG AND CAPITAL GOODS STOCKS FELL. MARKET OPENED LOWER AT THE ONSET OF THE TRADING SESSION ON WEAK ASIAN STOCKS. THE MARKET MOVED IN A NARROW BAND IN MORNING TRADE AND HIT INTRADAY LOW IN MID-MORNING TRADE. THE INTRADAY RECOVERY GATHERED STEAM AS THE KEY BENCHMARK INDICES MOVED INTO POSITIVE ZONE IN EARLY AFTERNOON TRADE. THE MAJOR CONCERN OVERALL IN THE GLOBAL MARKETS IS WORRIES ABOUT EUROPE'S BANKS HAVE RESURFACED AFTER THE WALL STREET JOURNAL ON TUESDAY REPORTED THAT STRESS TESTS OF EUROPEAN BANKS EARLIER THIS YEAR UNDERSTATED SOME LENDERS' HOLDINGS OF POTENTIALLY RISKY GOVERNMENT DEBT. THIS HAS HIT THE SENTIMENT OF THE INVESTORS.
TODAY MARKETS WOULD OPEN POSITVE AND MAY REMAIN IN A POSITIVE ZONE UNTIL NIFTY TRADES ABOVE 5593 LEVELS AND MAY FACE RESISTANCE AROUND 5625 AND BREAK ABOVE THIS POINT WOULD LEAD NIFTY TO 5648 AND MARKETS ARE HEADING TOWARDS 5700 LEVELS. ON THE NEGATIVE SIDE IF NIFTY TRADES BELOW5593 IT WOULD DRAG NIFTY TO 5575 LEVELS AND BREACH BELOW THIS POINT WOULD TAKE NIFTY TO 5557 AND THEN TO 5540 LEVELS AND ANY CLOSE BELOW 5540 WOULD CONVERT NIFTY INTO A NEGATIVE ZONE AND MAY PULL DOWN FURTHER ON RETRACEMENT FACTOR. LONG TERM STILL LOOKS POSITIVE AND WE WOULD STILL DO BETTER IN THE LONGER TERM PERSPECTIVE WE HAVE A GOOD GROWTH STORY AHEAD. WE HAVE SEEN BREAKOUT IN SUGARS AND CEMENT SECTOR.
BUY BIRLA ERICSSON SL 28.4 TGT 30.65/31.60/33.25 (SHORT TERM 45/58)
BUY MTNL SL 65 TGT 66.50/67.60/68.30 (SHORT TERM 76/87)**
BUY CORE PROJECTS SL 296 TGT 304.5/310/318.70*
BUY SUVEN LIFE SCIENCE SL 31.8 TGT 33.30/34.15/35
POSITIONAL TRADES
BUY SBIN TGT 3250/3600
BUY DR REDDY TGT 1550
