GOOD MORNING!!!
KEY INDICES OPENED ON A FIRM NOTE, TRACKING GAINS IN ASIAN STOCKS MARKET YET AGAIN SURGED TO THE NEW HIGHS OF 32 MONTHS. MARKETS CAME OFF THE HIGHS SOON AFTER HITTING THE HIGHS AND LATER REGAINED STRENGTH IN THE MID AFTERNOON TRADE. THE MARKET BREADTH WAS STRONG ALL THE SECTORAL INDICES WERE IN POSITIVE BANKING AND TELECOM GAINED ON FRESH BUYING. MARKETS WERE VERY VOLATILTE, BUT REMAINED IN A POSITE ZONE. FIRM GLOBAL STOCKS AND DATA SHOWING HEAVY BUYING BY FOREIGN FUNDS RECENTLY, UNDERPINNED SENTIMENTS. ALL IN ALL MARKETS WERE ON A VERY POSITIVE ZONE WITH A PREMIUM OF ALMOST 27 POINTS IN NIFTY, THERE WAS HEAVY BUYING SEEN AT THE END OF THE TRADING SESSION.
TODAY MARKETS WOULD TRADE IN A NARROW RANGE, WE MAY SEE VERY STOCK SPECIFIC MOVES IN THE MARKETS, THERE MIGHT BE SOME RETRACEMENT IN METALS AND CEMENT COUNTERS. IF NIFTY TRADES ABOVE 5900 THEN LIKELY TO MOVE UP TO 5920 LEVELS AND ANY BREAK ABOVE 5920 WOULD TAKE NIFTY TO 5950 AND THEN TO 5980 LEVELS. WE CAN SEE NIFTY TO DIP DOWN TO 5800/5700/5650 LEVELS ON THE MEDIUM TERM ON RETRACEMENT. ON THE NEGATIVE SIDE IN INTRADAY IF NIFTY TRADES BELOW 5880 LIKELY TO MAKE A DOWN MOVE TO 5857 AND BREAK BELOW THIS POINT WOULD SLIDE DOWN 5832 LEVELS AND ANY CLOSE BELOW 5832 WOULD LEAD NIFTY TO NEGATIVE ZONE. ONE HAS TO BEAR IN MIND THAT THERE IS VERY LIMITED OPPORTUNITY ON THE UPSIDE AND ANY TRADE ON THE POSITIVE ZONE ONE HAS TO CLEAR IT IN INTRADAY AND DON’T CARRY TOO MANY POSITIONS IN THE PORTFOLIO. AVOID TAKING NEW POSITIONS EXPECT FOR STOCK SPECIFIC AND NOT MORE THAN 25% OF THE CAPITAL ONE IS ADVISED TO STAY WITH ATLEASET 70% OF THE CASH.
BUY RANBAXY ABOVE 539 SL 534 TGT 545/549/557
BUY BHUSHAN STEEL SL 2107 TGT 2137/2150/2162
