GOOD MORNING!!!
MARKETS HAVE EDGED HIGHER IN THE OPENING TRADE HITTING FRESH 32 MONTH HIGH ON INDICES AND WERE UNDER TREMENDOUS PRESSURE ON EVERY HIGHER LEVEL TRACKING GLOBAL CUES. SECTORS LIKE TELECOM AND PHARMA WERE ON PROFIT BOOKING ON THE RECENT SURGE. MARKET BREADTH WAS WEAK IN CONTRAST TO THE STRONG BREADTH IN THE EARLY TRADE. MARKETS WERE DOWN BY ALMOST 60 POINTS AT ONE POINT IN THE MID AFTERNOON AND RECOVERED ON A FAST NOTE WITH BANKING STOCKS, SELECTED AUTO STOCKS AND IT STOCKS ROSE FROM INTRADAY LOWS. VOLATILITY WAS IMMENSE AND WAS HIGHEST IN THE RECENT PAST. MARKETS WERE SEE-SAW IN THE ENTIRE TRADING SESSION AND CLOSED MARGINALLY NEGATIVE.
TODAY MARKETS LOOKS NEGATIVE ON GLOBAL CUES AND WEAK CLOSING IN NIFTY ON THE LAST DAY. IF NIFTY TRADES BELOW 5984 THEN LIKELY TO COME DOWN TO 5940 LEVELS AND ANY BREAK BELOW THIS POINT WOULD BE CONSIDERED AS WEAK AND MAY TAKE MARKETS TO 5909 LEVELS IN INTRADAY AND ANY CLOSE BELOW 5940 IS CONSIDERED TO BE WEAK POSITIONALLY. ON THE POSITIVE SIDE IF NIFTY TRADES ABOVE 6050 ONLY THEN ONE IS ADVISED TO GO LONG FOR A TARGET OF 6150 LEVELS. WE MAY SEE STOCK SPECIFIC MOVES ON THE UPSIDE AND DOWNSIDE MAY BE SEEN ON EVERY LEVEL OF RISE, ONE IS ADVISED TO STAY CAUTIOUS IN THE CURRENT MARKETS AS THERE IS EVERY POSSIBILITY FOR THE NIFTY TO CORRECT BY 10 TO 15% IN THE NEAR TERM.
BUY ABB SL 863 TGT 888/893/899 (SHORT TERM 967)
BUY PUNJ LLOYD SL 126.5 TGT 129.5/132.5/134.30 (SHORT TERM 150)
