INTRADAY TIPS FOR 29 SEPTEMBER 2010

GOOD MORNING!!!

MARKET WAS FIRM IN THE MORNING TRADE LED BY GAINS IN SHARES OF STATE-RUN BANKS AND MOVED BETWEEN POSITIVE AND NEGATIVE TERRAIN NEAR TO THE FLAT LINE IN EARLY TRADE. INDICES REVERSED ITS DIRECTION, SOON AFTER HITTING FRESH INTRADAY HIGHS IN MID-MORNING TRADE AS WEAK ASIAN STOCKS WEIGHED ON INVESTOR SENTIMENTS AND HIT INTRADAY LOWS, SELLING INTENSIFIED IN AFTERNOON TRADE AFTER EUROPEAN MARKET OPENED LOWER. THE MARKET CAME OFF THE LOWER LEVEL IN MID-AFTERNOON TRADE, SOON AFTER HITTING A FRESH INTRADAY LOW. THE INTRADAY RECOVERED GATHERED STEAM IN LATE TRADE. INDICES STAGED A STRONG INTRADAY REBOUND IN LATE TRADE TAKING CUE RECOVERY IN EUROPEAN STOCKS AND US INDEX FUTURES. IT AND METAL SOCKS FELL. BUT, CAPITAL GOODS STOCKS ROSE. THE MARKET BREADTH WAS NEGATIVE IN CONTRAST TO THE POSITIVE BREADTH EARLIER. VOLATALITY WAS THE KEY IN THE MARKETS AS TRADERS ROLLED OVER THEIR POSITIONS FROM THIS MONTH TO THE NEXT MONTH

TODAY MARKETS WOULD BE RANGE BOUND AHEAD OF EXPIRY OF NEAR MONTH CONTRACT TOMORROW. IF NIFTY TRADES 6034 THEN LIKELY TO COME DOWN TO 6009 LEVELS AND BREAK BELOW THIS LEVEL WOULD TAKE IT DOWN TO 5973 AND BELOW THAT 5942 IS THE SUPPORT WHICH NIFTY WOULD LIKE TO HALT AT AND ANY CLOSE BELOW 6000 IS AN INDICATION THAT WE CAN SEE SOME KIND OF NEGATIVE VOLATILITY UNTIL THE CLOSE OF THE EXPIRY OF SEPTEMBER CONTRACT. ON THE POSITIVE SIDE IF NIFTY TRADES ABOVE 6075 THEN LIKELY TO MOVE UP TO 6093 AND ANY BREAK ABOVE THIS POINT WOULD TAKE NIFTY TO NEW HIGHS OF 32 MONTHS TO 6107 AND ANY CLOSE ABOVE 6100 WOULD TAKE IT TO 6156 LEVELS. ONE IS ADVISED TO STAY IN STOCK SPECIFIC COUNTERS AND ONE SHOULD ALSO REMEMBER THAT DO NOT SHORT IN HUGE QUANTITIES AS THERE IS STILL NO NEGATIVE SIGNS IN THE MARKETS THOUGH TECHNICALLY IT IS OVER RUN AND ALMOST ALL THE OSCILLATORS HAVE BEEN TIRED AND EXHAUSTED FOR NOW BUT STILL MANAGE TO HOLD AT THEIR PEAKS SO WHEN NEGATIVE TREND PREVAILS ONLY THEN ONE CAN TAKE SHORT POSITIONS AND DO NOT ANTICIPATE NEGATIVE TREND AND SHORT ANYTHING.

BUY MLL SL 57.4 TGT 58.60/59.2/60.20
BUY FEDERAL BANK SL 403.70 TGT 411.50/416.7/424.50
BUY SIEMENS SL 817 TGT 834/844/850
BUY ABB ABOVE 950 SL 944 TGT 968/987/996
BUY VOLTAS SL 245 TGT 249/253/256
BUY LIC HSG SL 1439 TGT 1465/1484/1509
BUY RELIANCE INFRA SL 1105 TGT 1119/1128/1140 (SHORT TERM 1186)*
POSITIONAL TRADES
BUY BF UTILITIES TGT 1240/1400
*ACCUMULATE EDSERV WITH SL OF 228 AT EVERY DIP