GOOD MORNING!!!
MARKETS OPENED FIRM AND TRADED IN A NARROW RANGE BAND TILL MID AFTERNOON AFTER THE EUROPEAN MARKETS OPENED MARKETS STARTED MOVING UP HIGHER AND BREACHED THE INTRADAY HIGHS AND THERE ON MARKETS STARTED SLOWLY GIVING AWAY THE GAINS OF THE INTRADAY AND STARTED WEAKENING FURTHER AND BREACHED INTRADAY LOWS AND STARTED LOOSING ITS STRENGTH INCH BY INCH AND TURNED WEAK AND THE STRENGTH OF THE MARKETS TURNED WEAK AT THE END OF THE DAY ON THE CLOSING. SELLING VOLUME WHEN COMPARED TO THE BUYING VOLUMES WAS HIGHER THE RECOVERY AT THE END THOUGH SEEMED TO BE GOOD BUT THE VOLUMES OF RECOVERY WAS VERY LOW WHICH IS AGAIN CONSIDERED TO BE WEAK CLOSING. REALITY WAS THE BIGGEST LOOSER IN THE SECTORAL INDICES AND IT STOCKS ALSO FELL.
TODAY MARKETS LOOK WEAK AND VOLATILE, IF NIFTY TRADES BELOW 6135 IT IS LIKELY TO COME DOWN TO PSYCHOLOGICAL SUPPORT 6100 AND ANY BREAK WOULD TAKE NIFTY DOWN TO 6070 LEVELS AND BREAK BELOW THIS LEVEL WILL FIND ITS SUPPORT AROUND 6042. ON THE POSITIVE SIDE IF NIFTY TRADES ABOVE 6175 ONE CAN INITIATE LONGS ON INTRADAY BASIS FOR A TARGET OF 6197 AND BREAK ABOVE THIS POINT WOULD TAKE IT FURTHER UPSIDE TO 6228. ON A POSITIONAL FRONT NIFTY HAS ENTERED INTO A PHASE OF NEGATIVE ZONE AND LIKELY TO REMAIN UNTIL THE PREVIOUS HIGHS IE., 5249 IS BREACHED. ONE CAN STAY SHORT WITH A STOPLOSS OF 6249. ONE IS ADVISED TO STAY AWAY FROM THE COUNTERS AT THIS STAGE AS MARKETS HAVE OVERSTRETCHED AND ONLY STOCK SPECIFIC MOVES MAY CONTINUE. AVOID OVER BUYING STAY ON CASH TO THE MAXIMUM POSSIBLE LEVELS.
TODAY MARKETS LOOK WEAK AND VOLATILE, IF NIFTY TRADES BELOW 6135 IT IS LIKELY TO COME DOWN TO PSYCHOLOGICAL SUPPORT 6100 AND ANY BREAK WOULD TAKE NIFTY DOWN TO 6070 LEVELS AND BREAK BELOW THIS LEVEL WILL FIND ITS SUPPORT AROUND 6042. ON THE POSITIVE SIDE IF NIFTY TRADES ABOVE 6175 ONE CAN INITIATE LONGS ON INTRADAY BASIS FOR A TARGET OF 6197 AND BREAK ABOVE THIS POINT WOULD TAKE IT FURTHER UPSIDE TO 6228. ON A POSITIONAL FRONT NIFTY HAS ENTERED INTO A PHASE OF NEGATIVE ZONE AND LIKELY TO REMAIN UNTIL THE PREVIOUS HIGHS IE., 5249 IS BREACHED. ONE CAN STAY SHORT WITH A STOPLOSS OF 6249. ONE IS ADVISED TO STAY AWAY FROM THE COUNTERS AT THIS STAGE AS MARKETS HAVE OVERSTRETCHED AND ONLY STOCK SPECIFIC MOVES MAY CONTINUE. AVOID OVER BUYING STAY ON CASH TO THE MAXIMUM POSSIBLE LEVELS.
BUY TULSI SL 76.50 TGT 80/82/83.65
BUY GLORY SL 18.75 TGT 19.70/20.30/20.65
