GOOD MORNING!!!
THE MARKET SURGED IN OPENING TRADE TRACKING FRIM ASIAN STOCKS AND CONSISTANTLY INCREASED BUYING INTEREST FROM FOREIGN FUNDS AND HIT FRESH HIGHS OF 33 MONTHS AND HAS REACHED ALMOST MOST NEAR TO THE HISTORIC HIGHS BUT COULDN’T SUSTAIN FOR LONGER AND MARKETS STARTED LOOSING THE POSITIVE MOMENTUM AND STARTED TO BLEED ON FRESH SELLING IN INDEX PIVOTALS WHICH HAS DRAGGED THE INDICIES TO THE LOWER LOWS OF THE DAY BY THE LATE TRADE. THERE WAS IMMENSE VOLATILITY IN THE TRADE, MARKET BREADTH TURNED WEAK AS THE DAY PASSED BY FROM A VERY STRONG BREADTH. THE ANOTHER REASON FOR PROFIT BOOKING APART FROM FRESH SHORTS ARE DUE TO COAL INDIA PUBLIC ISSUE EXPECTED TO HIT MARKETS NEXT WEEK. TELECOM, CAPITAL GOODS AND BANKING SHARES UNDERWENT SOME CORRECTION AFTER THE RECENT SURGE.
TODAY MARKETS LOOKS NEGATIVELY BIASED AND MAY SEE A VERY VOLATILE SESSION, IF NIFTY TRADES BELOW 6186 THEN LIKELY TO COME DOWN TO 6160 LEVELS AND BREACH BELOW THIS LEVEL WOULD TAKE NIFTY DOWN TO 6127 LEVELS AND ANY CLOSE BELOW 6127 WE WOULD SLIDE DOWN IN COMING DAYS OF THE TRADE. ON THE POSITIVE SIDE IF NIFTY TRADES ABOVE 6212 THEN LIKELY TO MOVE UP TO 6230 AND BREAK ABOVE THIS POINT WOULD TAKE UP FURTHER TO 6260 LEVELS AND ANY CLOSE ABOVE 6200 IS CONSIDERED TO BE STRONG. MARKETS STILL REMAIN ON STRONG ZONE AND HAS NOT WEAKNED TO THE EXTENT WHERE ONE CAN INITIATE SHORTS ONE CAN INITIATE LONGS IF NIFTY COMES DOWN TO 6150 LEVELS WITH STOPLOSS OF 6125 LEVELS AND IF NIFTY CLOSES BELOW 6125 ONE CAN GO SHORT AND RETAIN THE POSITION. TODAY THE MAJOR TRIGGER IS Q2 EARNINGS FOR INFOSYS AND Q2 SEPTEMBER RESULTS WOULD BE THE KEY FOR MARKETS TO KEEP UP THE MOMVEMENT. Q2 WOULD ACT AS A MAJOR TREND DECIDER IN THE COMING DAYS.
BUY NAGARJUNA FERTILIZERS ABOVE 36.30 SL 35.75 TGT 37.25/38/38.90
BUY CHAMBAL FERT SL 89.25 TGT 93.95/97/98.85
BUY TTML SL 23.80 TGT 24.70/25.10/25.5
BUY RAMCO SYSTEMS SL 140 TGT 146/151/155* (SHORT TERM 185)
POSITIONAL TRADE
BUY SUBEX AZURE SL 58 TGT 72/85/98
BUY SUBEX AZURE SL 58 TGT 72/85/98
