ENTIRELY NEW OPENING RULES HAVE MADE MARKET MEN STRANGE WITH THE WEIRD QUOTES DURING THE 15 MINUTE PRE OPENING SESSION THAT HAS STARTED IN BOTH THE EXCHANGES. MARKETS OPENED ON A NEGATIVE BIAS AND SLOWLY HAS BECOME VERY WEAK AS THE DAY PASSED BY LATER WE HAVE SEEN SMART INTRADAY REBOUND ON THE DOMESTIC BOURSES, AFTER A CONTINUAL SECOND DAY SLIDE THERE WAS SOME BARGAIN HUNTING EMERGED IN THE MARKET. THE RECOVERY WAS SUPPORTED BY L&T, HDFC AFTER REPORTING STRONG Q2 NUMBERS DURING TRADING HOURS ALONG WITH IT ONGC AND RELIANCE GAVE A VERY GOOD RECOVERY WHICH MADE NIFTY TO RECOVER ALMOST 100 POINTS FROM LOWS OF THE DAY. THE MARKET BREADTH WAS WEAK, COMPARED WITH A POSITIVE BREADTH IN THE OPENING TRADE, WEAKENED SOON AFTER A WHILE. HOWEVER BREADTH OF THE MARKET REMAINED WEAK EVEN AFTER THE MARKETS RECOVERED. BANKING AND IT STOCKS WERE SEEN TO HAVE A STRONG INTRADAY REBOUND IN THE TRADE.
TODAY IF NIFTY TRADES ABOVE 6140 LEVELS THEN LIKELY TO MAKE AN UPMOVE TO 6186 LEVELS AND ANY BREAK ABOVE THIS POINT WOULD TAKE IT TO 6220 AND ON THE NEGATIVE SIDE IF NIFTY TRADES BELOW 6122 THEN LIKELY TO TAKE SUPPORT AT 6100 AND BREAK BELOW THIS LEVEL WOULD COME DOWN TO 6080 LEVELS AND BREAK BELOW THIS LEVEL WOULD DRAG FURTHER DOWN TO 6040 LEVELS. THOUGH WE HAVE SEEN NIFTY ON THE LAST TRADING SESSION HAS RECOVERED WE DON’T SEE MANY STOCKS REVERSING THEIR TREND TO POSITIVE ZONES, SO IT IS ADVISED TO STILL STAY CAUTIOUS ON THE BUYING SIDE. WE STILL SEE THERE IS SOME NEGATIVE INCLINATION IN THE MARKETS SO STAY CAUTIOUS AND IF YOU SHORT MAKE SURE THAT YOUR STOPLOSS IS 6200 LEVELS.
TODAY IF NIFTY TRADES ABOVE 6140 LEVELS THEN LIKELY TO MAKE AN UPMOVE TO 6186 LEVELS AND ANY BREAK ABOVE THIS POINT WOULD TAKE IT TO 6220 AND ON THE NEGATIVE SIDE IF NIFTY TRADES BELOW 6122 THEN LIKELY TO TAKE SUPPORT AT 6100 AND BREAK BELOW THIS LEVEL WOULD COME DOWN TO 6080 LEVELS AND BREAK BELOW THIS LEVEL WOULD DRAG FURTHER DOWN TO 6040 LEVELS. THOUGH WE HAVE SEEN NIFTY ON THE LAST TRADING SESSION HAS RECOVERED WE DON’T SEE MANY STOCKS REVERSING THEIR TREND TO POSITIVE ZONES, SO IT IS ADVISED TO STILL STAY CAUTIOUS ON THE BUYING SIDE. WE STILL SEE THERE IS SOME NEGATIVE INCLINATION IN THE MARKETS SO STAY CAUTIOUS AND IF YOU SHORT MAKE SURE THAT YOUR STOPLOSS IS 6200 LEVELS.
BUY SASKEN COMMUNICATION SL 216 TGT 222/226/229 (SHORT TERM 250)
BUY BROADCAST INITIATIVES SL 27 TGT 28.40/29.5/30.60
BUY BLB LTD SL 17 TGT 18.30/19.50/20.20
BUY IBREAL SL 204 TGT 211/215/218
