GOOD MORNING!!!
MARKETS OPENED FIRM AND POSITIVE AND WAS TRADING IN A NARROW RANGE BOUND UNTIL AFTERNOON AND SUDDENLY WITH A POSITIVE BUYING MARKETS STARTED TO MOVE UP IN A VERY SHORT SPAN IN TIME BUT COULDN’T HOLD THE MOMENTUM MUCH LONGER AND MARKETS ALL OF A SUDDEN WITNESSED A GOOD SELL-OFF IN THE MID AFTERNOON TRADE FOLLOWED BY A GOOD RALLY. MARKETS WERE IMMENSELY VOLATILE DURING TILL THE MID AFTERNOON. THE MARKET BREADTH WHICH WAS STRONG FOR MOST PART OF THE DAY, TURNED NEGATIVE IN LATE TRADE. IT STOCKS DECLINED IN VOLATILE TRADE TRACKING WEAKNESS IN TECH STOCKS IN ASIA TRIGGERED BY APPLE'S WEAKER-THAN-EXPECTED IPAD SALES.
TODAY WE MAY LIKELY TO SEE SOME PRESSURE ON THE OPENING OF THE TRADE WITH AMERICAN MARKETS CLOSING WEAK AND ASIAN MARKETS LIKELY TO OPEN WEAK. IF NIFTY TRADES BELOW 6025 LEVELS THEN MARKETS LIKELY TO DIP DOWN TO 6000 WHICH WILL ACT AS A PSYCHOLOGICAL SUPPORT AND BREACH BELOW THIS WOULD DRAG NIFTY TO 5970 LEVELS AND THEN TO 5940 AND ANY BREAK BELOW THIS POINT WOULD FURTHER DRAG IT DOWN TO 5900 LEVELS AND ON THE UPSIDE IF NIFTY TRADE ABOVE 6040 THEN LIKELY TO MOVE UP TO 6070 LEVELS AND ANY BREAK ABOVE THIS POINT WOULD TAKE NIFTY TO 6112 LEVELS. NIFTY IS NEGATIVELY BIASED RIGHT AT THIS STAGE AND LIKELY TO REMAIN UNDER PRESSURE FOR ANOTHER FEW TRADING SESSION IT IS WISE AS TOLD IN YESTERDAYS BLOG DON’T GO LONG AT THIS STAGE AND NEITHER SHORT AT THE CURRENT LEVELS ONE CAN STAY OUT AS THERE IS ANYWAY NOT THE IDEAL TIME TO SHORT OR GO LONG AT THIS STAGE MAY BE AFTER A SHORT SPAN OF DECLINE OR AFTER A SHORT RETRACEMENT WE ARE LIKELY TO PULL UP ABOVE RECENT HIGHS AND WE CAN BREACH HISTORIC HIGHS ON NIFTY. WAIT FOR THE MOMENT AND TRADE CAUTIOUSLY.
BUY UTTAM GALVA SL 157.40 TGT 162/165/168
BUY PIRAMAL HEALTHCARE ABOVE 543 SL 535 TGT 550/555/564 (SHORT TERM 650)
BUY PTC ABOVE 128.65 SL 127.40 TGT 130/131.80/134.50
