GOOD MORNING!!!
THE MARKET EDGED HIGHER IN EARLY TRADE ON FIRM ASIAN EQUITIES AND GLOBAL MARKETS HELPED INDIAN STOCKS TO MOVE HIGHER AND HIGHER IN THE OPENING TRADE ALONG WITH STRONG Q2 RESULTS WHICH HELPED INDICES TO TAKE-OFF AND HIT FRESH INTRADAY HIGHS IN THE MORNING TRADE. SOON AFTER HITTING INTRADAY HIGHS IN INDICES MARKETS TRADED NARROWLY FOR SOMETIME AND STARTED GIVING AWAY THE GAINS. STOCKS BECAME VERY VOLATILE AS TRADERS ROLLED OVER POSITIONS IN DERIVATIVE SEGMENT FROM CURRENT MONTH TO THE NEXT CONTRACT. SHARES OF IT BELLWETHER INFOSYS FELL WHICH HAS IMPACTED THE MARKETS AS WELL, MARKET BREADTH WAS STRONG. HIGH BETA METAL AND REALTY STOCKS ROSE ALONG WITH CONSUMER DURABLES, CEMENT AND AUTO STOCKS ALSO CONTRIBUTED TO THE RISE. THE TRADE DEFICIT NARROWED TO $9.12 BILLION IN SEPTEMBER 2010 FROM A 23-MONTH HIGH OF $13.06 BILLION IN AUGUST 2010. EXPORTS IN SEPTEMBER 2010 ROSE AN ANNUAL 23.2% TO $18.02 BILLION, WHILE IMPORTS FOR THE MONTH GREW 26.1% ON THE YEAR TO $27.14 BILLION.
TODAY MARKETS LOOK POSITIVE TRACKING POSITIVE CLOSING OF US AND EUROPEAN MARKETS AND STRONG OPENING OF ASIAN STOCKS. IF NIFTY TRADES ABOVE 6150 THEN LIKELY TO MOVE UP TO 6180 LEVELS AND ANY BREAK ABOVE THIS POINT WOULD TAKE NIFTY TO 6200. ON THE NEGATIVE SIDE IF NIFTY TRADES BELOW 6111 THEN LIKELY TO COME DOWN TO 6075 AND THEN TO 6036 LEVELS ONE IS ADVISED TO STAY CAUTIOUS IN THE CURRENT CONDITIONS AS THE MARKET IS VERY VOLATILE. IF NIFTY CLOSES BELOW 6050 THEN ONE IS ADVISED TO STAY AWAY FROM LONGS.
BUY ALOK TEXTILES SL 25.40 TGT 26.10/26.55/26.80 (SHORT TERM 29.40)
BUY KS OILS SL 58.40 TGT 59.90/60.80/61.90 (SHORT TERM 65)
BUY GITANJALI GEMS SL 287.25 TGT 299/306/310
BUY CENTRAL BANK OF INDIA SL 237 TGT 243/247/253
POSITIONAL TRADES
BUY MANGALORE CHEM TGT 55/60*
BUY EKC TGT 160/185
BUY SCI TGT 220
