GOOD MORNING!!!
WEAK GLOBAL STOCKS DAMPENED INVESTOR SENTIMENT AND PAVED WAY FOR THE SECOND STRAIGHT DAY FALL. THE MARKET RECOVERED AFTER AN EARLY SLIDE TRIGGERED BY WEAK ASIAN STOCKS. BUT, THE INTRADAY RECOVERY PROVED SHORT-LIVED, WITH WEAK ASIAN STOCKS WEIGHING ON INVESTOR SENTIMENT. THE MARKET ONCE AGAIN CAME OFF LOWS IN MORNING TRADE. THE MARKET WEAKENED AGAIN IN EARLY AFTERNOON TRADE AS THE SENSEX HIT A FRESH INTRADAY LOW. FRESH SELLING PULLED THE MARKET TO THE DAY'S LOW IN AFTERNOON TRADE. THE MARKET EXTENDED LOSSES TO HIT FRESH INTRADAY LOW IN MID-AFTERNOON TRADE. VOLATILITY CONTINUED IN LATE TRADE. STOCKS WERE VOLATILE AS TRADERS ROLLED OVER POSITIONS IN THE DERIVATIVES SEGMENT FROM THE NEAR-MONTH TO NOVEMBER SERIES AHEAD OF THE EXPIRY OF THE OCTOBER CONTRACTS. THE MARKET BREADTH WAS WEAK, IN CONTRAST WITH A STRONG BREADTH EARLIER IN THE DAY. INTEREST RATE SENSITIVE BANKING AND REALTY STOCKS FELL. CAPITAL GOODS AND FMCG STOCKS ALSO DECLINED.
TODAY MARKETS WOULD BE A SEE-SAW MARKETS WITH HIGH CURRENT VOLATILITY AS TODAY BEING THE EXPIRY OF THE CURRENT MONTH, WE MAY SEE STOCK SPECIFIC MOVES AHEAD OF EXPIRY. TODAY THERE WONT BE MUCH IMPACT ON THE EXTERNAL FACTORS LIKE ASIAN OPENING AND WEAK CLOSING OF AMERICAN AND EURPEAN MARKETS. TODAY IF NIFTY TRADES ABOVE 6046 THEN LIKELY TO MAKE AN UPMOVE TO 6060 AND THEN TO 6098 LEVELS WHICH MAY BE CRUCIAL LEVEL FOR NIFTY BUT IF NIFTY TRADE ABOVE 6100 THEN WE MAY SEE FURTHER UPSIDE IN NIFTY. ON THE NEGATIVE SIDE IF NIFTY TRADES BELOW 6014 THEN LIKELY TO DIP DOWN TO 5967 LEVELS AND IF NIFTY DOESN’T HOLD 5950 THEN LIKELY TO DIP DOWN TO 5904 LEVELS WHICH IS A MINOR SUPPORT. 5967 IS A CRUCIAL LEVEL WHERE NIFTY SHOULD HOLD. BE CAUTIOUS IN THE MARKET.
BUY SUBEX SL 76.85 TGT 79/80.40/82.45
BUY IDBI SL 176.90 TGT 179.75/181.40/182.5
BUY SURYA PHARMA SL 335 TGT 347/353/358
BUY DHANALAKSHMI BANK SL 208 TGT 212/214.70/218.80
POSITIONAL TRADES
BUY LIC HSG 1700/1900
