GOOD MORNING!!!
MARKET WAS WILD THROUGHOUT THE DAY, INTRADAY VOLATILITY WAS EXTREMELY HIGH. THE MARKET SLIPPED INTO THE RED IN MORNING TRADE. THE MARKET REGAINED POSITIVE ZONE LATER IN THE TRADE EXTENDING GAINS IN MID-MORNING TRADE. VOLATILITY CONTINUED, INDICES ONCE AGAIN ERASED ALL THE INTRADAY GAINS IN THE LATE AFTERNOON TRADE WITH A SUDDEN SELL-OFF IN THE TRADE PULLED THE KEY INDICES BELOW THE PSYCHOLOGICAL LEVELS IN BOTH SENSEX AND NIFTY. A REBOUND FROM LOWER LEVELS AT THE FAG END OF THE TRADING HELPED NIFTY TO REGAIN 6000 LEVELS. VOLATILITY WAS THE KEY AS TRADERS ROLLED OVER THEIR POSITIONS FROM OCTOBER TO THE NOVEMBER SERIES. THE MARKET BREADTH WAS WEAK, COMPARED WITH A STRONG BREADTH EARLIER IN THE DAY.
TODAY MARKETS LOOK RANGE BOUND SINCE TODAY BEING THE FIRST DAY OF THE NEW CONTRACT WE MAY SEE NIFTY TO GIVE A CLEAR TREND IN THE MARKETS. IF NIFTY TRADES ABOVE 6008 THEN ONE CAN SEE NIFTY TO MOVE 6044 LEVELS AND ANY BREAK ABOVE THIS POINT WOULD TAKE NIFTY TO 6080 LEVELS AND ANY CLOSE ABOVE THIS LEVEL IS CONSIDERED TO BE BULLISH ON NIFTY. ON THE NEGATIVE SIDE IF NIFTY TRADES BELOW 5977 THEN WE CAN SEE NIFTY TO SLIDE DOWN TO 5957 AND THEN TO 5930 AND THEN TO 5890 LEVELS. ONE CAN BUY NIFTY AT THE BOTTOMS ON BARGAIN HUNT WITH A STRICT STOPLOSS OF 5763 SINCE THIS IS THE VERY CRUCIAL LEVEL IN NIFTY IF IT DOESN’T TAKE SUPPORT AT 5890 LEVELS. ONE CAN TAKE POSITIONS INITIALLY JUST ABOVE 5900 LEVELS WITH A STRICT STOPLOSS OF 5890 LEVELS AND IF IT BREAKS AGAIN ONE CAN INITIATE AROUND 5800 WITH A STRICT STOPLOSS OF 5763.
BUY CUMMINS SL 773 TGT 789/796/811
BUY CITY UNION BANK SL 49.90 TGT 51.60/52.40/53
BUY MUNJAL SHOWA SL 70.90 TGT 73/74.35/75 (SHORT TERM 82)
BUY ABG SHIPYARD SL 467 TGT 487/498/505 (SHORT TERM 588/700)
BUY INDIABULLS FINANCIALS SL 216.90 TGT 223/227/232
POSITIONAL TRADES
BUY SANWARIA AGRO TGT 215/260
