GOOD MORNING!!!
MARKETS MOVED IN NARROW RANGE AFTER SEEING WILD SWING IN EARLY AFTERNOON TRADE IMMEDIATELY AFTER THE RESERVE BANK OF INDIA'S DECISION TO RAISE KEY POLICY RATES AT A QUARTERLY POLICY REVIEW. THE MARKET HIT A FRESH INTRADAY HIGH IN AFTERNOON TRADE. THE MARKET SLIPPED TO FRESH DAY'S LOW IN VOLATILE MID-AFTERNOON TRADE. VOLATILITY CONTINUED IN THE LAST ONE HOUR OF TRADE AND CLOSED FLAT AT THE END OF THE TRADE THE KEY BENCHMARK INDICES PROVISIONALLY SETTLED WITH SMALL LOSSES. THE MARKET BREADTH WAS NEGATIVE IN CONTRAST WITH A POSITIVE BREADTH EARLIER IN THE DAY. REALTY STOCKS FELL AFTER THE RESERVE BANK OF INDIA TIGHTENED PROVISIONING NORMS FOR HOME LOANS. AUTO STOCKS, TOO, EDGED LOWER IN VOLATILE TRADE. SOFTWARE AND BANKING STOCKS SAW MIXED TREND.
TODAY NIFTY WOULD OPEN POSITIVE TRACKING POSITIVE US CLOSING AND STRONG ASIAN OPENING. WE MAY SEE NIFTY TO OPEN AROUND 6180 LEVELS, IF NIFTY TRADES ABOVE 6180 THEN LIKELY TO MOVE UP TO 6211 THOUGH 6200 MAY ACT AS A PSYCHOLOGICAL RESISTANCE. IF NIFTY BREAKS 6211 THEN WE CAN SEE FURTHER STRONG UPSIDE MOVEMENT WHICH WOULD SURPASS THE PREVIOUS HIGHS AS WELL. ON THE NEGATIVE SIDE IF NIFTY TRADES BELOW 6134 THEN LIKELY TO COME DOWN TO 6120 AND THEN TO 6097 LEVELS AND ANY BREAK BELOW THIS 6097 WOULD DRAG NIFTY DOWN TO 6061, IF NIFTY CLOSES BELOW 6061 THEN ONE IS ADVIVSED TO STAY OUT OF LONGS AND CARRY SHORT POSITIONS OVERNIGHT FOR FURTHER DECLINE IN THE MARKETS. OIL, FERTILIZERS AND CEMENTS ARE LOOKING GOOD FOR NEAR TERM BET.
BUY KARNATAKA BANK SL 199 TGT 204/207/210
BUY WOCKHARDT SL 353.75 TGT 368/375/389
BUY TATA ELXSI(I) SL 307 TGT 323/333/339 (SHORT TERM 350/425)
BUY ACC SL 1058.85 TGT 1078/1085/1098
BUY MLL SL 71 TGT 72.9/73.8/74.75 (SHORT TERM 80/100)
BUY BPCL SL 770 TGT 782/788/797
POSITIONAL TRADES
BUY PTC TGT 200
BUY FINANCIAL TECHNOLOGIES TGT 1250
BUY ABB TGT 1000
