GOOD MORNING!!!
THE MARKET EDGED LOWER IN EARLY TRADE TRACKING WEAK GLOBAL MARKETS. IT SLIPPED INTO THE RED ONCE AGAIN AFTER A SHARP BOUNCE BACK FROM DAY’S LOW FOR A VERY SHORT SPAN OF TIME IN THE MORNING SESSION. MARKETS WEAKENED IN THE MID-MORNING IT EXTENDED LOSSES TO HIT FRESH INTRADAY LOWS IN EARLY AFTERNOON TRADE. FRESH SELLING DRAGGED THE MARKET TO DAY'S LOW IN AFTERNOON TRADE THIS FRESH SELLING WAS BROADLY BASED ON SELL OFF IN CHINESE STOCKS AS INVESTORS FRETTED BEIJING WILL TAKE NEW STEPS TO COOL THE WORLD'S NO. 2 ECONOMY AND GLOBAL LEADERS MEETING IN SOUTH KOREA PAPERED OVER CURRENCY TENSIONS. IN DOMESTIC NEWS, INDUSTRIAL OUTPUT RISING LOWER THAN FORECAST IN THE MONTH OF SEPTEMBER ALSO DAMPENED SENTIMENT. INDUSTRIAL OUTPUT IN SEPTEMBER 2010 ROSE AT A MUCH SLOWER-THAN-EXPECTED 4.4% FROM 8.2% A YEAR AGO, GOVERNMENT DATA RELEASED TODAY SHOWED. THE SEPTEMBER IIP DATA IS THE LOWEST IN 15 MONTHS. MEANWHILE, THE INDEX OF INDUSTRIAL PRODUCTION FOR AUGUST WAS REVISED UPWARDS FROM 5.6% TO 6.9%. MANUFACTURING GROWTH, WHICH CONSTITUTES 80% OF THE INDUSTRIAL OUTPUT, SLUMPED TO 4.5% IN SEPTEMBER 2010 FROM 8.3% IN SEPTEMBER 2009. THE MINING SECTOR GREW AT 5.2% AGAINST 7.4%, ELECTRICITY ROSE AT 1.7% AGAINST 7.5% WHILE CONSUMER DURABLES INCREASED 10.9% AGAINST 21.9%, IN SEPTEMBER 2010 OVER SEPTEMBER 2009.
TODAY MARKETS LOOK WEAK ON A VERY NEGATIVE CLOSING ON FRIDAY, WEAK GLOBAL CUES ALONG WITH WEAK OPENING IN ASIAN INDICES. TODAY IF NIFTY TRADES BELOW 6080 THEN LIKELY TO PLUNGE DOWN TO 6040 AND THEN TO 6000 LEVELS WHERE NIFTY MIGHT HAVE A GOOD SUPPORT AND ANY BREAK BELOW THIS LEVEL WOULD TAKE IT TO 5960. ON THE POSITIVE SIDE IF NIFTY TRADES ABOVE 6130 ONE CAN THINK OF GOING LONG UNTIL THEN WISE TO STAY AWAY FROM LONGS, IF NIFTY BREAK ABOVE 6130 THEN LIKELY TO MOVE UP TO 6177 AND THEN TO 6200. ONE IS ADVISED TO STAY CAUTIOUS AT THIS STAGE ON THE POSITIVE SIDE. ONE CAN TAKE FRESH SHORT POSITION IF MARKETS GO UP WITH A STOPLOSS OF 6130 AND WHENEVER IT TRADES BELOW ONE CAN SHORT IT WITH 6130 AS STOPLOSS. MARKETS MAY SUCCUMB TO PRESSURE WHENEVER IT MOVES UP AND IF MARKETS SUSTAIN ABOVE 6130 THEN IT IS WISE TO STAY AWAY FROM THE MARKETS ON SHORT SIDE AS LIKELY TO INCLINE BY MORE THAN 200 POINTS THEN.
TODAY MARKETS LOOK WEAK ON A VERY NEGATIVE CLOSING ON FRIDAY, WEAK GLOBAL CUES ALONG WITH WEAK OPENING IN ASIAN INDICES. TODAY IF NIFTY TRADES BELOW 6080 THEN LIKELY TO PLUNGE DOWN TO 6040 AND THEN TO 6000 LEVELS WHERE NIFTY MIGHT HAVE A GOOD SUPPORT AND ANY BREAK BELOW THIS LEVEL WOULD TAKE IT TO 5960. ON THE POSITIVE SIDE IF NIFTY TRADES ABOVE 6130 ONE CAN THINK OF GOING LONG UNTIL THEN WISE TO STAY AWAY FROM LONGS, IF NIFTY BREAK ABOVE 6130 THEN LIKELY TO MOVE UP TO 6177 AND THEN TO 6200. ONE IS ADVISED TO STAY CAUTIOUS AT THIS STAGE ON THE POSITIVE SIDE. ONE CAN TAKE FRESH SHORT POSITION IF MARKETS GO UP WITH A STOPLOSS OF 6130 AND WHENEVER IT TRADES BELOW ONE CAN SHORT IT WITH 6130 AS STOPLOSS. MARKETS MAY SUCCUMB TO PRESSURE WHENEVER IT MOVES UP AND IF MARKETS SUSTAIN ABOVE 6130 THEN IT IS WISE TO STAY AWAY FROM THE MARKETS ON SHORT SIDE AS LIKELY TO INCLINE BY MORE THAN 200 POINTS THEN.
BUY TTK PRESTIGE SL 1606 TGT 1660/1700/1750 (SHORT TERM 1945/2600)
BUY ECLERX SL 654 TGT 677/690/700 (SHORT TERM 750/900)
BUY SUN PHARMA ADV RESEARCH ABOVE 102 SL 101 TGT 104/106/109
