GOOD MORNING!!!
THE MARKET PARED GAINS AFTER A FIRM START, IT SLIPPED INTO THE RED IN MORNING TRADE. THE MARKET CUT LOSSES AFTER FALLING SHARPLY TO HIT FRESH INTRADAY LOW IN MID-MORNING TRADE. THE MARKET REGAINED POSITIVE ZONE IN EARLY AFTERNOON TRADE. THE MARKET PARED GAINS IN AFTERNOON TRADE. THE MARKET REGAINED POSITIVE ZONE AFTER SLIPPING INTO THE RED FOR A BRIEF PERIOD IN MID-AFTERNOON AS EUROPEAN STOCKS ROSE IN EARLY TRADE. THE MARKET SLIPPED INTO THE RED FOR A BRIEF PERIOD IN LATE TRADE. IT WAS A HIGHLY VOLATILE TRADE ON FIRM GLOBAL STOCKS. STOCKS ROSE ACROSS THE GLOBE ON EXPECTATIONS THAT IRELAND WILL SOON ACCEPT A BAILOUT PACKAGE FROM THE EUROPEAN UNION AND INTERNATIONAL MONETARY FUND. THE MARKET BREADTH WAS WEAK, IN CONTRAST WITH A STRONG BREADTH IN EARLY TRADE. MID AND SMALL-CAP STOCKS WITNESSED SELLING PRESSURE. METAL AND AUTO STOCKS ROSE WHILE BANKING STOCKS FELL. INTRADAY VOLATILITY WAS HIGH AS TRADERS ROLLED OVER POSITIONS IN DERIVATIVES SEGMENT FROM THE NEAR MONTH NOVEMBER 2010 SERIES TO DECEMBER 2010 SERIES AHEAD OF THE EXPIRY OF THE NOVEMBER 2010 CONTRACTS NEXT THURSDAY, 25 NOVEMBER 2010.
TODAY NIFTY WOULD BE RANGE BOUND AND HIGHLY VOLATILE, THOUGH GLOBAL CUES ARE POSITIVE WE MAY NOT REALLY FOLLLOW THE TREND OF THE GLOBAL MARKETS ON THE TELECOM ISSUE GOING, WE WOULD OPEN NEGATIVE ON THE OPENING NOTE WITH ALL THE TELECOM STOCKS GETTING INTO PRESSURE. IF NIFTY TRADES BELOW 5996 THEN ONE CAN SEE NIFTY TO COME DOWN TO 5966 AND THEN TO 5940 LEVELS AND ANY BREACH BELOW 5940 WOULD DRAG NIFTY TO MUCH LOWER LEVELS. ON THE POSITIVE SIDE IF NFITY TRADES ABOVE 6068 THEN LIKELY TO MAKE AN UPMOVE TO 6100 AND ANY BREAK ABOVE THIS LEVEL WOULD TAKE NIFTY TO 6126 AND ANY CLOSE ABOVE 6115 ONE SHOULD EXIT ALL THE SHORTS AND GO LONG. WE SHOULD BE POSITIONALLY SHORT AS OF NOW. TODAY THERE FEW TELECOM STOCKS WOULD BE UNDER TREMENDOUS PRESSURE, STOCKS LIKE RCOM, VIDEOCON, UNITECH AND FEW OTHER WOULD BLEED IN THE INITIAL TRADE AND CONTINUE TO BLEED TILL THE SAGA OF RAJA ENDS. ONE CAN SHORT THE ABOVE MENTIONED STOCKS AND HOLD IT.
BUY BATA(I) SL 385 TGT 395/400/405
BUY CIPLA SL 353 TGT 360/365/368
SELL SKS MICRO FINANCE SL 656 TGT 618/600/585
SELL RCOM SL 156 TGT 149/145/138 (SHORT TERM 120)
SELL VIDEOCON SL 240 TGT 233/227/224
