GOOD MORNING!!!
THE MARKET HELD NEGATIVE ZONE IN MID-MORNING TRADE WITH BANK STOCKS LOSING GROUND FOR THE SECOND DAY IN A ROW AND FURTHER ADDING TO IT, ON THE REPORTS STATING THAT THE INTRODUCTION OF THE NATIONWIDE GOODS AND SERVICES TAX (GST), A MAJOR INDIRECT TAX REFORM PROPOSAL, COULD BE DELAYED FURTHER HAS SPOILED THE SENTIMENT OF THE INVESTORS. VOLATILITY CONTINUED AS INDICES WEAKENED ONCE AGAIN, SOON AFTER RECOUPING ENTIRE INITIAL LOSSES IN EARLY TRADE. THE MARKET CAME OFF LOWS IN EARLY AFTERNOON TRADE, SOON AFTER HITTING A FRESH INTRADAY LOW. THE MARKET LOST GROUND AFTER RECOVERING SHARPLY FROM THE DAY'S LOW TO TURN POSITIVE FOR A BRIEF PERIOD IN MID-AFTERNOON TRADE. THE MARKET CAME OFF LOWS IN LATE TRADE. INTRADAY VOLATILITY WAS HIGH RIGHT FROM THE ONSET OF THE TRADING SESSION. INDICES SWUNG BETWEEN GAINS AND LOSSES IN EARLY TRADE. THE MARKET BREADTH WAS WEAK BUT AT THE LATE TRADE MARKETS RECOVERED VERY SWIFTLY AND ALMOST RECOVERED ALL THE GAINS. WORLD STOCKS ROSE AS RISK APPETITE IMPROVED AFTER US PRESIDENT BARACK OBAMA ANNOUNCED AN EXTENSION OF BUSH-ERA TAX CUTS.
TODAY MARKETS LOOKS RANGE BOUND AND VOLATILE. IF NIFTY TRADES ABOVE 6028 THEN LIKELY TO MAKE AN UPMOVE TO 6060 AND ANY BREAK ABOVE THIS POINT WOULD TAKE NIFTY TO 6090 LEVELS AND ANY CLOSE ABOVE THIS POINT ONE CAN SEE NIFTY TO MOVE UP TO FURTHER HIGHS POSITIONALLY NIFTY LOOKS MUCH MORE STRONGER IF NIFTY BREAKS 6140 LEVELS AND TRADES, ONE CAN HOLD THEIR POSITIONS ABOVE 6000 LEVELS AND BELOW 6000 ONE IS ADVISED TO EXIT LONGS. ON THE NEGATIVE SIDE IF NIFTY TRADES BELOW 5982 THEN LIKELY TO DIP DOWN TO 5950 LEVELS AND ANY BREACH BELOW THIS POINT WOULD TAKE NIFTY TO 5915 AND BELOW THIS LEVEL WOULD TAKE DRAG DOWN TO 5860 LEVELS. LAST DAY IN THE LAST HOUR OF TRADE WE HAVE WITNESSED VERY GOOD AND POSITIVE BUYING IN NIFTY WHICH SHOWS THAT WE MAY TEND TO MOVE UP PROVIDED NIFTY TRADES ABOVE 6028 LEVELS AND CAN GO LONG IF NIFTY TRADES ABOVE 6028 LEVELS WITH A STOPLOSS OF 5980 LEVELS POSITIONALLY.
BUY HCL TECH SL 434 TGT 441/445/448 (SHORT TERM 500)
BUY GAIL SL 499.90 TGT 506/509/512
BUY REDIGNTON SL 416 TGT 427/435/448
BUY FAME INDIA SL 79.90 TGT 82/83.40/84.15
