GOOD MORNING!!!
INDICES EXTENDED THEIR GAINS FOR THE THIRD SESSION IN A ROW ON TUESDAY TRACKING OVER 100 BASIS POINTS DROP IN HEADLINE INFLATION DURING THE MONTH OF NOVEMBER. THE INFLATION FOR THE MONTH UNDER REVIEW STOOD AT 7.48% AS COMPARED TO 8.58% IN THE EARLIER MONTH. MARKETS ENDED THE DAY WITH DECENT GAINS AFTER TRADING IN TIGHT RANGE THROUGHOUT THE DAY TRACKING MIXED GLOBAL CUES. THE TRADE REMAINED RANGE BOUND TILL MID MORNING SESSION BUT AFTERWARDS THE MARKETS GAINED STRENGTH AS CONCERNS OVER INTEREST RATE HIKE IN NEAR TERM BY THE CENTRAL BANK SUBSIDED AFTER LATEST DATA SHOWED FALL IN INFLATION. CONSUMER DURABLES AND METAL COUNTERS WERE THE STAR PERFORMERS OF THE SESSION.
TODAY MARKETS LOOK FLAT TO NEGATIVELY BIASED ON THE WEAK OPENING OF ASIAN STOCKS. TODAY IF NIFTY TRADES BELOW 5935 AND ABOVE 5984 ONE IS ADVISED TO STAY AWAY FROM BOTH LONG AND SHORTS. ON THE NEGATIVE SIDE IF NIFTY TRADES BELOW 5935 THEN ONE CAN SEE NIFTY TO SLIDE DOWN TO 5900 LEVELS AND BREACH BELOW THIS LEVEL WOULD TAKE SUPPORT AT 5880 AND THEN 5840 LEVELS. ON THE POSITIVE SIDE IF NIFTY TRADES ABOVE 5984 THEN ONE CAN SEE NIFTY TO MOVE UP TO 6020 AND BREAK ABOVE THIS POINT WOULD FACE RESISTANCE AT 6045 LEVELS. STAY CAUTIOUS AT EVERY HIGHER LEVELS.
BUY HINDOILEXP SL 207.90 TGT 214/218/224
BUY RECLTD SL 327 TGT 333/337/342
