GOOD MORNING!!!
THE MARKETS REMAINED UNDER PRESSURE SINCE VERY BEGINNING ON THE BACK OF WEAK CUES FROM REGIONAL PEERS. INDICES OSCILLATED IN A TIGHT RANGE WITH A NEGATIVE BIAS IN THE MID-MORNING SESSION. THE MARKETS WITNESSED SOME RECOVERY IN LATE-MORNING TRADES BUT LACK OF BUYING SUPPORT AT HIGHER LEVELS ONCE AGAIN PULLED THE INDICES LOWER. THE MAIN INDICES REMAINED CHOPPY IN EARLY-NOON AND LATE-AFTERNOON TRADES TRACKING DOWN-TICK ON THE US AND THE EUROPEAN INDEX FUTURES. INDICES SNAPPED THEIR THREE-DAY WINNING STREAK ON WEDNESDAY AS INVESTORS TURNED CAUTIOUS AHEAD OF THE RESERVE BANK OF INDIA’S (RBI) SCHEDULED MID-QUARTER POLICY REVIEW. THOUGH IT IS EXPECTED THAT THE CENTRAL BANK MAY HALT ITS MONETARY TIGHTENING MEASURES THIS TIME ON THE BACK OF ROBUST ECONOMIC DATA, BUT MARKET-MEN OPTED TO TAKE SOME PROFIT OFF THE TABLE IN TRADE TO REMAIN ON A SAFER SIDE. THE BULLS ALSO LOOKED EXHAUSTED DURING THE SESSION AFTER REMAINING IN ACTION FOR THREE SESSIONS IN A ROW. MOST OF THE ASIAN COUNTERPARTS EDGED LOWER IN TRADE AND THE EUROPEAN BOURSES ALSO DISPLAYED SIMILAR TREND. RATE SENSITIVE REALTY AND BANKING COUNTERS WERE HAMMERED BY THE BEARS DURING THE SESSION. APART FROM THIS, CONSUMER DURABLES, HEALTHCARE AND PUBLIC SECTOR UNDERTAKING STOCK ALSO WITNESSED PROFIT TAKING FROM INVESTORS. ON THE OTHER HAND, SOFTWARE AND TECHNOLOGY SHARES BUCKED THE WEAK TREND. STOCK SPECIFIC ACTION WAS SEEN BASED ON REPORTS OF THE COMPANIES’ ADVANCE TAX NUMBERS.
TODAY IF NIFTY WOULD BE RANGE BOUND, THE KEY TRIGGER WOULD BE THE RBI MID QUARTER POLICY REVIEW WHICH IF TURNS POSITIVE WILL IGNITE BANK NIFTY AND RATE SENSITIVE STOCKS WHICH WILL BOOST THE INDEX ACROSS THE EXCHANGE. IN THE OPENING TRADE ONE CAN TAKE LONG POSITION WITH A STOPLOSS OF 5884 WHICH IS A SUPPORT AS WELL AS A POINT OF RETRACEMENT FOR THE RECENT GROWTH. IF NIFTY TRADES BELOW 5884 THEN LIKELY TO COME DOWN TO 5780 LEVELS THOUGH THERE MAY BE MINOR SUPPORTS IN BETWEEN AT 5855 AND 5817. ON THE POSITIVE SIDE IF NIFTY TRADES ABOVE 5926 THEN LIKELY TO MAKE AN UPMOVE TO 5970 AND ANY BREAK ABOVE THIS POINT WOULD TAKE IT TO 5984. ONE IS ADVISED TO EXIT LONGS IF NIFTY TRADES BELOW 5850 LEVELS AND CAN CARRY SHORTS IN NIFTY BELOW THIS LEVEL.
BUY INFOSYS SL 3198 TGT 3221/3231/3252
BUY DABUR SL 101 TGT 102.70/103.50/104.50
BUY KS OILS SL 47.50 TGT 51/52.90/54.50
BUY TATA MOTORS SL 1319 TGT 1334/1345/1364
