GOOD MORNING!!!
A POSITIVE START IN INDIAN MARKETS WERE PROMPTED BY STRONG GLOBAL CUES. THE US INDICES SCALED THEIR OVER TWO-YEAR PEAKS IN TUESDAY’S SESSION WHICH GAVE A SENTIMENTAL BOOST TO MOST OF THE ASIAN PEERS IN MORNING TRADES. MARKETS LOOKED ON A VERY POSITIVE NOTE IN EARLY TRADES BUT THEY FAILED TO BUILD-ON TO THE MORNING MOMENTUM AS THE DAY PROGRESSED, INDICES OSCILLATED IN A NARROW RANGE WITH A POSITIVE BIAS IN THE MID-MORNING SESSION. THE LATE-AFTERNOON SESSION WAS SLID DOWN AS FRONTLINE COUNTERS WITNESSED SOME PROFIT BOOKING AND AS THE US AND EUROPEAN INDEX FUTURES HOVERED AROUND THE NEUTRAL LINE AND PRESSURE SURMOUNTED IN LATE TRADES ON THE BACK OF DOWN-TICK ON THE EUROPEAN BOURSES. THE MARKETS, HOWEVER, RECOVERED MOST OF THEIR LOSSES IN LAST ONE HOUR OF TRADE TO SIGN OFF THE SESSION. THE MARKET BREADTH WAS STRONG; OIL & GAS, CAPITAL GOODS AND BANKING COUNTERS WERE THE MAXIMUM LOSERS IN TRADE. ON THE FLIP SIDE, METAL, PUBLIC SECTOR UNDERTAKING AND FAST MOVING CONSUMER GOODS STOCKS CAPPED THE DOWNSIDE ON THE BOURSES
TODAY MARKETS LOOK FLAT AND RANGE BOUND. ONE IS ADVISED TO FOLLOW THE BREAKOUT POINTS MENTIONED BELOW FOR BUYING AND SELLING. IF NIFTY TRADES ABOVE 6035 ONE CAN SEE NIFTY TO SHOOT UP TO 6094 LEVELS AND ON THE DOWN SIDE IF NIFTY TRADES BELOW 5980 THEN NIFTY LIKELY TO COME DOWN TO 5950 AND THEN TO 5900 LEVELS AND ANY CLOSE BELOW 5950 ONE CAN CARRY OVER THE SHORT POSITIONS. IF NIFTY TRADES POSITIVE ON THE OPENING ONE CAN GO SHORT AND MAKE USE OF INTRADAY VOLATILITY, ONE CAN GO SHORT AT HIGHER LEVELS IN THE INTRADAY KEEPING A STRICT STOPLOSS OF 6035.
BUY RANBAXY SL 569 TGT 576/578/581
BUY HIND ZINC SL 1277 TGT 1296/1308/1327 (SHORT TERM 1470)**
BUY JINDAL POLY SL 529 TGT 545/550/567
POSITIONAL TRADES
BUY HIND ZINC TGT 1470/1600
TODAY MARKETS LOOK FLAT AND RANGE BOUND. ONE IS ADVISED TO FOLLOW THE BREAKOUT POINTS MENTIONED BELOW FOR BUYING AND SELLING. IF NIFTY TRADES ABOVE 6035 ONE CAN SEE NIFTY TO SHOOT UP TO 6094 LEVELS AND ON THE DOWN SIDE IF NIFTY TRADES BELOW 5980 THEN NIFTY LIKELY TO COME DOWN TO 5950 AND THEN TO 5900 LEVELS AND ANY CLOSE BELOW 5950 ONE CAN CARRY OVER THE SHORT POSITIONS. IF NIFTY TRADES POSITIVE ON THE OPENING ONE CAN GO SHORT AND MAKE USE OF INTRADAY VOLATILITY, ONE CAN GO SHORT AT HIGHER LEVELS IN THE INTRADAY KEEPING A STRICT STOPLOSS OF 6035.
BUY RANBAXY SL 569 TGT 576/578/581
BUY HIND ZINC SL 1277 TGT 1296/1308/1327 (SHORT TERM 1470)**
BUY JINDAL POLY SL 529 TGT 545/550/567
POSITIONAL TRADES
BUY HIND ZINC TGT 1470/1600
