GOOD MORNING!!!
INDICES GOT OFF TO A NEGATIVE START AS WEAK GLOBAL CUES WEIGHED ON THE SENTIMENT. THE MAIN INDICES MOVED IN A VERY TIGHT RANGE WITH A NEGATIVE BIAS IN THE MID-MORNING SESSION. THE MARKETS TRIMMED SOME OF THEIR EARLY LOSSES IN LATE-MORNING TRADES. INDICES SNAPPED THEIR TWO-DAY LOSING STREAK WITH RESPECTABLE GAINS ON FRIDAY DESPITE NOT VERY ENCOURAGING GLOBAL CUES. BULLS SHOWED STRENGTH IN THE SECOND HALF OF THE SESSION AFTER STAYING ON THE FENCE DURING EARLY PART OF TRADE. MARKET BREADTH WAS POSITIVE, GAINS WERE AIDED BY STRONG BUYING IN CONSUMER DURABLES, METAL AND FAST MOVING CONSUMER GOODS SPACE. ON THE OTHER HAND, AUTO, PUBLIC SECTOR UNDERTAKING AND OIL & GAS STOCKS WITNESSED SELECTIVE SELLING FROM TRADERS. TYRE MAKERS HOGGED THE LIMELIGHT IN TRADE TODAY ON THE BACK OF THE GOVERNMENT’S DECISION TO SLASH IMPORT DUTY ON NATURAL RUBBER TO 7.5% FROM 20% FOR DISPATCHES TO THE TUNE OF 40,000 TONNES UNTIL MARCH 31, 2011. THE RELIANCE ANIL DHIRUBHAI AMBANI GROUP (REL-ADAG) COMPANIES WITNESSED SHARP UP-MOVES IN LATE TRADES. ON THE FLIP SIDE, THE STATE-RUN OIL MARKETING COMPANIES (OMCS) REMAINED UNDER PRESSURE THROUGHOUT THE SESSION AS REPORTS INDICATED THAT THE CENTRE WAS LIKELY TO DEFER DIESEL PRICE HIKE BY FEW WEEKS.
TODAY MARKETS MAY BE RANGE BOUND, BUT IF NIFTY TRADES ABOVE 6045 THEN LIKELY TO SEE NIFTY TO MOVE UP TO 6060 AND ANY BREAK ABOVE THIS POINT WOULD TAKE NIFTY TO 6077 AND THEN TO 6106 THOUGH 6090 IS A STRONG RESISTANCE. AND ON THE FLIP SIDE IF NIFTY TRADES BELOW 6030 THEN LIKELY TO COME DOWN TO 6014 AND BREAK BELOW THIS LEVEL 5995 AND ANY BREAK BELOW THIS POINT WOULD DRAG NIFTY TO 5867 LEVELS. ONE HAS TO BE VERY CAUTIOUS AS WE ARE NEARING THE EXPIRY FOR THE MONTH. WE MAY SEE A HUGE VOLATILITY IN THE MARKETS IN THE NEW FEW SESSIONS.
BUY MPHASIS SL 662 TGT 674/680/685
BUY BF UTILITIES SL 833 TGT 866/877/888
