GOOD MORNING!!!
INVESTORS SHRUGGED OFF FEARS OVER NEW FRAUD CASE IN THE COUNTRY WHICH HAS COME TO THE SURFACE, MARKETS GOT OFF TO A POSITIVE START THIS MORNING PROMPTED GLOBAL CUES WHICH REMAINED SUPPORTIVE THROUGHOUT THE SESSION. ALL ASIAN COUNTERPARTS, BARRING TAIWAN WEIGHTED, SHOWED STRENGTH IN TRADE. MOST OF THE EUROPEAN INDICES WERE ALSO TRADING HIGHER. THE US INDEX FUTURES WERE SHOWING UP-TICK IN SCREEN TRADE. ALL THESE FACTORS HELPED DOMESTIC EQUITY INDICES TO SCALE HIGHER INCH BY INCH, IT MANAGED TO BREAK THE JINX OF THE PAST FEW DAYS OF THE TRADE, LOT OF TRADERS SQUARED OFF THEIR SHORT POSITIONS AHEAD OF EXPIRY WHICH ALSO IGNITED THE MARKETS TO SCALE HIGHER. THOUGH INDICES MOVED IN A NARROW RANGE WITH A POSITIVE BIAS TILL MID-MORNING. HOWEVER, PICKED THE MOMENTUM ALONG WITH THE STRENGTH IN THE LATE-MORNING TRADES. MARKET BREADTH WAS POSITIVE CONSUMER DURABLES, FAST MOVING CONSUMER GOODS AND METAL COUNTERS ATTRACTING MAXIMUM ATTENTION.
TODAY MARKETS WOULD REMAIN VOLATILE AHEAD OF EXPIRY. IF NIFTY TRADES 6075 THEN LIKELY TO MAKE AN UP MOVE TO 6092 AND ANY TRADE ABOVE THIS POINT THOUGH HAVE SOME RESISTANCE AROUND 6104 LIKELY TO MOVE UP TO 6140 ONLY IF 6104 IS BROKEN AND TRADED AND ANY CLOSE ABOVE 6100 ONE HAS TO STAY CATIOUS ON BUILDING ANY SHORT POSITIONS FOR TIME BEING. ON THE NEGATIVE SIDE IF NIFTY TRADES BELOW 6050 THEN LIKELY TO COME DOWN TO 6030 AND BREAK BELOW THIS LEVEL WOULD DRAG NIFTY TO 6014 AND THEN TO 5997 AND ANY CLOSE BELOW 6000 IS A NEGATIVE SIGN IN THE MARKETS, WHERE ONE CAN GO POSITIONAL SHORT FOR THE NEXT MONTH CONTRACT.
BUY HINDZINC SL 1326 TGT 1353/1368/1379
BUY PIPAVAV SL 83.40 TGT 84.50/85.25/86
BUY ITC SL 174 TGT 175.50/176.40/177.40
POSITIONAL TRADES
BUY JINDAL STEEL AND POWER TGT 766/860
