GOOD MORNING!!!
INDIAN MARKETS EMERGED EXULTANT AFTER ULTIMATELY BREAKING THE NINE BACK TO BACK SESSION DECLINING STREAK, THE LONGEST IN A DECADE, AND RETURNED BACK TO THE PATH OF RESURGENCE. THE FRONTLINE INDICES WITNESSED A RELIEF RALLY AS BEARS RAMPAGE WAS FINALLY BROUGHT TO A STANDSTILL AND BULLS SHOWCASED THEIR ENTHUSIASM ON A DAY WHEN STOCK MARKETS ACROSS THE GLOBE EXHIBITED BEARISH TREND. ESPECIALLY CRUDE OIL, STIMULATE GREAT DEAL OF ZEAL AMONG LOCAL INVESTORS, WHO LATELY KEPT TAKING MONEY OFF THE TABLE SESSION AFTER SESSION ON FEARS OF SPIRALING INFLATIONARY PRESSURE. THE FOUR SESSION DOWNTREND IN INTERNATIONAL CRUDE OIL PRICES, AFTER HITTING A 31-MONTH HIGH LEVEL LAST WEEK, GAVE A FILLIP TO STOCKS IN THE OIL AND GAS AND AIRLINE SECTORS WHICH ARE LARGELY LOOK ON INTERNATIONAL CRUDE PRICES. INITIALLY INDICES GOT OFF TO AN OPTIMISTIC START DESPITE THE SOMBER LEADS FROM MARKETS ACROSS THE GLOBE AS ASIAN MARKETS PROLONGED THEIR GLOOMY RUN ON BEING INFLUENCED BY THE OVERNIGHT WALL STREET WHICH EXTENDED ITS FALL ON THE BACK OF DECLINE IN THE COMMODITIES AND AN UNEXPECTED INCREASE IN THE UNEMPLOYMENT BENEFIT CLAIMS. THE MARKETS TRIED TO CAPITALIZE ON THE INITIAL MOMENTUM IN THE MORNING SESSION OF TRADE HOWEVER, IN THE EARLY AFTERNOON SESSION INDICES WENT ON TO TOUCH INTRADAY LOW LEVELS. BUT A STRONG SHORT COVERING RALLY FROM THE LOW POINT OF THE DAY ON THE BACK OF BOTTOM FISHING IN BADLY BUTCHERED RATE SENSITIVE COUNTERS HELPED THE INDICES TO EVENTUALLY SETTLE WITH GAINS. BREADTH OF THE MARKETS REMAINED POSITIVE AT THE CLOSE OF THE TRADE.
TODAY MARKETS WOULD OPEN FLAT TO POSITIVE AND CONTINUE TO BE UNDER PRESSURE AT EVERY HIGHER LEVELS, IF NIFTY TRADES ABOVE 5568 THEN LIKELY TO MOVE UP TO 5589 AND BREAK ABOVE THIS POINT WOULD TAKE NIFTY TO 5628 LEVELS AND ANY BREAK ABOVE THIS WOULD TAKE NIFTY TO 5654 LEVELS. ANY CLOSE ABOVE 5600 IS A GOOD SIGN FOR THE MARKETS AND WOULD MOVE FURTHER UPSIDE IN THE WEEK AHEAD. ON THE FLIP SIDE IF NIFTY TRADES BELOW 5546 THEN LIKELY TO COME DOWN TO 5524 AND THEN TO 5481 AND ANY BREAK BELOW THIS POINT WOULD TAKE NIFTY 5450 LEVELS ANY CLOSE BELOW 5500 WOULD BE VERY WEAK IN THE WEEK AHEAD. STAY EXTREMELY CAUTIOUS ON THE UPSIDE AS NIFTY IS STILL WEAK ON THE POSITIONAL BASIS ONE HAS TO WAIT AND WATCH TILL NIFTY BREAKS 5600 LEVELS, ONE IS ADVISED NOT TO HOLD LONG POSITIONS OVERNIGHT IF NIFTY DOESN’T CLOSE ABOVE 5600 LEVELS.
BUY VIKASH METAL & POWER SL 18.90 TGT 19.80/20.65/21.40
TODAY MARKETS WOULD OPEN FLAT TO POSITIVE AND CONTINUE TO BE UNDER PRESSURE AT EVERY HIGHER LEVELS, IF NIFTY TRADES ABOVE 5568 THEN LIKELY TO MOVE UP TO 5589 AND BREAK ABOVE THIS POINT WOULD TAKE NIFTY TO 5628 LEVELS AND ANY BREAK ABOVE THIS WOULD TAKE NIFTY TO 5654 LEVELS. ANY CLOSE ABOVE 5600 IS A GOOD SIGN FOR THE MARKETS AND WOULD MOVE FURTHER UPSIDE IN THE WEEK AHEAD. ON THE FLIP SIDE IF NIFTY TRADES BELOW 5546 THEN LIKELY TO COME DOWN TO 5524 AND THEN TO 5481 AND ANY BREAK BELOW THIS POINT WOULD TAKE NIFTY 5450 LEVELS ANY CLOSE BELOW 5500 WOULD BE VERY WEAK IN THE WEEK AHEAD. STAY EXTREMELY CAUTIOUS ON THE UPSIDE AS NIFTY IS STILL WEAK ON THE POSITIONAL BASIS ONE HAS TO WAIT AND WATCH TILL NIFTY BREAKS 5600 LEVELS, ONE IS ADVISED NOT TO HOLD LONG POSITIONS OVERNIGHT IF NIFTY DOESN’T CLOSE ABOVE 5600 LEVELS.
BUY VIKASH METAL & POWER SL 18.90 TGT 19.80/20.65/21.40
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