GOOD MORNING!!!
MARKETS GOT OFF TO A QUIET START SHRUGGING LEADS FROM THE ASIAN EQUITY INDICES WHICH MOSTLY TRADED ON A POSITIVE NOTE AS INVESTORS IN THE REGION LARGELY REMAINED INFLUENCED BY THE WALL STREET WHICH EXTENDED UPTREND FOR THIRD STRAIGHT SESSION ON THE BACK OF GOOD EARNINGS ANNOUNCEMENTS AND SOME BIG CORPORATE DEALS. AFTER HITTING INTRADAY LOWS IN THE EARLY HOURS, THE FRONTLINE INDICES PARED ALL THE LOSSES AND MOVED INTO THE GREEN ZONE ON THE BACK OF BUYING IN REAL ESTATE, AUTOMOBILE AND METAL STOCKS. HOWEVER, THE SESSION LARGELY REMAINED CHARACTERIZED BY CHOPPINESS AS INVESTORS SEEMED RELUCTANT TO PILE UP HEFTY POSITIONS AHEAD OF IIP AND WPI DATA ALONG WITH THE OUTCOME OF ASSEMBLY POLLS DUE THIS WEEK AND INDULGED ONLY IN STOCK CENTRIC ACTIVITIES THROUGH THE SESSION.
TODAY MARKETS WOULD OPEN NEGATIVE AND CONTINUE TO REMAIN UNDERPRESSURE, IF NIFTY TRADES BELOW 5540 THEN LIKELY TO BE UNDER PRESSURE AND WOULD TAKE A MINOR SUPPORT AROUND 5520 LEVELS BREACH BELOW THIS WOULD TAKE NIFTY DOWN TO CRUCIAL SUPPORT OF 5500 POST WHICH, IT WOULD BLEED DOWN TO 5450 LEVELS ANY CLOSE BELOW 5500 LEVELS WE MAY HEAD DOWN MUCH FURTHER AND ONE IS ADVISED NOT TO TAKE ANY FRESH POSITIONS. ON THE FLIP SIDE IF NIFTY TRADES ABOVE 5576 ONE CAN SEE SOME AMOUNT OF PULL BACK RALLY TO 5592 LEVELS AND ONLY ABOVE 5600 ONE CAN INITIATE A FRESH BUY. ONE HAS TO BE VERY CAREFUL AHEAD OF INFLATION FIGURES ALONG WITH IIP DATA TO COME IN THE LATE AFTERNOON AND RESULTS OF POLLS WHICH ARE TO BE DECLARED TOMORROW WOULD DEFINE THE DIRECTION OF THE MARKETS. SO ONE IS ADVISED TO STAY CAUTIOUS.
