GOOD MORNING!!!
FINALLY INDICES BROKE THE SIX DAYS JINX OF CLOSING IN RED AND COMPLETELY IGNORED THE MUCH HAUNTING LETTER I (INTEREST, INFLATION AND IIP ) AND CARRIED THE MOMENTUM FROM PREVIOUS CLOSING AND GOT OFF TO A STRONG START. THOUGH THE INDICES TRADED IN THE POSITIVE TERRAIN IN THE INITIAL HOURS, BUT DUE TO LACK OF CONVICTION TRADERS OPTED TO BOOK PROFITS AT HIGHER LEVELS WHILE THE SURPRISINGLY LOW IIP NUMBERS TOO WEIGHED DOWN THE FRONTLINE INDICES TO INTRADAY LOW LEVELS IN THE LATE FIRST HALF SESSION. HOWEVER, THE SECOND HALF SAW THE BOURSES GAIN IMPETUS AS OPTIMISTIC EUROPEAN MARKETS PROVIDED SUPPORT. THE INDICES CONTINUED TO GRADUALLY GARNER STRENGTH TO STRENGTH IN THE DYING HOURS AND CLOSED AROUND THE HIGH POINT OF THE DAY. VOLUMES WERE SUBSTANTIALLY HIGHER THAN LAST ONE AND HALF MONTH IN NIFTY AND TURNOVER IN NIFTY TOO CROSSED HIGHS OF LAST FEW WEEKS. THE BREADTH OF THE MARKET REMAINED VERY STRONG.
TODAY MARKETS LOOK POSITIVE ON STRONG CLOSING OF MARKETS ON THE LAST DAY AND SUPPORTED BY POSITIVE OPENING OF ASIAN MARKETS ALONG WITH POSITIVE CLOSE OF EUROPE AND AMERICAN MARKETS. IF NIFTY TRADES ABOVE 5885 THEN LIKELY TO MOVE UP TO 5910 AND THEN TO 5940 LEVELS AND ANY BREAK ABOVE THIS POINT WOULD MAKE IT JOURNEY TO 5990 LEVELS. ON THE FLIP SIDE IF NIFTY TRADES BELOW 5865 THEN LIKELY TO COME DOWN TO 5840 LEVELS AND BREACH BELOW THIS POINT WOULD DRAG NIFTY TO 5788 LEVELS STAY CAUTIOUS IF NIFTY BREACHES 5840 LEVELS AND STAY INVESTED IF NIFTY CLOSES ABOVE 5900 LEVELS.
BUY INDIAN HOTELS SL 101 TGT 103/104.50/105.85
BUY HIND ZINC SL 1414 TGT 1445/1465/1480
BUY INFOSYS SL 3370 TGT 3399/3418/3447
BUY SBI SL 2669 TGT 2700/2725/2750
