GOOD MORNING!!!
MARKETS BEGAN THE DAY ON A DULL NOTE AS INVESTORS WERE INCLINED IN PROFIT TAKING IN EARLY TRADE TRACKING DISCOURAGING LEADS FROM THE US MARKETS WHICH CONTINUED THEIR DECLINE FOR A SECOND STRAIGHT DAY. THE DAY WAS BUSY IN POSITION SQUARING WITH THE ABSENCE OF POSITIVE TRIGGERS IN THE MARKETS NOTHING WAS REALLY ENCOURAGING AND DRIFTED TO MULTI MONTH LOW WITH HIGHEST EVER VOLUMES RECORDED IN THE HISTORY OF INDIAN STOCK MARKETS. THE FALL WAS PRIMARILY STARTED WITH INFLATION NUMBERS AND THEN SUDDEN SURGE IN THE CRUDE OIL PRICES AND ADDING FUEL TO THE FIRE WAS THE EXPIRY. THESE SERIES OF EVENTS LED THE DECLINE IN THE MARKETS. MAJORITY OF THE STOCKS WERE BATTERED SO BADLY THAT NONE WAS IDENTIFIABLE THEY WERE ABSOLUTELY SHAPELESS. MARKET BREADTH WAS EXTREMELY NEGATIVE THERE WAS NOTHING ENCOURAGING IN THE MARKETS.
TODAY MARKETS WOULD OPEN FLAT TO POSITIVE ON THE FRESH BARGAIN HUNTING AT THE OPENING DAY OF FRESH SERIES, AS LONG AS NIFTY TRADES ABOVE 5250 IT IS WISE TO KEEP AWAY FROM SHORTS. IF NIFTY TRADES ABOVE 5280 LIKELY TO MOVE UP TO 5318 AND THEN TO 5350 LEVELS AND ANY BREAK ABOVE THIS POINT WOULD TAKE IT FURTHER UP TO 5400 LEVELS. ON THE FLIP SIDE IF NIFTY TRADES BELOW 5250 LIKELY TO COME DOWN TO 5210 LEVELS AND BREAK BELOW THIS LEVEL THOUGH MAY HAVE A MINOR SUPPORT AROUND 5200 LEVELS WOULD DRAG DOWN TO 5176 LEVELS AND ANY BREAK BELOW THIS POINT WE CAN SEE NIFTY TO TAKE A PSYCHOLOGICAL SUPPORT AT 5100 LEVELS.
TODAY MARKETS WOULD OPEN FLAT TO POSITIVE ON THE FRESH BARGAIN HUNTING AT THE OPENING DAY OF FRESH SERIES, AS LONG AS NIFTY TRADES ABOVE 5250 IT IS WISE TO KEEP AWAY FROM SHORTS. IF NIFTY TRADES ABOVE 5280 LIKELY TO MOVE UP TO 5318 AND THEN TO 5350 LEVELS AND ANY BREAK ABOVE THIS POINT WOULD TAKE IT FURTHER UP TO 5400 LEVELS. ON THE FLIP SIDE IF NIFTY TRADES BELOW 5250 LIKELY TO COME DOWN TO 5210 LEVELS AND BREAK BELOW THIS LEVEL THOUGH MAY HAVE A MINOR SUPPORT AROUND 5200 LEVELS WOULD DRAG DOWN TO 5176 LEVELS AND ANY BREAK BELOW THIS POINT WE CAN SEE NIFTY TO TAKE A PSYCHOLOGICAL SUPPORT AT 5100 LEVELS.
