INTRADAY TIPS FOR 28 APRIL 2011

GOOD MORNING!!!

INDICES GOT OFF TO A POSITIVE OPENING TRACKING POSITIVE LEADS FROM THE ASIAN MARKETS, UNDERPINNED BY OVERNIGHT WALL STREET RALLY, SUPPORTED BY GOOD EARNINGS NUMBER AND BETTER THAN EXPECTED US CONSUMER CONFIDENCE DATA. THE FRONTLINE INDICES TRIED HARD TO KEEP THEIR HEAD ABOVE THE WATER BUT CONSTANT DISAPPOINTING RESULT ANNOUNCEMENTS BY MAJOR COMPANIES WEIGHED DOWN SENTIMENTS. THE INDICES DRIFTED DEEPER INTO THE RED TERRAIN AS POSITION SQUARING IN REALTY AND BANKING STOCKS INTENSIFIED IN THE AFTERNOON TRADE. THE PERSISTENT WEAKNESS ON HEAVYWEIGHT COUNTERS SUCH AS RELIANCE INDUSTRIES AND ICICI BANK SOON DRAGGED THE MARKETS TO INTRADAY LOW LEVELS AND ALL ATTEMPTS TO PULL BACK FROM THOSE LEVELS WENT IN VAIN. THE BOURSES EVENTUALLY SNAPPED THE SESSION ON A PESSIMISTIC NOTE AND EXTENDED THE DECLINING STREAK FOR THE THIRD STRAIGHT SESSION. MARKET BREADTH REMAINED NEGATIVE.

TODAY NIFTY WOULD OPEN FLAT AND RANGE BOUND. IF NIFTY TRADES ABOVE 5850 THEN LIKELY TO MOVE UP TO 5882 AND THEN TO 5900 LEVELS AND ANY BREAK ABOVE THIS POINT WOULD TAKE NIFTY TO 5918 AND BREAK ABOVE THIS WOULD TAKE FURTHER UPSIDE IN NIFTY. ON THE FLIP SIDE IF NIFTY TRADES BELOW 5830 THEN LIKELY TO TRADE DOWN TO 5800 LEVELS AND ANY BREAK BELOW THIS LEVEL WOULD TAKE IT TO 5757 LEVELS, IF NIFTY BREAKS 5700 ON THE DOWNSIDE WE CAN SEE A VERY DEEP DRIFT IN NIFTY AND ON THE UPSIDE IF NIFTY BREAKS 6000 WE CAN SEE A GREAT SURGE. SO ONE SHOULD KEENLY WATCH 5700 AND 6000 BOTH ON DOWSIDE AND UPSIDE

BUY ONGC SL 310 TGT 313.60/315.80/317
BUY EDUCOMP SL 473 TGT 478/482/487
BUY TATA CHEM SL 388 TGT 393/396/402
BUY KAJARIA CERAMICS SL 83.50 TGT 86/88/90