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DATED : 5th may 2009
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TRADING DAY.
CURRENT POLITICAL ENVIRONMENT MAY LEADS THE VOLATILITY IN MARKET
Outcomes of Elections in India
If + but
1. If congress-Led coalition (without support of Left) :Already response in the market and price.
2. If congress Led coalition with communist support.- Rally will fizzle out.
3. BJP-led alliance : Market response - Major correction but in long term positive for investors - target 12500-13000
4. Third Front : Disaster in the market. Sensex could fall below 8000 and lower.
Source : fullermoney.com
NIFTY TODAY'S DECISIVE LEVELS:
UPPER SIDE: 3675 3700
LOWER SIDE: 3490 3450
TREND DECIDER WILL BE 3630
BULL RUN IS STILL REMAINING ABOVE 3280
Market Out Look
MARKET LOOKS GOOD BUT TRADE CATIOUSLY. SENSEX ABOVE 12K AND NIFTY CLOSED ABOVE 3650 IS SHOWING STRENGTH IN MARKET. SOME PROFIT BOOKING IS EXPECTED
Option Strategy
AS PROFIT TAKING MAY EXPECT AT HIGHER LEVEL THE PUT OPTION OF NIFTY 3500-3600 ARE ACTIVE WHILE ON OTHER HAND NIFTY 3800-3900-4000-4100 CALL OPTION HAS SEEN VOLUME AND FII ACTION.
Sectortrend : THE IT, BANKING, REALITY AND METAL SECTORS ARE EXPECT TO SHOW STRENGTH WHILE POWER HAVING UNDER PRESSURE.
STOCKWATCH : THE ICICI, INFOSYS, TCS, WIPRO, RELIANCE, BHARTI, RCOM, ARE LOOKING GOOD WHILE ABB, BOB ARE IN DOWN TREND .
NIFTY: closed@3658.35
Nifty has closed at its most strong resistance, and yesterday it trades successfully above this level, so chances for upward trend are more. We are expecting that 3675-3700 zone will be the important resistance zone for today, if trade beyond this zone then next resistance level will be the 3740-3780.
We prefer buy nifty on every dip but above 3570 for the target of the 3680 3700 3720 with strict stop loss of 3540. And if nifty trades below 3570 then only sell for the target of the 3490 3450.
BANK NIFTY: closed@5490
5550 will be the major resistance level if breaks this level then may touch 5600 5800, but upper level profit booking is possible, major support level will be the as usual 4800.
INDEX OUT LOOK
NSE : THE MAJOR TRADING RANGE OF NIFTY IS 3520-3740 IF NIFTY GOES ABOVE 3740 AND MAINTAIN THEN GO FOR NEXT TAR OF 3800 BUT ANOTHER SIDE BELOW 3520 GOES DOWN TO 3440-3400.
BSE : SENSEX MAINTAINS ABOVE 12000 WHICH SHOWS STRENGTH HERE IF SENSEX CROSS THE NEXT RESISTANCE OF 12446 THEN RUNS CONTINUE UP TO 12840 AND BELOW 11896 WEKNESS MAY STARTS THEN DOWNSIDE GO TO 11548-11370.
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STOCKS TO WATCH
| TOP PICKS OF THE DAY RELIANCE: (closing 1893.45) Major resistance level for Reliance will be 1938 if breaks this then waits for the next target 2000++. But till then strong buying opportunity with stop loss of 1680. Little profit booking is expected from upper level but buying on every dip is suggested. SBI: (closing 1370.80) Moving toward the 1400 1440 with major support level of 1290. Short sellers should sell this stock only below 1290, and buyers may continue long position with stop loss of 1290. DLF: (closing 225.35) Major support level for the stock will be the 215 if trade below this level then no buying, may touch 210 200. But above 215 major resistance will be 225 235 if breaks these levels then next target will be the 240 250. HDIL: (closing 158.55) The stock is closed around its resistance if maintain above 152 then may reach 170 180 but below 152 short selling will dominate the stock. SAIL: (closing 118.75) Major resistance level for the stock will be 125 and 128, and support level will be the 111 108. Buying opportunity only if trade above 113. LT: (closing 955) Moving toward 1000 but little profit booking is expected before this level, may reach 900 880, but buying is on every deep with stop loss of the 840. INFOSYS: (closing 1634.70) Strong buying opportunity but only above 1470 below that level it may touch 1380 1350. But with the stop loss of 1470 next target will be the 1650 1670. We may see little profit booking from upper levels it may touch 1520 1530 buy buying on dip. CALL/ PUT STRATEGY Nifty: 3600 put shows good volume we must trade according the trend. Nifty: may buy 3700 call on dip according above mentioned nifty levels. RELIANCE: 1920 call is so active we prefer buy on dip. |
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Stock trading involves high risk and one can lose Substantial amount of money.The recommendations made herein Do not constitute an offer to sell or solicitation to buy any of the Securities mentioned. No representations can be made that recommendations contained herein will be profitable or they will Not result in losses. Readers using the information contained herein are solely responsible for their actions. The information is obtained from sources deemed to be reliable but is not guaranteed as to accuracy and completeness. The above recommendations are based on technical analysis only. NOTE WE HAVE NO HOLDINGS IN ANY OF STOCKS RECOMMENDED ABOVE.
