INDIAN MARKETS OPENED FLAT AND REMAINED WEAK TILL EUROPEAN MARKETS RECOVERED AND BUYING IN OIL & GAS SECTOR CAME IN. MARKET INCREASED BY SHORT COVERING ALMOST IN ALL SECTORS, WHICH LED THE MARKETS TO CLOSE ABOVE 1% GAINS. NIFTY CLOSED AT 4898.80, UP BY 53.15 POINTS & SENSEX CLOSED AT 16341.70, UP BY 200.03. MARKET BREADTH WAS POSITIVE.
AS SAID EARLIER THE U.S ECONOMIC POLICY SYMPOSIUM ON 26TH AUGUST 2011 WILL BE THE NEXT MAJOR EVENT TO GOVERN THE DIRECTION OF THE MARKETS AROUND THE WORLD & DOMESTIC INSTABILITY RAISED BY SRI ANNA HAZARE MOVEMENT SHALL BE THE FOCUS. TILL THEN THE MARKET SHALL REMAIN RANGE BOUND WITH DOWN TREND BUT POSITIVE BIAS, AS THE NIFTY IS OVERSOLD.
AFTER MAKING HIGH OF 5702.95 ON 26TH JULY 2011 , NIFTY AS GIVEN CORRECTION OF ALMOST 15.9% IN THE PERIOD OF LESS THAN A MONTH. NOW THE SHORT TERM SUPPORT OF THE MARKET LIES AT 4780. IF NIFTY BREACHES 4780 , IT MAY FURTHER SLIP TO 4640 IN VERY SHORT TERM. EARLIER NIFTY HAS MADE GAP BETWEEN 5330 & 5230, HENCE ANY PULL BACK RALLY TO FILL THE GAP COULDN'T BE RULED OUT.
FOR TODAY: NIFTY HAS SUPPORT AT 4860 & RESISTANCE AT 4945. IF NIFTY BREAKS 4860 ON THE DOWN SIDE THEN IT MAY SLIP TO 4830 & 4780 ALSO ON THE OTHER SIDE IF NIFTY SUSTAINS ABOVE 4945 THEN NIFTY MAY TEST THE LEVELS OF 4980 & 5020 ALSO.
STRATEGY FOR THE DAY:
BUY NIFTY CALL CE4900: (AUGUST SERIES) IF NIFTY SUSTAINS ABOVE 4900, KEEP 4860 AS STOP-LOSS TO LONGS.
BUY NIFTY PUT PE4900: (AUGUST SERIES) IF NIFTY SUSTAINS BELOW 4900 KEEP 4945 AS STOP-LOSS TO SHORTS.
STOCKS TO LOOK TODAY: FOLLOWING STOCKS SHOULD BE LOOKED FOR:
1.TITAN(203.05): BUY FOR THE TARGET OF 208-211 KEEP 198.80 AS STOP-LOSS.
2. BHATI (392.70): BUY FOR THE TARGET OF 400-405 KEEP 386.50 AS STOP-LOSS.
Safe Harbor Statement:
Some forward looking statements on projections, estimates, expectations & outlook are included to enable a better comprehension of the Company prospects. Actual results may, however, differ materially from those stated on account of factors such as changes in government regulations, tax regimes, economic developments within India and the countries within which the Company conducts its business, exchange rate and interest rate movements, impact of competing products and their pricing, product demand and supply constraints.Nothing in this article is, or should be construed as, investment advice.
Disclaimer:
This is neither an offer nor a solicitation to purchase or sell securities. The information and views contained on this blog are believed to be reliable, but no responsibility (or liability) is accepted for errors of fact or opinion. Writers and contributors may be trading in, or have positions in the securities mentioned in their articles. Neither I (Vikas Srivastava) nor any of the contributors accepts any liability arising out of use of the above information/article. Reproduction in whole or in part without written permission is prohibited.
AS SAID EARLIER THE U.S ECONOMIC POLICY SYMPOSIUM ON 26TH AUGUST 2011 WILL BE THE NEXT MAJOR EVENT TO GOVERN THE DIRECTION OF THE MARKETS AROUND THE WORLD & DOMESTIC INSTABILITY RAISED BY SRI ANNA HAZARE MOVEMENT SHALL BE THE FOCUS. TILL THEN THE MARKET SHALL REMAIN RANGE BOUND WITH DOWN TREND BUT POSITIVE BIAS, AS THE NIFTY IS OVERSOLD.
AFTER MAKING HIGH OF 5702.95 ON 26TH JULY 2011 , NIFTY AS GIVEN CORRECTION OF ALMOST 15.9% IN THE PERIOD OF LESS THAN A MONTH. NOW THE SHORT TERM SUPPORT OF THE MARKET LIES AT 4780. IF NIFTY BREACHES 4780 , IT MAY FURTHER SLIP TO 4640 IN VERY SHORT TERM. EARLIER NIFTY HAS MADE GAP BETWEEN 5330 & 5230, HENCE ANY PULL BACK RALLY TO FILL THE GAP COULDN'T BE RULED OUT.
FOR TODAY: NIFTY HAS SUPPORT AT 4860 & RESISTANCE AT 4945. IF NIFTY BREAKS 4860 ON THE DOWN SIDE THEN IT MAY SLIP TO 4830 & 4780 ALSO ON THE OTHER SIDE IF NIFTY SUSTAINS ABOVE 4945 THEN NIFTY MAY TEST THE LEVELS OF 4980 & 5020 ALSO.
STRATEGY FOR THE DAY:
BUY NIFTY CALL CE4900: (AUGUST SERIES) IF NIFTY SUSTAINS ABOVE 4900, KEEP 4860 AS STOP-LOSS TO LONGS.
BUY NIFTY PUT PE4900: (AUGUST SERIES) IF NIFTY SUSTAINS BELOW 4900 KEEP 4945 AS STOP-LOSS TO SHORTS.
STOCKS TO LOOK TODAY: FOLLOWING STOCKS SHOULD BE LOOKED FOR:
1.TITAN(203.05): BUY FOR THE TARGET OF 208-211 KEEP 198.80 AS STOP-LOSS.
2. BHATI (392.70): BUY FOR THE TARGET OF 400-405 KEEP 386.50 AS STOP-LOSS.
Safe Harbor Statement:
Some forward looking statements on projections, estimates, expectations & outlook are included to enable a better comprehension of the Company prospects. Actual results may, however, differ materially from those stated on account of factors such as changes in government regulations, tax regimes, economic developments within India and the countries within which the Company conducts its business, exchange rate and interest rate movements, impact of competing products and their pricing, product demand and supply constraints.Nothing in this article is, or should be construed as, investment advice.
Disclaimer:
This is neither an offer nor a solicitation to purchase or sell securities. The information and views contained on this blog are believed to be reliable, but no responsibility (or liability) is accepted for errors of fact or opinion. Writers and contributors may be trading in, or have positions in the securities mentioned in their articles. Neither I (Vikas Srivastava) nor any of the contributors accepts any liability arising out of use of the above information/article. Reproduction in whole or in part without written permission is prohibited.
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