ON THE BACK OF POSITIVE GLOBAL CUES AFTER THE U.S PRESIDENT ANNOUNCED A FRAMEWORK DEBT-LIMIT DEAL AHEAD OF TUESDAY'S DEADLINE, INDIAN MARKETS OPENED STRONG HOWEVER WEAKNESS IN THE METAL COUNTERS DRAGGED THE MARKET DOWN AND FRESH BUYING IN THE I.T & AUTO SECTORS MADE THE MARKET END ON THE POSITIVE NOTE.MARKET BREADTH WAS NEGATIVE.
MARKET IS LIKELY TO TRADE IN A RANGE OF 5500-5600 LEVELS, FURTHER DEVELOPMENT OVER THE RAISING OF THE U.S BORROWING LIMIT WILL BE IN FOCUS. NIFTY HAS BEEN TRADING IN THE RANGE OF 5400 AND 5750 FOR LAST ONE AND A HALF MONTH , AND ANALYSTS BELIEVE THAT THIS RANGE BOUND WOULD BE CONTINUING FOR ANOTHER FEW DAYS. IF NIFTY BREACHES 5440, THE SHORT TERM TREND WOULD BECOME NEGATIVE AND IT MAY TEST THE LEVELS OF 5300. HOWEVER THE BREACH OF 5750 WOULD OPEN THE GATE FOR 5900 IN THE EXTREME SHORT TERM RANGE.
BUY NIFTY PE5500 & PE 5600 IF NIFTY FAILS TO SUSTAIN ABOVE 5580(CLOSING BASIS) BY NEXT FEW DAYS. HOWEVER IF NIFTY SUSTAINS ABOVE 5580(CLOSING BASIS) THEN BUY CE5600 & CE5700.
FOLLOWING STOCKS SHOULD BE CONSIDERED FOR TRADING POSITION ONLY(1 TO 5 DAYS):
1. TATASTEEL(573.80): BUY FOR THE TARGET OF 580-590 KEEPING STOP-LOSS AT 566.
2. ONGC(273.40): BUY FOR THE TARGET OF 276-281 KEEPING STOP-LOSS AT 269.
3. UNITECH CE30(AUG): BUY AROUND 2.20-2.60 FOR THE TARGET OF 5-6.
4. HDIL FUT(AUG): BUY AROUND 140-144 FOR THE TARGET OF 160 KEEPING STOP-LOSS AT 135.
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.
MARKET IS LIKELY TO TRADE IN A RANGE OF 5500-5600 LEVELS, FURTHER DEVELOPMENT OVER THE RAISING OF THE U.S BORROWING LIMIT WILL BE IN FOCUS. NIFTY HAS BEEN TRADING IN THE RANGE OF 5400 AND 5750 FOR LAST ONE AND A HALF MONTH , AND ANALYSTS BELIEVE THAT THIS RANGE BOUND WOULD BE CONTINUING FOR ANOTHER FEW DAYS. IF NIFTY BREACHES 5440, THE SHORT TERM TREND WOULD BECOME NEGATIVE AND IT MAY TEST THE LEVELS OF 5300. HOWEVER THE BREACH OF 5750 WOULD OPEN THE GATE FOR 5900 IN THE EXTREME SHORT TERM RANGE.
BUY NIFTY PE5500 & PE 5600 IF NIFTY FAILS TO SUSTAIN ABOVE 5580(CLOSING BASIS) BY NEXT FEW DAYS. HOWEVER IF NIFTY SUSTAINS ABOVE 5580(CLOSING BASIS) THEN BUY CE5600 & CE5700.
FOLLOWING STOCKS SHOULD BE CONSIDERED FOR TRADING POSITION ONLY(1 TO 5 DAYS):
1. TATASTEEL(573.80): BUY FOR THE TARGET OF 580-590 KEEPING STOP-LOSS AT 566.
2. ONGC(273.40): BUY FOR THE TARGET OF 276-281 KEEPING STOP-LOSS AT 269.
3. UNITECH CE30(AUG): BUY AROUND 2.20-2.60 FOR THE TARGET OF 5-6.
4. HDIL FUT(AUG): BUY AROUND 140-144 FOR THE TARGET OF 160 KEEPING STOP-LOSS AT 135.
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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