morning thoughts..
As said and expected the markets met some selling pressure at the stiff resistance zones of 5150 on nifty front and 17500 on sensex front.
Technically the trend of the market is still intact up with no compromise or reversal on technical parameters, however a sign of exhaustion and tiredness is visible in certain stocks.
As the indices stretches in the high resistance zones of 17500-600 , it set itselfs for a reaction and profit booking.
On the lower side there exists a strong and crucial supports at 4900 on nifty front and 16745 on sensex front which are strong cushion levels for any downfalls and will not be easy to get through for the bears.
In any case if the crucial supports are flirted and gets breached with a sustained trading , then it might be a sell on technical parameters and we may witness a correction.
So from a trading point of view , I would like to buy dips close to the crucial levels and trail the crucial levels as a stoploss for all longs , I would go short only if my crucial levels gets breached, until then – buy on dips strategy and exit at high resistance zones mentioned looks ok for coming sessions.
Structurally the markets have shown a lot of resilience as market heavies like bharti , rcom , reliance aren’t making new highs , rather slipping to make new lows , but the markets are holding to fresh highs, so it indicates that stock specific and index out performance might continue in coming sessions.
With the onset of samvat 2066 , we feel the markets will charter into new territory and bring lots of glory.
We have always said and maintained that “ Mother of bull markets is yet to come” , we said on sensex 7000 , we say on sensex 17000 , the biggest and strongest bull market is yet to come –
The coming session looks volatile with stock specific movements and spurts.
The supports for the nifty is 5025 levels and resistance at 5200 levels.
The supports for the sensex is at 17050 levels and resistance at 17600 levels.
Stocks to watch
With the onset of samvat 2066 and enter of Saturn in leo after 4 years with replacement from leo –major up and downs will be witnessed in coming years and new samvat with strong and peculiar outperformance of Indian economy with many stock turning 10 bagger from current levels and many will be zero baggers and surprise people on wrong side.
So one must be on the correct and right horse – rather dark horse..
Fertilizers , insurance , pharma and sugar will outperform and must be accumulated at every dips for 2 months.
Friday’s calls sent via sms and messenger
Icici bank – buy at cmp 932 sl 928 targets 942 , went 957.60
Neyveli lignite – buy at cmp 139.80 sl 138 targets 145 , went 144.35
Bharti airtel – sell at cmp 324 sl 327 targets 317 , hit sl
Essar oil – buy at cmp 166 sl 164 targets 172 , went 173.30
Nifty – buy at cmp 5115 sl 5095 targets 5155 , went 5152
Nifty 5100 ce – buy at cmp 100 sl 91 targets 120 , went 114
Icici bank 940 ca – buy at cmp 24.30 sl 22 targets 30 , went 31.25
Punter Nagarjuna fertilizers – buy at cmp 35.50 sl x targets x – holding
Jackpot Escorts – buy at cmp 122 sl x targets x – holding
Dii Bajaj hind – buy at cmp 204 sl x targets x – holding
Fii Anant raj inds – buy at cmp 145 sl x targets x - holding
Thursday’s Punter Century textiles – booked full profits at 527 , long from 500
Thursday’s Jackpot Gitanjali gems – booked full profits at 138 , long from 134
