morning thoughts..

The indices broke the crucial levels of 4900 and fell like nine pins , we have continously been advising caution and keeping 4900 a stoploss for all longs.
Technically the indices have breached a crucial support zone and has has turned weak on short term parameters with a sell on charts.
However we might witness intermediate dead cat bounces , but that will be viewed with caution and can be used for further selling.
So one must be cautious on longs as far as nifty doesn’t closes above 5045 levels, on the lower side short term supports exists at 4785 levels which are not a crucial major support , however can resist some fall , below it gates are open to 4700 and 4400 logically.
Structurally the indices have seen a good correction and should continue for some more , but calls for good buying opportunities.
From a trading point of view , I would suspect any bounces and short at any intraday rise and bounces and buy good mid cap quality stocks , as this is the best opportunity prevailing.
The supports for the nifty is at 4700 levels and resistance at 4950 levels.
The supports for the sensex is at 16050 levels and resistance at 16500 levels.


Stocks to watch

Itc , punj lyod , ivrcl infra looks good at lower levels

Icici bank , indusind bank , yes bank – all banks looks weak



Yesterday’s calls sent via sms and messenger

Mphasis bfl – buy at cmp 683 sl 678 targets 694 , went 702.30

Cipla – buy at cmp 295 sl 292 targets 303 , went 298.75

Ivrcl infra – buy at cmp 353 sl 349 targets 364 , went 367.50

Tisco 530 ca – buy at cmp 7.25 sl 6 targets 10 ,went 9

Sail 180 ca – buy at cmp 2.40 sl 2 targets 4 , hit sl

Punter Ptc – buy at cmp 89 sl x targets x – 3 days (booked full profits at 94 the same day)

Fii Hexaware – buy at cmp 73 sl x targets x – holding

Dii Icici bank – sell at cmp 888 sl x targets x – 3 days (booked full profits at 843.50 the same day)

Jackpot Punjlyod – buy at cmp 201.20 sl x targets x - holding