morning thoughts..

The week begone saw vast volatility in the indices and outperformance in stock specific.
The nifty faced stiff resistance at 5300 levels and could not cross it and reacted to find supports at 5150 levels and bounced to close above 5240 levels for the week.
Technically the trend of the markets can be still assumed to be up , with strong support zones at 5240 levels and the markets have the potential to be up as long as 5240 holds.
However the charts of the indices looks a bit tired and in over stretched zones and needs some time to consolidate before it decides to move up.
So the markets are assumed to be cautiously up..
From a trading point of view one should watch the levels of 5240 on nifty front and hold longs as long as these levels are held , below it we can witness some weakness and selling pressure.
The supports for the nifty is at 5240 levels and resistance at 5300 levels.
The supports for the sensex is at 17300 levels and resistance at 17900 levels.


Stocks to watch

Abg shipyard , nfl , stc looks good


Friday’s calls sent via sms and messenger

Nifty 5300 ce – buy at cmp 50 sl 45 targets 60 ,went 55

Bajaj hind – buy at cmp 225.50 sl 224 targets 230 , went 232.25

Neyveli lignite – buy at cmp 165.50 sl 164 targets 169 , went 172.30

Unitech 90 ca – buy at cmp 2.65 sl 2.35 targets 3.65 , went 3.20

Brigade enterprise – buy at cmp 154.25 sl 152 targets 160 , went 179

Btst Acc – buy at cmp 961 sl 955 targets 975 , booked same day , went 991.40

Stbt Rolta – sell at cmp 207 sl 209 targets 202 , booked same day , went 201.50

Thursday’s Dii Pfc – booked full profits at 281 , long from 272

Thursday’s Punter Punj lyod – booked full profits at 225 , long from 213