morning thoughts..
The week begone saw volatility at its best and trapped shorts at lower levels and bounced from crucial support levels of 4737 on the nifty front and 15700 on the sensex front.
Now we come into week after a long weekend and truncated period with some good news and environment in the offering.
Following the global cues the dow jones ended well 100 points in green and the iip data which came on the weekend was well above market expectations.
So if the global cues supports , then the Indian markets are likely to witness a higher and gap up opening with good movement in stocks.
The month is an important phase as we overhang a major event later this month – the budget.
Technically the markets had respected the crucial support levels of 4737 and bounced right from our support levels mentioned , which intimates strength in coming days .
The undertone and the pattern looks bullish on technical parameters and some good upswing can be witnessed as there are lots of shorts in the system and with an f/o expiry in days to come , we can witness a spurt.
However the markets would be very volatile and deceptive and any rise can witness immediate profit booking and shorts , so one must be very alert and cautious and trail proper stoplosses with discipline.
On the upside nifty will face resistance at 4850 levels and stiff pressure around 4925 levels , a close and a sustained trading above it will eye 5050 levels which is also a logical target in and around budget.
On the lower side 4737 is a major and crucial support for any downfall , with 4700 acting as a pschyological support zone.
So from a trading point of view , one should stay long and buy dips as long as the crucial levels mentioned are held.
The supports for the nifty is at 4725 levels and resistance at 4850 levels .
The supports for the sensex is at 15600 levels and resistance at 16500 levels.
Stocks to watch
Hind zinc ,hind oil , venkeys india looks good
Yahoo id - pankajtechonline
Thursday’s calls sent via sms and messenger
Nifty – buy at cmp 4792 sl 4775 targets 4835 , went 4847
Nifty 4800 ce – buy at cmp 94 sl 87 targets 108 , went 121
Bajaj hind – sell at cmp 173 sl 175 targets 169 , hit sl
Triveni eng – buy at cmp 128.50 sl 127 targets 131 , went 132
Hind unilever – buy at cmp 232 sl 230 targets 237 , went 234.90
Unitech 75 ca – buy at cmp 3 sl 2.60 targets 4.50 , went 4
Btst Financial technologies – buy at cmp 1490 sl 1475 targets 1550 - holding
Secret mascot Venkeys India – buy at cmp 288 sl x targets x – 2 days (booked full profits at 315 the same day)
Punter Hinduja Tmt – buy at cmp 330 sl x targets x – 2 days (booked full profits at 345 the same day)
Fii Energy Development Corp – buy at cmp 65 sl x targets x – 2 days (booked full profits at 69 the same day)
Dii Jk Cement – buy at cmp 154 sl x targets x – 2 days (booked full profits at 160 the same day)
Jackpot Peninsula land – buy at cmp 74 sl x targets x – 2 days (booked full profits at 77 the same day)
