morning thoughts..
The indices opened with a bull gap and managed to inch higher and reacted right from our reactory zones of 5275 levels.
Technically the trend of the markets are still intact up with the undertone bullish , but as said as the markets inches upwards it set itselfs for a reaction , so one must be cautious at higher levels as the markets will tend to react faster at higher levels thus providing opportunities on both short and long trades to a smart trader.
Structurally the indices have given a breakout above 5150 after a long time of consolidation so it wont give up easily .
So it must be assumed as long as 5100 on nifty front is held the makets are likely to be up with volatility and mere profit booking on the way.
On the upside 5280 – 5325 will continue to be stiff and reactory zones for the indices , so one must be cautious at these levels.
However the uptrend and upmove doesn’t warrant for a short trade and the strategy remains to buy at dips with 5100 as a strict stoploss and profit booking at reactory levels mentioned.
Short trades can be taken at higher levels but must be booked quickly as the reaction will be more quicker , so only a proffesional trader must attempt to take the opportunity , any stubbornness and failure to adapt to the situation will lead in short traps and losses.
The supports for the nifty is at 5100 levels and resistance at 5300 levels.
The supports for the sensex is at 17000 levels and resistance at 17800 levels.
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Yesterday’s calls sent via sms and messenger
Nifty – booked profits at 5230 , long from 5135
Sail – buy at cmp 237.50 sl 236 targets 242 , went 243.45
Nifty 5300 ce – buy at cmp 22 sl 15 targets 32 , went 30.95
Sail 240 ca – buy at cmp 3.80 sl 3.40 targets 5.50 , went 6.75
Rolta – buy at cmp 183.50 sl 182 targets 187 , went 185.50
Nifty – buy at cmp 5239 sl 5199 targets 5325 – booked full profits at 5267
Tisco 640 ca – buy at cmp 8.90 sl 8 targets 11 , went 11.65
Triveni eng – buy at cmp 124.80 sl 124 targets 128 , went 132.20
Idea 65 ca – buy at cmp 1.50 sl 1.25 targets 2.50 , hit sl
