morning thoughts..
The markets opened weak on global cues but found strong supports and buying at lower levels.
We have continuously advised buying at lower levels and the strategy has paid off.
Technically the markets have taken supports close to 5225 levels , with 5190 as major supports and trapped shorts in the day and made a high near to 5340 levels , but again gave off the gains very quickly in the last hour of trade.
Now the pattern created in the last hour was peculiar on technical parameters , the shed off gains was more of discounting of a bad world clue and filling of the intraday gap created on nifty charts.
Nifty IV’s and Macd indicates no major shorts in last hour but huge profit taking on volumes which probably indicates huge volatility and two sided movements in coming sessions.
Also we are on the last day of the trading week , so volatility will be high.
From a trading point of view one must trade volatility , buy dips and sell rises and be quick in profit booking.
The supports for the nifty is at 5190 levels and resistance at 5350 levels.
The supports for the sensex is at 17300 levels and resistance at 18200 levels.
Yesterday’s calls sent via sms and messenger
Tata metalics – buy at cmp 152.50 sl 151 targets 157 , went 159.10
Nifty – buy at cmp 5224 sl 5180 targets 5325 , went 5341.70
Praj inds – buy at cmp 87 sl 86 targets 90 , went 89.10
Jp associates – buy at cmp 150 sl 148.50 targets 154 , went 154.30
Nifty 5300 ce – buy at cmp 20 sl 15 targets 33 , went 69.95
Rajesh exports – buy at cmp 130 sl 128 targets 135, went 133.20
Jp associates 150 ca – buy at cmp 3.10 sl 2.50 targets 5 , went 5.45
Petronet lng – buy at cmp 83.20 sl 82.50 targets 85 , hit sl
Billionaire Drum Gujarat Ambuja Exports – buy at cmp 19.35 sl x targets x – booked full profits at 22.20
Billionaire Drum Jbf Industries – buy at cmp 143.10 sl x targets x – booked full profits at 157
Punter Alchemist ltd – buy at cmp 163 sl x targets x – booked full profits at 175.50
Fii Tci – buy at cmp 115 sl x targets x – booked full profits at 125.50
Dii Ivrcl infra – buy at cmp 176.30 sl x targets x – booked full profits at 180
Jackpot Tata Motors – buy at cmp 816 sl x targets x – booked full profits at 836
