morning thoughts..

The global cues took indian markets for a toll and saw the deepest correction for the year 2010 after the dubai crisis.
The greek debt took the American markets for a ride overnite , following which the asian peers and the Indian markets felt the pressure.
Now after the pressure , there was some short build up in the Indian markets after the Europeans markets opened , but there were signs of short covering in the last minutes of the trade.
Technically after a good rally in all markets –the correction was warranted , be it for any reason and its seems healthy for the markets.
So if the markets witness some more downsides , its seems to be a great opportunity for creating long positions.
After an initial jerk – it seems that global markets would stabilize and find buying supports , but it has to be seen that if that sustains or every rise meets a selling pressure.
As of now the scenario is not so scary and nothing much to panic for these downfalls.
On the lower side nifty would find supports at 5160 , below which major supports exists only at 5090 –which is a turbanating point.
If these levels are breached then 5025 would act as major support levels , on the up side 5350 is a major resistance zone for the markets and will not be easy to cross.
Now we step into f/o expiry day – so volatility will be at its best and some short covering looks viable in the day.
From a trading point of view , I would not be much worried about the downfall and would use the dips to buy select cash scrips , however the positions would be small and light .
The supports for the nifty is at 5160 levels and resistance at 5250 levels.
The supports for the sensex is at 16800 levels and resistance at 17700 levels.


Stocks to watch

Pfc , ivrcl infra , rolta looks good

www.astroeyes.co.cc

Billionaire drum giving returns in great guns daily sees a hike in prices from may 1


Yesterday’s calls sent via sms and messenger

Fii Bharti airtel – buy at cmp 295.50 sl x targets x – holding

Dii Rolta – buy at cmp 185.50 sl x targets x – holding

Punter Rnrl – buy at cmp 63 sl x targets x – booked full profits at 66

Jackpot Praj inds – buy at cmp 92.50 sl x targets x – holding

Nifty 5300 ce – buy at cmp 11 sl 6 targets 22, went 19.60

Monday’s Nifty – booked full profits at 5255 , short from 5329

Monday’s Billionaire drum Ivrcl infra – booked full profits at 184 , long from 178.50

Monday’s Fii Neyveli lignite – booked full profits at 154 , long from 152

Monday’s Punter Pfc – booked full profits at 284 , long from 280