morning thoughts..
As said and expected the markets showed two side movement in the day and both long and short traders were in confusion.
Technically no strength is visible and markets are likely to grind lower with individual stocks losing 5-10% ground , however the markets have slowly moved into oversold zones and can show sharp recovery from lower levels , so one must be cautious at creating shorts at lower levels.
In our facebook update we have already intimated to sell bullion and base metals at every rise last week as we see a crash in commodity , gold , silver , copper , crude saw a major crash yesterday , the outlook remains weak and there can be more fall and downsides in major commodities , guar seed is looking strong and any declines will provide an opportunity to create longs in guar ncdex.
Coming to equity markets the coming session is likely to be volatile again with very fluctuating hours which will make trading very difficult for traders as stoplosses on both long and short trades will be hit.
The strategy remains to stay in high beta counters with higher rsi’s and short the weaker stocks which are continuously grinding down as more weakness is likely to persist in them for the near future.
The supports for the nifty is at 4650 levels and resistance at 4825 levels.
The supports for the sensex is at 15500 levels and resistance at 16050 levels.
www.astroeyes.co.cc
Yesterday’s calls sent via sms and messenger
Nifty 4800 ce – buy at cmp 105 sl 97 targets 140 , went 133.70
Nifty – buy at cmp 4802 sl 4785 targets 4860 , went 4852.20
M&M – buy at cmp 698 sl 694 targets 715 , hit sl
Lic – buy at cmp 216 sl 214 targets 221 , went 220.20
Pfc – sell at cmp 158 sl 160 targets 152 , went 153.30
Idfc 100 ca – buy at cmp 5.75 sl 5 targets 9 - holding
Stbt Mcloed Russel – sell at cmp 202 sl 205 targets 190 – holding
Btst Idfc – buy at cmp 103 sl 101.50 targets 107 - holding
Gold Mcx – sell at cmp 28404 sl 28500 targets 27900 – booked profits at 28010
Silver Mcx – sell at cmp 56309 sl 56400 targets 55600 – booked profits at 55720
Copper Mcx – sell at cmp 407 sl 409 targets 398 – booked profits at 401.50
Crude Mcx – sell at cmp 5325 sl 5360 targets 5220 – booked profits at 5255
