morning thoughts..

The markets reacted in the afternoon from higher levels and made a new low for the year and individual stocks continued to slide.
Technically the markets are still weak and gradual grind lower will be the nature of the markets in the coming session.
However we expect the volatility to reduce but markets will be in a pendulum mode and will keep swinging and confusing both form of traders.
Individual stocks will see more plunge and cracks and stocks can decline by 10-20% wheareas nifty might trade in range.
After Rbi intervention rupee has seen some stabilization but that isn’t likely to prove enough for the rupee and it can start to decline further which will keep commodity prices volatile.
Base metals , energy , bullions can see some downward pressure but are likely to see some bounce from lower levels , gold , silver , copper , mentha oil , nickel , crude might see a bounce from negative opening.
On the upside, now 4665 and 4678 are immediate resistance levels but it appears that we are headed for sub-4600 opening this morning in that case; your immediate hurdle would be the level of 4621 itself. On the downside, the support of 4550 and 4522 needs to be monitored very closely. Bears have got a vice like grip over this market with the NSE India VIX closing very near to the danger mark of 30—it finished the last session at 29.69 adding 88 basis points to its previous close.
The supports for the nifty is at 4550 levels and resistance at 4700 levels.
The supports for the sensex is at 15100 levels and resistance at 15800 levels.


Stocks to watch

Monnet ispat , shiv vani oil , cairn India , bharti airtel , sail looks good for long trades

Hoec , bata India , wockhardt , gss America looks extremely weak and can be shorted

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