morning thoughts..
We have been maintaining a buy on dips for both equities and commodities from past few days and those followed it , must have been rewarded heavily.
The nifty has bounced 200 points in 2 days , whereas all the base metals , commodities have shown a tremendous bounce be it gold , silver , copper , nickel , mentha oil or crude.
Today, the Nifty needs to cross and stay above 4886 to signal further strength and if it manages to do so then we can envisage a scenario of the index attempting to clear the most critical level of 4936. This level is very important since for any sustained upswing resulting in the onset of a bull market, the Nifty needs to clear it decisively and stay above it without falling below this level again.
The levels near to 4975 – 5000 will act as a profit booking zone and indices might feel reluctant to cross those levels in a hurry.
However, let us see if the index manages to get past 4886 clearly or not in today’s trading. This would signal continuation of bullish gumption of the current upmove. The VIX has gone up by 2.51% at 24.07 despite the Nifty posting a higher close. Thus, we have seen an increase in volatility indicating higher skepticism among market participants for the Nifty staying and/or clearing 4850 – 4940 supply zone.
The supports for the nifty is at 4850 levels and resistance at 5000 levels.
The supports for the sensex is at 16050 levels and resistance at 16550 levels.
Stocks to watch
Maruti , jain irrigation , Hitachi home , hindalco , mahindra and mahindra fin services looks good for long trades.
Kennametal widia – our mega treasure hunt call also looks ripe again for another round of upside.
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Yesterday’s calls sent via sms and messenger
Tata Steel – buy at cmp 424 sl 422 targets 432 , went 434
Hdil – buy at cmp 71 sl 69.50 targets 75 , went 74.35
Pfc – buy at cmp 155 sl 153 targets 160 , hit sl
Nifty – buy at cmp 4948 sl 4926 targets 4910 , went 4903
Nifty 5000 ce – buy at cmp 23 sl 15 targets 55 - holding
Lic 250 ca – buy at cmp 5 sl 3 targets 10 – holding
Hindalco 140 ca – buy at cmp 1.50 sl .90 targets 5 - holding
Btst Idfc – buy at cmp 113 sl 111 targets 118 – holding
Stbt Ranbaxy – sell at cmp 470 sl 474 targets 460 - holding
Operator Maruti – buy at cmp 990 sl 975 targets 1100 – holding
Fii Mahindra and Mahindra fin Services – buy at cmp 610 sl 595 targets 700 – holding
Jackpot Thermax – buy at cmp 466 sl 455 targets 485 – holding
Copper Mcx – buy at cmp 415 sl 413 targets 425 – holding
Silver Mcx – buy at cmp 52155 sl 51975 targets 52700 – holding
Gold Mcx – buy at cmp 27537 sl 27415 targets 27750 – holding
Mentha Oil – buy at cmp 1515 sl 1500 targets 1565 – holding
Crude Mcx – sell at cmp 5130 sl x targets x – holding
Nickel Mcx – sell at cmp 1010 sl x targets x - holding
