morning thoughts..

The markets saw a good correction below 5935 levels with many stocks seeing melt down as we have intimated last week.

Technically the markets are into oversold zones just ahead of budget and can attract buying at lower levels and could bounce back.

However that would not be without volatility and every rise could meet with profit booking and a mild sell off.

On the lower side good supports exists around 5850 levels whereas ther exists stiff resistance at 6000 levels which looks difficult to get cleared off as of now.

Coming to the commodity markets bullions witnessed a sharp sell off on Friday and has moved into oversold zones and will witness some buying in the coming sessions , but would meet selling pressure at higher levels.

Energy and basemetals on the other side looks weak too and would see selling pressure at higher levels.

Astrologically lord Saturn turns retrograde on 18 feb – its effect on individuals – stock and commodity markets will be very sharp..

The supports for the nifty is at 5850 levels and resistance at 6000 levels.

The supports for the sensex is at 19300 levels and resistance at 19800 levels.

Friday’s calls sent via sms and messenger

Gold Mcx – sell at cmp 30560 sl 30650 targets 30300 – booked profits at 30357

Silver Mcx – sell at cmp 56670 sl 57000 targets 56000 – booked profits at 56210

Crude Mcx – booked profits at 5203 – short from 5247

Nifty – booked profits at 5889 – short from 5967

Sun Pharma 780 ca – buy at cmp 15 sl 13 targets 23 - holding

Dlf 260 ca – buy at cmp 3.50 sl 2 targets 7 - holding

Jackpot Venus remedies – booked profits at 273.70 – long from 246

Lic – buy at cmp 249 sl 247 targets 255 – hit sl

Dena bank – buy at cmp 99.80 sl 98.75 targets 103 – went 102.20