morning thoughts..

The markets continued to slide as expected and took supports at the levels mentioned and saw a minor bounce.

Technically the markets are still suppressed and could see some more bounce in the coming sessions , however it would be deceitful and could meet selling pressure at higher levels.

One needs to monitor the levels of 5835 levels on the downside for any fall and levels of 5900 on the higher side for any rise.

If nifty manages to stay and trade above 5900 levels then a good spurt to 5950 can be expected in coming sessions – however the levels are stiff resistance zones and will not be easy to cross.

On the lower side a trade below 5835 could trigger a fast fall to test levels of 5750.

Coming to the commodity markets – bullions have moved into an oversold zones and a sharp reaction and upside cannot be ruled out in the coming sessions.

Base metals and energy also have witnessed good fall in the past few sessions and could see some pressure in the coming sessions.

The supports for the nifty is at 5835 levels and resistance at 5900 levels.

The supports for the sensex is at 19000 levels and resistance at 19500 levels.

Yesterday’s calls sent via sms and messenger

Gold Mcx – buy at cmp 29455 sl 29390 targets 29650 – booked profits at 29567

Copper Mcx – sell at cmp 417 sl 419.50 targets 412 – booked profits at 413

Nifty – booked profits at 5842 – short from 5903

Bank nifty – booked profits at 11723 – short from 11890

Bharti 300 pa – booked profits at 6.85 – long from 4.30

Icici bank 1050 pa – booked profits at 33 – long from 20