morning thoughts..
Well we informed you all about the pre market seesion , and it will be the order of all trading sessions from now , one can place orders in that period and if it matches after pre opening then the trade would be successful, hence giving time and opportunity to people and masses to buy and sell , a small and much late step taken after the down circuit of January 2008 , when markets hit a lower circuit just after seconds of opening and no one knew what happened.
Nifty exhibited rectangular trading pattern, trading with support at 6060 and resistance at 6240. If it, manages to trade above it then we could see upside in forthcoming session otherwise not ruling out the possibility of major correction. On upside Nifty resistance level seems at 6,150 while support at 6,020. On upside if level of 6,150 breaches decisively then we could see rise up to mark of 6,180, on the lower side if level of 6,020 is breaches then Nifty could retrace up to its mild support of 5,980 mark first and thereafter up to its strong support of 5920. Technical momentum indicators are currently suggesting correction in it. Stochastic is currently moving in neutral zone, on the brink of entering into neutral territory indicating profit booking. MACD is trading in positive zone, showing negative divergence, also indicating correction.
Any downfall will be an opportunity to create longs in quality midcaps and index based stocks.
One can also look to buy out of money call options in stocks and index
From a trading point of view I would not be creating huge shorts until and unless 6000 is held , so one can assume as long as 6000 is held the markets are up
www.astroeyes.co.cc
Stocks to watch
Uflex , orchid chemicals , alembic , timken , syndicate bank , suzlon , ibrealest looks good for short term
Jp associates , bpcl looks weak for short term
Yesterday’s calls sent via sms and messenger
Jp associates – sell at cmp 129.50 sl 131 targets 125 , went 126.50
Essar oil – buy at cmp 141 sl 139 targets 146 , went 143.90
Biocon – buy at cmp 402 sl 398 targets 415 , went 410.80
Suzlon 60 ca – buy at cmp 1.30 sl 0.75 targets 2.75 , went 2.25
Nifty 6100 ce – buy at cmp 59 sl 49 targets 80 , went 96.90
Nifty – buy at cmp 6045 sl 6019 targets 6110 , went 6136
