14-01-2014 MARKET:

 

LET US COOK TOGETHER, TO ENJOY PONGAL (HARVEST FESTIVAL)

 MARKET TREND:

FRESH WEEK HAS STARTED WITH JERK.  IN MATHS AS WE ALL KNOW, 2 MINUS VALUES or 2 PLUS VALUES CAN ENHANCE IT VALUES.   BUT IN STOCKS MARKET NOW A DAYS,  MANY MINUS POINTS ARE BECOMING PLUS TO MARKET.   YESTERDAY WE HAVE WITNESSED THE SAME AND  WE HAVE TO SEE HOW FAR IT WILL SUSTAIN OR IT WILL LOST. 

  

YESTERDAY MARKET HAS LEFT WITH POOR VOLUMES AND VOLUME INDICATORS, BUT MOVEMENT INDICATOR HAVE BEEN TURNED POSITIVE.  MARKET BREADTH IS BETTER THAN FRIDAY AND DECLINES ARE MORE THAN ADVANCES, WHICH INDICATE THAT MID CAP AND SMALL CAP STOCKS ARE AT PROFIT BOOKING.   SINCE NIFTY HAS RESPECTED 6140 (FIBONACCI SUPPORT LEVELS) FOR 4 DAYS IN CONTINUATION, MOST OF THE TRADERS ARE FORCED TO BOOK THEIR SHORTS, IRRESPECTIVE OF POOR INDICATORS FROM PEER MARKETS.

TODAY MARKET MAY OPEN WITH NEGATIVE IN LINE WITH PEER MARKETS & OUR SGX NIFTY.   BUT NIFTY LIKELY TO GET SUPPORT AT 6200 LEVELS  DAY TRADERS CAN GO LONG AT 6200 LEVEL WITH 6180 SL FOR TARGET OF 6250/6280.   6310/6320 LEVEL COULD PLAY AS RESISTANCE TILL IT CLOSES ABOVE 6320 LEVEL FOR A DAY OR TWO.

NIFTY SPOT LEVELS:

Pivot: 6250

Resistance: 6310/6350/6400

Support: 6210/6151/6110

NIFTY FnO BAN: NIL

STOCKS FOR DAY:

ADANIPORT EQ: SELL < 145 TRG 141 SL 148

ONGCE EQ: BUY> 289 TRG 292/294 SL 286

HDFC EQ: BUY > 814 TRG 826 SL 805

BHARAT FORGE EQ: BUY > 344 TRG 352 SL 337