DAILY REPORT FOR
NIFTY (4734 -208 pts)
Supp 4700/4650/4530 Res 4990/5020/5060
SENSEX (15644 -726 pts)
Supp 15460/15350/14900 Res 15800/16050/16300
· Yesterday was a perfect example of how difficult this market is to trade. Friday was a good rally and Monday opens bad just to stay that way the whole day. These ups and downs are formalities of a bear market and that is why we should always believe in buying in cash. One who leverages through margin funding or F&O or anything else is doomed to a failure. Warren Buffett had once said, “Derivatives are financial weapons of mass destruction, carrying dangers that, while now latent, are potentially lethal.”
· 15300 can be considered as a support and until that is not cut; bullish view for 17000-17500 should be maintained.
· Suzlon (263):- Buy for target of 295-300. Keep SL of 252
· In such a market, at some time we are pressed to become forced investors but selecting good scrips always has a chance of giving decent returns.
Disclaimer: These recommendations are based on the theory of technical analysis and personal observations. This does not claim for profit. I am not responsible for any losses made by traders. It is only the outlook of the market with reference to its previous performance. You are advised to take your position with your sense and judgment. I am trying to consider the fundamental validity of stocks as far as possible, but demand and supply affects it with vision variations.