Strategies for the day
Date Company View Strategies Action Risk Reward05-11-2009 ICICIBANK BULLISH BUY CALL 840CALL@ 32 3500 7000
NOV EXPIRY
SL: 22 TGT: 52
Thursday, November 5, 2009
Daily Trading Calls
Free Tips
TATMOTORS
Execution Price Range Stop Loss Target
Buy Between Rs 555 to 565 552 577
JINDALSTEEL POWER
Execution Price Range Stop Loss Target
Buy Between Rs 628 to 638 625 649
Market Outlook
Yesterday S&P CNX Nifty opened positive taking cues from global markets then witnessed buying interest across the board and finally closed near day’s high levels. The rally was driven by decent global cues and short covering activities in heavyweights stocks. The bounce back above 4720 could take nifty to 4750-4780
levels. Technically, 4830 is a major resistance for Nifty, if it sustains above 4830 then only further buying may come. On lower side 4650 is now the support for nifty if it sustains below this level then selling pressure may be seen in the market and Nifty may again touch 4550 levels.
IDFC
Execution Price Range Stop Loss Target
Buy Between Rs 144 to 148 142 155
TATMOTORS
Execution Price Range Stop Loss Target
Buy Between Rs 555 to 565 552 577
JINDALSTEEL POWER
Execution Price Range Stop Loss Target
Buy Between Rs 628 to 638 625 649
Market Outlook
Yesterday S&P CNX Nifty opened positive taking cues from global markets then witnessed buying interest across the board and finally closed near day’s high levels. The rally was driven by decent global cues and short covering activities in heavyweights stocks. The bounce back above 4720 could take nifty to 4750-4780
levels. Technically, 4830 is a major resistance for Nifty, if it sustains above 4830 then only further buying may come. On lower side 4650 is now the support for nifty if it sustains below this level then selling pressure may be seen in the market and Nifty may again touch 4550 levels.
IDFC
Execution Price Range Stop Loss Target
Buy Between Rs 144 to 148 142 155
USD/INR DAILY
Forex
Dollar corrected by 40 paisa from Tuesday’s close as the currency pair reversed the moves on Wednesday amid high volatility in stock markets. Dollar which opened the day at 47.25, around 20 paisa down from previous close fell further to close at 47.09. Nifty rose by 146 points or 3.22% to close at 4710 levels.
Dollar index touched 75.83 levels from 76.30 previously after Federal Reserve reiterated a pledge to keep borrowing costs near zero levels. Euro rose after the announcement as pair touched 1.4845 levels from previous close of 1.4718 levels. Looking at Indian bond yields, the yield of 10 year benchmark bond was quoted at 7.25% down from 7.30%. Bond yields have been on decline after RBI increased the SLR rates from 24% to 25% thereby ensuring ample liquidity in the bonds market. Bond yields which touched 7.45% two weeks back are expected to touch 7.15% in coming days. We continue to stand by the view that the near month futures pair should trade in the range of 47.65 and 46.50 for some time, For the day the pair should hold 46.85 level, if it breaks that the next support would be 46.50.
Dollar corrected by 40 paisa from Tuesday’s close as the currency pair reversed the moves on Wednesday amid high volatility in stock markets. Dollar which opened the day at 47.25, around 20 paisa down from previous close fell further to close at 47.09. Nifty rose by 146 points or 3.22% to close at 4710 levels.
Dollar index touched 75.83 levels from 76.30 previously after Federal Reserve reiterated a pledge to keep borrowing costs near zero levels. Euro rose after the announcement as pair touched 1.4845 levels from previous close of 1.4718 levels. Looking at Indian bond yields, the yield of 10 year benchmark bond was quoted at 7.25% down from 7.30%. Bond yields have been on decline after RBI increased the SLR rates from 24% to 25% thereby ensuring ample liquidity in the bonds market. Bond yields which touched 7.45% two weeks back are expected to touch 7.15% in coming days. We continue to stand by the view that the near month futures pair should trade in the range of 47.65 and 46.50 for some time, For the day the pair should hold 46.85 level, if it breaks that the next support would be 46.50.
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