Daily Trading Tips..

• Buy Alstom Projects with target of Rs 544 and stop loss of Rs 526. The stock is currently trading at Rs 536, up 1.2% on the BSE.
• Buy Tata Motors at its support level of Rs 575 with stop loss of Rs 560. The stock is currently trading at Rs 604, up 1.7% on the BSE.
• Sell RCom with target of Rs 156 and stop loss of Rs 180. The stock is currently trading at Rs 165, down 2.4% on the BSE.
• Buy Pipavav Shipyard with intra-day target of Rs 62 and then 75-80 and stop loss of Rs 54. The stock is currently trading at Rs 57.95, up 2.8% on the BSE.
• The market opens on a quiet and uneventful note, in the steps of similar global cues. Earlier, the US markets closed flat after trading in a narrow range and Asian markets are looking mixed. Sensex is trading at 16456, up 15 points from its previous close, and Nifty is at 4885, up 3 points. CNX Midcap index is up 0.1% and BSE Smallcap index is up 0.4%. The market breadth is positive with advances at 373 against declines of 320 on the NSE.
• Go short in Ambuja Cements at Rs 88 with target of Rs 79 and stop loss of Rs 92. The stock last traded at Rs 84.40, up 2.2% on the BSE.
• Buy ITI with target of Rs 55 and stop loss of Rs 45.50. The stock last traded at Rs 48.95, up 14.9% on the BSE. 
•  Sell DLF with target of Rs 367 and stop loss of Rs 382. The stock last traded at Rs 377.75, down 3.2% on the BSE.
•  Sell RCom at Rs 169 with intra-day target of Rs 162 and stop loss of Rs 172. The stock last traded at Rs 169.05, down 2.9% on the BSE. 
•  Buy 4700 Put Option at Rs 57 with intra-day target of Rs 69 and stop loss of Rs 51.
• The market is interestingly poised at the moment and the Nifty needs to cross 4940 if the rally is to continue. Support for the Nifty at 4850.
• Buy Jaiprakash Associates at Rs 227 with intra-day target of Rs 233 and stop loss of Rs 220. The stock last traded at Rs 227.20, down 1.1% on the BSE.
• The market is in a consolidation mode at the moment. Start buying from 4850 levels and booking profits at 4925-4950. The momentum in the market is strong and it will show recovery from lower levels.

USD/INR DAILY

Forex Daily

Dollar traded positive on tuesday as weakness was seen in Equity markets after four seasons of rise. USDINR pair opened the day at Rs.46.41/USD and closed at Rs.46.51/USD. Dollar index rose from 15 year lows against other currencies on speculation that demand for riskier asset classes will drop. However sterling slid against the dollar as Fitch Ratings said that U.K.’s credit rating is the most at risk among top rated nations. While dollar index rose to 75.27 levels yesterday, sterling dropped to 1.6602 from previous high of 1.6843 against the dollar. Addressing Indian Economic Summit Finance Minister Pranab Mukherjee said that India will take “corrective” steps and pull back fiscal stimulus once economic recovery takes hold. He also emphasized the need to cut Budget Deficit which is the widest in past 16 years and ease pressure on countries credit rating. Bond yields stayed range bound as bond traders waited for Industrial Production report due to be released tomorrow. Markets expect Industrial production to rise by 7% in September from a year earlier.
Technically 46.50 will continue to be a crucial level for the pair. In intraday 46.30‐46.35 will act as a very crucial support for USDINR.

Yesterday Market Summary

Last trading day: Tuesday, 10 November

Quiet global cues and a lackluster day of trade saw the market end in the negative. The market lost all its morning gains to profit booking by the day end. Experts feel the market could consolidate for a few days now. While metals outperformed, realty stocks continued to get pounded. Sensex shut shop at 16440, down 58 points and Nifty at 4881, down 16 points the previous close. CNX Midcap index was up 0.32% and BSE Smallcap index was down 0.38%. The market breadth was negative with advances at 559 against declines of 714 on the NSE. Top Nifty gainers included Tata Motors, Ambuja Cement andCipla while losers were Hero Honda, Bharti Airtel andDLF. The short-term trend is up, market could be in a range of 4850-4950. Till Nifty trades above 4830 no need to go short. There will be more pressure on the upside, but buy the dips and book part profits in rises. Buy SBI with a target of Rs 2400-2450 and ICICI Bank with a target of Rs 920-930.

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