Thursday, December 06, 2012

Excerpts from my Morning Report to the Paid Members
After Market Opening Chart Check
As expected, market traded with positive bias yesterday. Nifty hovered between 5895 & 5915 for entire day, closing at 5900, a gain of 11 points. The good point to note  yesterday was that the shares continued to out perform the indices, at individual capability and metal shares as was anticipated turned out to be  star performer.  
Market remains strong as long as Nifty is above 5800. The point to be noted here is that: more than 250 points rise in a week and a close above major resistance zone of 5800 this week, does give much ammunition to the Bulls. It can this be considered as resumption of uptrend after an intermediate corrective phase. Further it is pertinent to note that, Nifty has closed above this resistance zone after a couple of years, which gives a clear advantage to the Bulls. The traders are suggested to keep holding long positions and add on all declines. Nifty is now at 5863 and I am sure by the end of the end we will close in the Green.
RESISTANCE: 5950 6000
SUPPORT: 5860--5800
Asian indices gained today taking bullish cues from US equities and from data on US factory orders & services sector growth. US indices ended up on Wednesday as US lawmakers stepped up efforts to reach a debt-reduction deal. The Nasdaq faced pressure from fall in Apple shares as the company's rival Nokia, launched the new Lumia phone.
Fundamentally speaking, the domestic stock indices are expected to trade with a positive bias today, taking bullish cues from overseas equities, and as the government won a vote in the Lok Sabha of allowing 51% FDI in the multi-brand retail. However, there could be some selling in the Retail stocks like Pantaloon, Shopper’s Stop, V2 Retail Ltd and CESC, as they have been rising since a long time and some of the positives could already have  been factored in the price. We are already witness some selling in these counters in the morning trade.
Buy Twilight Litaka Pharma (BSE Code: 506985) at the CMP of Rs.10.21--10.27, T--Rs.20, SL--Rs.8.
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