Markets are expected to be range bound

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The markets are completely short: There are more short seller then long buyers in the markets and this might continue for some more time. The markets are expected to be range bound today, with no major development taking place in the middle east and also Crude is still above the threshold limit of $70 / barrel. The Asian markets are also mixed with Nikkei plummenting heavily. FIIs are still pulling out money and the Rupee is sliding.....Crude Futures are trading ominously at --> $75.43 / barrel as the middle-east crisis continues. Yesterday as expected the markets got support at 3000 on the nifty and for the Sensex it has good support at 10,000. The markets are expected to remain range bound in the 3200 to 3000 range for Nifty and for the Sensex it is 9800 to 11500 for some more days before some fresh triggers come. Yesterday Dow remained flat after some encouraging results coming frm the coffers of Fed. Nifty has added 4.9 % in open interest. Nifty July futres are trading at 26.6 points discount. Orchind Chemcals and Punj lloyd has sheded open interest as expected. I have long asked not to enter the 'Chor" company called Punj LLoyd. Hot Stocks for today( For delivery and also day trading): 1.ICI Ltd--> Recommended price-->301.90, Support--> Rs.280,Target 1-->Rs.328.5, Target 2--->Rs.345. Fundamental trigger---> Buy back and good prospects of its products due to boom in the real estate sector. 2. J K Paper-->Recommended Price--> Support-->Rs.42, Resistance-->Rs.49, TI--->Rs.48.5, T2->Rs.55. Fundamental Trigger-->BILT is contemplating a price hike and JK might follow the suit. The last quarter is historically the strongest quarter--> Good result expectation. Besides, buy on my old picks like Chandra Prabhu International, Morgan Ventures, Dhoot Industrial Finance, Monnet Ispat and Soma Textiles and Industires Ltd still hold; at the Monday's closing price. Best wishes, Suman Mukherjee India. http://sumanspeaks.blogspot.com/ http://finance.groups.yahoo.com/group/SumanSpeaks www.bcozindia.com

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