Share Market Today

MARKETS CONTINUE RALLY AFTER BRIEF CORRECTION, BANK NIFTY CONTINUES ITS OUT PERFORMANCE; NIFTY RETURNS TO IT’S TRADING RANGE BETWEEN 7500 TO 7750; AFTER A PROCESS OF CONSOLIDATION NIFTY MAY TEST PREVIOUS HIGHS OF 7800.

Take Profits in the Bank Nifty, consider buying the CNX IT if it opens cheerful (higher or at par with today’s close). For the Nifty, you may like to watch the early morning action and take profits at least partially. 

Up move continues in Bank Nifty. Prices have come back in its trading range inside 14900 – 15700. Short Term Trend is up and we should look for a buying opportunity here. Above the next resistance comes near 15600 -15700. 

CNX IT is now holding its support at 9750. A short term resistance is now coming at 9900. It seems that the IT Sector may start an up move from this support. A breakout above 9900 will be first sign that the sector is going to start an up move. Look for a buying opportunity in IT Stocks if this breakout occurs. 

CONSTRUCTION Sector has seen a deep correction and prices are now finding support at the lower levels. Prices may begin an up move from here. We should look for buying opportunity in this sector. Look for a buying opportunity in DLF, HDIL and IRB INFRA.

      
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How Market Behaves Today?

MORE OF THE SAME; NIFTY RALLY CONTINUES AS BRICK AND MORTAR STOCKS BECOME FLAVOR OF THE DAY; CEMENT, STEEL, AUTO STOCKS RALLY WHILE BANKS TAKE A DAY OF REST; WAIT FOR CORRECTIONS TO INVEST

WE ARE IN THE INITIAL STAGES OF WHAT SHOULD BE ‘THE MOTHER OF ALL BULL MARKETS’. WE HAVE TO REPEAT THIS STATEMENT OFTEN TO ENSURE THAT READERS SHOULD NOT CONFUSE A CORRECTION WITH A DOWNTREND. BUY ON DIPS, ALL THE TIME.

·        The Bank Nifty broke out from a three week trading range on the upside. But, the higher levels were not sustained and the Index retreated within the range to close almost unchanged. Bank Nifty remains inside a range. The Index is only an intraday trade for buying on sharp dips. Position Traders should take partial profits on long positions.

·        CNX IT continues in a trading range with support at 8900 and resistance at 9050. This range is very tight. A breakout from this range may give us a tradable move in IT Stocks. Wait for a breakout and then trade in the direction of the breakout.

·        Trend is up in CEMENT Sector. We should look for a buy on dips opportunity in CEMENT Stocks: ACC, AMBUJA CEM, ULTRATECH CEM and GRASIM.