"THE WEEK PAST AND THE WEEK AHEAD"

Rising debt concerns in Eurozone countries like PIIGS (Portugal, Italy, Ireland, Greece and Spain) weighed on global markets, though IMF provided financial support to Greece.

Global cues are likely to dictate the trend in equity markets in the coming week. The rollercoaster ride may continue for a while amid lingering concerns over the health of the debt-laden euro-zone nations and the fate of the 16-nation bloc and its common currency. Adding to the already ugly global scenario are worries over the widening US probe into top Wall Street banks and overheating in China.
Indian Markets not out of woods yet.

As far as India is concerned, the latest macro-economic numbers have not been great, what with industrial production slowing and food inflation rising. A drop in traded volume and FII inflows are among the other pressure points. Results have been mixed and current valuations appear to be rich considering the prospects for the Indian economy. The next big catalyst will be monsoon. Another bad year for the agriculture sector could make life tough for the policymakers. All in all, things will remain volatile with a slightly negative bias in the near term. Global factors will continue to drive the sentiment for the foreseeable future.

The markets’ failure to sustain at higher levels is a sign of concern, and with every passing day it seems the bears are tightening their grip. For the moment, it looks like the bears will continue to have the upper hand.

NEGATIVE BIAS ON NIFTY UNTIL 5213 IS CROSSED DECISIVELY. Our Markets are once again likely to drift towards recent 'lows'. Acid test lies in the 4950~5000 range of NIFTY, which is also a strong Support zone for NIFTY on the downside (arising out of 200 DMA and 61% retracement). Stability in global markets and 'value-buying' around this range could help markets survive the acid-test. So, one need not take undue risks right now though medium to long term prospects appear bright. In the downside the two crucial supports seems to be at the levels of 4950 & 4820. So, if anyone having short position in Market, they may hold the shorts for some more time. Those traders who like to initiate new shorts could do below 4950 for the target of 4825 to 4830.

ONLY FOR INTRADAY:: Intraday minor Support for the market is probably 5051 & 5012 while the market will experience resistance at 5136 & 5178. The best strategy is SELL NIFTY with strict stoploss of 5109 for a target of 4980. In case of gap down opening, if nifty future breaches 5000 on the downside, sell around 4979 with strict stoploss of 5000 for a target of 4950 OR buy nifty around 4998 with strict stoploss 4977 for a target of 5025.

BUY NIFTY 5100PE ABOVE 125.10 WITH STRICT STOPLOSS OF 105 FOR A TRGET OF 170-190-200

BUY BHARTI 260PA ABOVE 4.75 WITH STRICT STOPLOSS OF 3.80 FOR A TARGET OF 6.40-7.25

BUY ICICIBANK 900PA ABOVE 13.90 WITH STRICT STOPLOSS OF 12 FOR A TARGET OF 17-19

BUY IFCI 52.50 CA AROUND 0.85 WITH A STRICT STOPLOSS OF 0.55 FOR A TARGET OF 1.50-1.85

BUY RELIANCE 1060PA ABOVE 21.55 WITH A STOPLOSS 16.30 FOR A TARGET 30-35

BUY SBIN 2250PA ABOVE 49.90 WITH A STRICT STOPLOSS OF 37 FOR A TARGET OF 60-70-85

BUY UNITECH 75PA ABOVE 2.00 WITH STRICT STOPLOSS OF 1.55 FOR A TARGET OF  2.75-3.00

NOTE::  Intraday Trade is very risky. Traders/Investors are advised to trade as per their risk taking apetite.

Disclaimer:: I have no long position. So, I may have some vested interest if market goes downside. During trading hours, I will be available on "Jayfromstockmarketsinindia.blogspot.com".