Wednesday, 12 March 2014



MARKET ROUND UPDATE
Yesterday again it was a day of consolidation for Indian markets where indices opened on flat note and thereafter continued to trade in narrow band of 30-40 points band with no clear direction. On lower side nifty found support around 6500 levels and from those levels pull back was seen that helped nifty to close with minor gains of 5 points.

• Nifty and bank nifty fut. closed on flat note with no major changes in OI whereas cnxit fut. added long positions.
• Selected buying was seen in stocks like zee, ashokley, jisljaleqs, glenmark, dishtv and igl.
• Long unwinding pressure was seen in banking, sector and stocks like bankindia, axis bank, orientbank, lt and mcleodruss.
• Tatasteel, dabur, grasim, yes bank, ongc and idfc were some of the stocks that added fresh shorts.

Markets are expected to open on flat note in today’s session and on lower side will continue to find strong support round 6480-6500 levels. Overall markets are expected to trade in narrow range of 6450-6600 levels for some time before giving any fresh breakout on either side.

Recommendation
LICHSGFIN BUY Around 229 Target 238 SL 225
SUNTV BUY Around 395 Target 410 SL 390
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