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Posted by Shyam as IntraDay Calls
Indian markets are finally seeing some sort of consolidation on weak global cues now. Somehow the valuations do not support the upward rally as the stocks have moved up quite a bit. 15,000 levels on sensex is a big resistence as of now and hence we see some sort of stoppage here for sometime.
The Indian markets ended flat yesterday after a volatile session where sensex gained almost 160-170 points up and then came down. Sensex closed at 14,871 levels and nifty closed at 4531 levels. Niftyabove 4400 and 4460 will support the upward momentum for some time. As always we advise our readers to keep booking partial profits on every rally and wait for some correction which long due in the Indian markets so that the valuations also support the rally ahead.
The US stock markets were also down badly last night when worst than expected economic data came in, but they managed to closed better with marginal loss. Reacting to it the Asian markets are trading lower now with Nikkei-225 down by 0.3% in a very volatile session and Hang Seng is also down by 1.77% currently. So we can expect a gap down opening today in the Indian markets.
So here are some intra day trading tips for today:
Buy RCom Above 332 Target 338, 341 Stop Loss : 329
Sell Below 328 Target 324, 321 Stop Loss : 332
Buy ICICI Above 700 Target 710, 714 Stop loss : 694
Sell below 732 Target 724, 720 Stop Loss: 735
Buy Satyam Above 67, Target 70,71 Stop Loss: 64
Sell Below 65, Target 63, 62 Stop Loss: 67
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