Newsletter dated 6th May, 2009

GLOBAL MARKETS

U.S. stocks fell on Tuesday as cautious investors fretted about impending bank stress test results and energy shares succumbed to the pressure of lower oil prices. The drop halted a two-day run-up that had propelled the S&P 500 into positive territory for the year-to-date. The benchmark index had risen 34 percent after touching a 12-year lows in early March.

Selling was seen across the board with big-cap technology companies, banks, home builders and big manufacturers dragging indexes lower. These sectors have all been among the market's bright spots during the two-month rebound.

Asian markets are trading flattish with major indices trading flattish to +ve.  Our markets are liekly to follow the asian markets. Nifty likely to open flattish to +ve.

I.T.COMPANIES

Software outsourcing companies may underperform the markets today. So the bull traders should avoid trading long in software stocks. 

TATA STEEL

It could face stiff resistance near 299-302 levels. One may initiate shorts around 294-295 levels maintaining SL around 302. Target could be 282 and below. 

ITC

It has support around 192 levels. One may go long on the stock around 194-195 maintaining SL below 192. Target could be above 200.

BHARTI AIRTEL

One may initiate long around 742-743 levels maintaining SL of 734. Target could be 758 and above.

Note: The above mentioned strategy is just an indication. Do your own homework before initiating any trades based on above information. The online calls are given to our paid clients only via messenger and sms.

Anurag Dujari
Mobile: 92308-92309
E-Mail- anurag130@gmail.com
Yahoo Messenger ID - trading_picks

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