Newsletter dated 8th May,2009

GLOBAL MARKETS

Wall Street stocks slid on Thursday as investors took profits from the technology sector's recent surge, while analyst downgrades hurt telecoms and a tepid response to a government bond auction raised fears about public finances. But stock index futures rose after the official government results were released at 5 p.m. EDT (2100 GMT) as regulators told leading banks to raise $74.6 billion to build a capital cushion officials hope will restore faith in financial firms and set a course out of the deepest recession in decades.

The Dow Jones industrial average .DJI dropped 102.43 points, or 1.2 percent, to 8,409.85. The Standard & Poor's 500 Index .SPX slid 12.14 points, or 1.32 percent, to 907.39. The Nasdaq Composite Index fell 42.86 points, or 2.44 percent, to 1,716.24.

Asian markets are trading flattish to -ve territory. HangSeng leads the fall with 120points skid. All other markets are trading absolutely flat. Even Nifty is likely to open flattish to -ve by 5-10 points.

NIFTY

Nifty to open bit -ve today. Then we may witness rangebound movement. Nifty to face resistance near 3696, 3708 and 3720. Support lies near 3630, 3618 and 3602. Trading in nifty wont yield much gains as today would be rangebound movement.

ITC

Trading near its support levels. One may initiate buy in this stock around 187-188 keeping SL of 184. Target could be 193 and above. It is looking good today and may reward the bulls.

HAVELLS

Today it might consolidated and hence correction expected. Initiate shorts around 248-249 levels maintaining SL at 257. Target could be 232 and 228. It has run upa lot in last 2 days. Today it would consolidate.

WIPRO

It would face resistance at higher levels. One may initiate shorts near 389-390 keeping SL near 400. Target could be 376 and 370.

MONNET ISPAT

Only risky traders may initiate shorts in Monnet Ispat near 228-230 levels keeping SL near 240. Target could be 216 and 208.

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
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