Bulls might find some breathing room on Dalal Street
Stocks might recover after losing ground earlier in the week
Nifty might recover today, expect strong resistance at 5460 levels.
We believe Nifty might open on a positive note reflecting the positive sentiment across the global equity markets. It looks like the market might find a short term bottom support at 5400, for this week. We see a small relief rally early in the morning, but expect some selling to some in at higher levels. We advice investors against talking big positions on the long side as we think that we are not out of the woods yet and the current correction should resume after a small bounce.
Power Stocks and Coal India looks good on the long side. Take advantage of any rally in banking stocks and trim your holdings in this sector.
Stocks on Wall Street gained for the first time four days on some bottom fishing from value investors and a better than expected outlook from PC maker Dell. Asian markets reacted positively to the cues from the west, with the Japanese index gaining nearly 0.5 percent on opening bell.
* Varun Shipping Company signed contracts with Barzilian Oil major Petrobras
* ADAG group plans $5 - $10 billion dollar investments in Indonesia
* Bajaj Auto will make foray in to Brazil, the third largest bike market in the world
* Coal India might hike prices by 10 percent
* Orchid Chemicals pots a net profit of Rs 156 Crore against loss YOY
* Earnings Watch for today: L&T, Chennai Petro, SREI Infra, Pratibha Ind, Tata Power
* Northgate Technologies might take up restructuring proposal in today's board meeting.
* Suven Pharma Completes Phase II trial for its Alzheimers drug
*ALWAYS KEEP STRICT STOPLOSS TO AVOID HUGE LOSS*