Market Report 07-May08

Itwas a day of profit booking for all .. sensex lost more then 100 and nifty doing some weird movmnts triggering all the stop loses and major 200 DMA sl to close just abv the 5150 lvls...

Nifty from here if we see that has tried thrice to cross 5250 mark ., but each and every time came dwn to decesive lvls.. so there is shrt term dwnside that is surely gonna be there .. nxt time in caome back we mifgt see nifty crossing 5250 mark.. but again at5310-5330 lvls... there is a resisitance and we might not be able to cross that..

With the close below 200 DMA in nifty and the shorts being build up freshely we might see some dwnside .. though 5078-5095 is immediate shrt term support for the nifty and we might take bounce bk from mthese lvls.. nething that goes below that nifty could touch 4975 lvls..

We are tradin in the very specific range of 5000-5250 in nifty and this is best thing for shrtt erm traders to buy momentum stoocks in lows and sell at highs..

Stocks like jp assoc, unitech, lanco , praj ., dlf , icici bank , rpl are the few that can be traded for thses...

but stay away fro the sectors which havent performed much or looks laggard behing like pharma..

IT is was in action yesterday ahead of the ruppee being weakend against dollor and the analyst says the lvls gonna be this much ahead may be 10 days so IT culd really show us some firewrks.. but whtevr it wuld be... this wuld be for shrt term and do book profit at higher lvls..

Stocks like polaris, satyam , wipro shoed some momentum yesterday ..

Watch out for tech mahindra today..

ITC, dabur..HUL had some inters being build up yesterday and there is some fund buying in this scripts st all lower lvs..

With DOw closing in gains and crude is boiling at 121 $ .. there is nothing the asain market showing .. we might see some positiveness.,.,. but the overall choppy trading day is expected .. with .. buying at lower lvls and shrt cvring at lows is expected..

traders are advised to book profits at highs and buys at lows.. startegy..

Bharti Airtel may rope in SingTel for MTN buy..the deal is done wuld be positive for bhartii..

Suzlon arm fined US$19,000 by US body for allegedly violating air pollution control norms..

Sobha Developers to invest Rs2bn in Bangalore..

Reliance Infrastructure buys back shares worth Rs3,430mn..

Pritish Nandy Communication signs three films with Sony Pictures..

Geojit Finance to hive off commodity broking biz...

nifty at suppst t 5095 -5078

have a grt day