MARKETS READY TO TURN?!

Markets took a U - turn as expected from 5175 levels....I expected it to be around 5150-5100! 

Would like to assert that supports and resistances are not perfect figures but ranges/bands. Sensex and Nifty hold a particular range and sometimes turn exactly from the expected figures. But as a trader one should not be obssessed with perfect figures.

However, if you are an extreme short term trader and 25 points on Nifty do make a difference to you, then follow me on twitter for live action :) ( The Link for the same will be posted shortly )

I have maintained that the trend remains up and the markets are all set to test 5350 or 18000 on the Sensex! There was strength in the markets today. It takes a lot of power by the bulls to get the markets in green after opening red especially when the whole of Asia was trading down 2-3% minimum. That too on the news of a CRR hike in China and moresoever when monetary tightening is expected in India in the short term

Keeping in mind the above factors the markets turned today, which tells me it was indeed a turnaround.

5270 on the Nifty future seems a very difficult level to cross as of now. Above 5270, the bears will power the market by covering shorts. No need for the bulls :)

Some stocks which look good are as follows,

Buy PUNJ LLYOD around 212-214 stop loss below 210, target 236/240.

Buy PTC ( Power Trading Corp ) around 122-123, stop loss below 120, target 140/145.

There is also some buzz in Supreme Infrastructure for a quick upmove.One can consider buying with a 5% stop loss.

Kindly excuse me as I am not able to update the charts for the above,

Have a great trading day,

Regards,

Rahul T