[sharetrading] Anagram's Daily Call [1 Attachment]

 

[Attachment(s) from ekamber included below]

VIEW POINT: RECOVERY LIKELY AFTER A WEAK OPENING

 

Nifty closed at a fresh 52 week high in yesterday's trade while Sensex posted the highest close since 17th October. However, rest of the world markets have not panned out well after we closed.  European markets tumbled on worries over European banks' exposure to Dubai debt and weaker-than-expected German industrial producer data. US market had an additional reason to fall in the form of disappointing corporate news from 3M and McDonald's. This morning, Japan is down on weaker than expected GDP data.  Rest of the Asia is also mourning, however cuts are limited to about 0.5%.

 

Coming back to our markets, not only the price action was heartening, market internals are also indicating lot of strength. Derivative data suggests bullish undertone as 5100 and 5200 strike calls witnessed unwinding while 5400 strike saw fresh build up. On the put side 5100 strike saw maximum addition. Put-call ratio shot up to 1.41 from 1.35. The turnover was higher and advance-decline ratio too was good. While the opening today will definitely will be lower on the back of weak global cues, a sharp recovery is not ruled out. IFCI, IDBI, HCL Tech saw good build up on the F & O side and can be looked at for taking long positions with appropriate stop losses.

 

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