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Market Mantra

Dear All,



Global rally extends led by US indices as US$ gains strength while oil hits fresh 6 month low.Tech shares rebound sharply as 'risk on' trade' gathers fresh momentum. 


Asian markets opened mixed with the Japanese 'Nikkei' hitting fresh 52 week highs while other indices traded flat to marginally negative.The pull back in the US$ saw the Japanese 'Yen:" weaken which lifted export related stocks in Japan, while oil weakness played well for financials.


Nifty saw a break above 9650 after almost 2 weeks as bulls regained control with Bank Nifty leading from the front.The breadth was weak while global cues extremely positive which prompted select heavyweights to lead the Nifty higher.For today expect positive opening but do not rule out second half profit booking as 9700 may not be easy to sustain. 


Technical view: Nifty finds strong support around 9570 while 9720 will now act as resistance on the upside.Bank Nifty has seen fresh break out & finds support around 23600 while 24000 will be the target on the upside..


Trading ideas(Time period:1-7 days) BUY Tata Motors DVR June future @ 282-284, stop loss 276 & target 287.5-288 


Derivative strategy(Time period:Till expiry) BUY Tata Motors June future @ 455-457, stop loss 446 & target 463-464