Morning Bells (22 Oct 13)

Good Morning Friends.

Tow rules for success – Never tell everything, you know and never tell you know everything.

So finally day has come for which market was waiting since long, Nifty closes above 6200 for 1st time since November 10, 2010. So it’s good news that Nifty made year’s high but there’s flaw (my opinion) and that is – instead of strong set of quarterly numbers from index heavyweight like Larsen & Toubro (L&T) and index constituent Asian Paints it closes marginally up, so think if any heavyweight disappoint then where Nifty will go.

Overall nothing is new to comment here, now everyone is waiting patiently where Nifty will go from here. I am maintaining S/R 6230-6300 and 6125.

MARKET OUTLOOK –

As already discussed, strong buying is seen and Nifty is set to move up further, after breaching 6230 it seems to make a new high, though I am a bit cautious around 6300 or say above 6230. 6020 & 5980 will find good support in this series (in case of a fall)

Consolidation also seen y’day after a day of sharp rally,

This is also true market may remain volatile this week as many heavyweights will announce their Q2 nos. this week.

MG’s Nifty trading range –

R – 6230 - 6300

S – 6125 - 6020 – 5980

ECONOMIC EVENTS / RESULT CALENDAR –

22 Oct – Result – Cairn India, IBR, Wipro, Yes Bank

STOCK OUTLOOK -

(Stock that can see some good moves either side)

Wipro –

Wipro , the country's third largest software services exporter, will announce its second quarter results today. According to many analysts on an average expect revenues to grow 13.2 percent sequentially to Rs 10,115 crore in the quarter gone by. Dollar revenues are expected to increase 2.8 percent to USD 1,634 million during September quarter from USD 1,588.3 million in June quarter.

MBC PL –

Oct PL = -1000 + 250 = -750 – 1250 = -2K

Open Call –

Ashokley 17.5CE @0.7 SL Hold/0.45 TG- 18.5 in Cash

Regarding MBC calls –

I know some of you have made some loss on past 2-3 calls, here I would like to say that mostly I do swing trade so even if 3-4 calls hit SL need not to worry because 1 or 2 jackpot calls will recover all your losses and again you will be in handsome profit. But you just need to follow MBC calls because we don’t know in which bag jackpot is. Secondly you also need patience else we may burn fingers.

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