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Markets getting bearish on BNP paridas freezing 3 FII's account , volatile markets. Short sell recommended but don't go long.

The US markets ended in the green with hefty gains. As with Yesterday's markets in India , the US markets also had one Mantra: "Onward and upward ".Renewed enthusiasm for stocks across the board continues to blindside those on the wrong side of the tape of late and sending them running for cover.Plenty of short covering was seen in the Nifty futures also.The Indian Bourses opened with a lot of green.There has to be a sustained consolidation in the 4435-4550 to to see newer highs coupled with good global cues.

F&O Cues :
Futures Open Interest up by Rs 428 crore despite cut in Nifty Futures Open Interest
Stock Futures add Open Interest with surge in prices
Options Open Interest down Rs 88 cr
Nifty Futures shed 24 lakh shares in Open Interest
Nifty Futures at 24-point discount
Stock Futures add 1.77 cr shares in Open Interest

HOT TIP :
Buy Aurobindo Pharma for medium term in Cash.
Carry over our earlier call for Aurobindo.

Intra Day tip :
Buy SBI futures 1715-1719.Stop Loss 1695. Target1 1740. Target2 1757.

We will be back by mid trading session for free intra day tips and more market insight.
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The markets have opened with tremendous gap especially due to the surge on IT stocks Worth the restriction on ECB norms. The new norms state that a company can raise up to USD 20 million through the ECB route after getting RBI's approval. But ECB's over USD 20 million can only be spent overseas.This area has to be closely watched as it can lead to a reduction of dollar
inflows to India.

F&O cues:
Futures Open Interes up by Rs 1,097 crore
Nifty Futures add 5.4 lakh shares in Open Interest
Nifty Futures at 39-point discount
Nifty Open Interest Put-Call ratio at 1.32 Vs 1.36

Per usual, all eyes were anxiously fixed on today's FOMC meeting; and, as expected, policy makers left rates unchanged at 5.25% for a ninth straight time. What wasn't a foregone conclusion, though, was whether the Fed would acknowledge the credit risks that have roiled financial markets of late.
Initially, a statement that showed far less concern about the credit and economic outlook than the financial markets had hoped prompted a knee-jerk reaction in equities and dropped the indices to session lows. A reiteration of the Fed's tightening bias and a mention that "downside risks to growth have increased somewhat" were also viewed in a negative light.

So where does it lead us ? Probably nowhere as last nights FOMC meet highlighted inflation concerns and moderate growth which don't argue well.Today's reaction in Indian markets is due to the ECB curbs.We are still advocating caution.

Technically, The support for the Nifty is at 4261 and resistance to the up move at 4457.

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Finally there was a pullback rally in the US.There was a gap up opening due to the overnight happenings in the US markets.Still we feel there are negatives in the markets which may lead to further downside.The FOMC meet today in the US would have a bearing on our markets.Any interest rate cut would be seen as the slowing of Economy in the US and could lead to a fall in our markets.Fundamentally in the medium term , we are still bullish but technically the markets are showing signs of weakness.Today's opening rally is not a trend decider.The Sub prime woes in the US are overblown but the overall health of the US economy looks gloomy.

Technically , if we are able to sustain 4435 on the nifty in the short term , than the correction would be over and we would be ready to see 4750 levels in a few months time.

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The Indian bourses are in deep red following the crash in the US & the Asian indices.As predicted by everybody, Monday morning blues have again surfaced.Investors and speculators don't want to Carry their trades for the next day.That is creating extreme volatility in the markets.The huge discount in the Nifty as well as stock futures is creating panic in the retail investors as they are margin traders.Fundamentally , there is no reason to panic in our markets but technically there are enough issues in the internals to send jitters in the minds of retail investors.

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We will be back by mid trading session for free intra day tips and more market insight.
Adhere to strict stop Losses in order to safeguard your interests.For more stock specific buy and sell , subscribe to out free newsletter or join our paid service.