Derivative Strategy for August 1, 2012 Scrip CMP Recommendation Target Stop Loss NIFTY 5,241 SELL 5,170 5,275 DRREDDY 1,627 SELL 1,610 1,635 BHARTIARTL 301 SELL 295 305 DLF 207 BUY 215 203 CIPLA 340 BUY 350 335

Markets at a Glance Indian indices are likely to open lower today, tracking weakness in the Asian markets, as disap-pointing China’s PMI data raised concern over domestic economic slowdown. Meanwhile Asian shares falters on Wednesday on fading hopes of stimulus action this week by the US Federal Reserve and the European Central Bank. The Chinese manufacturing PMI slipped to 50.1 in July from 50.2 in June, the weakest since November 2011, and reflects three consecutive months of decline. However, the Shanghai Composite index edged up ~1% following the comments from Premier Wen Jiabao's that China will step up policy fine-tuning in the second half to support economic growth. The SGX Nifty, Aug’12 contract last traded at 5,239, down by 10.00 points from previous session. Wall Street Update The US markets ended lower after trading in a tight range throughout the day as investors re-mained cautious ahead of the US Federal Reserve and the European Central Bank releasing monetary...

Technical Overview Indian indices continued its buying momentum for second consecutive trading session, with Nifty closing at 5199.80, up by 56.85 points or 1.96%, posting biggest single day gain in a month. Buying in Indian markets fuelled on hopes of monetary stimulus in the Euro zone and the U.S. Nifty formed a big bullish candle with no shadows on either side on daily charts, closed above major resistance level of 5,150 and also breached the downward sloping channel on the upside signaling that bulls are back in business. Nifty closed at 5,200 highest levels of the day is a very bullish indication. Further, if the index continues to sustain above 5,200 level then it is likely to witness a buying rally and it might again move towards resistance of 5,260-5,300 level, while supports stands at 5,150-5,140.Trading strategy would be to Sell if market resist at 5,260 and Buy if support at 5,180. First resistance for the Nifty is 5,228 and next resistance 5,256 and first supp...

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