Indian markets witnessed strong rollovers and great gains of 30 % in may month series and a record in Indian history. Strong rollovers seen in all sectors and Nifty and volumes are strong. This is an indication that near term direction for markets is 4650 levels before any correction.
US markets gained 1-2% on improvement in Housing data.
Asian markets are trading flat to positive of 1-2% gains and likely to continue the momentum.
The Indian markets will be opening gap up and likely to maintain , profit booking may arise at every higher levels. Nifty is supported with crucial levels of 4150 and if it attempts to fall below 4150, than next target will be 4000 levels.
Watch out stocks like Lic Hsng finace, Nitin fire, Dewan Housing and some select sugar stocks will be on fire.
Lupin counter may face heat today.
Overall we advice members to be cautious and take longs with near stop loss.
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