LOWER LEVEL BUYING...GOOD!!!!

BAMMIDI EMERGING ENTRY POINTS – DAILY ENTRY &EXIT POINTS-BEEP-DEEP —17-10-14

16-10-2014- Thursday -OVER-VIEW:

Now the story of global growth concerns are hitting the headlines because the valuations are stretched beyond the Earnings expectation….I used to cautioned right from  August last week as the markets were sold off  during 8-14 th August-2014, but managed to wipeout the retail sellers the fluctuation upmove was managed till last week…..

Now the short covering is expected on the line at least from Monday…

Today’s BEAR COUNTERS: The Nifty is in Red as expected but today the volatility will be more on both sides…..the power sector counters may see some down ward action, the strong counters like Axis, Yes and Indus may correct but where as SBI, Bank of India and Union bank may correct but lower level buying suggested…

(Yesterday suggested: As the day likely to stay in red, the IT counters, RIL & ONGC, may correct, OMCs may see some more correction,

Bajaj auto may negatively and MindTree may positively react to results

BHEL, APOLLO TYRES and the reality pack may see some downward action, apart from banking names, the PSUs are in Bull grip may see some un-winding.)

Today’s BULL COUNTERS:… the Pharma counters like DrReddy, Divis, Auro, sun may see some lower level buying,. Hero motor good results may cheer auto counters…. Auto counters like M&M and auto ancillaries may also fall in this category. Hero motor good results may cheer auto counters….

Nifty support at 7705-7693 level may run up to 60+pts.

(Yesterday suggested: The markets gave good support to PFC, REC, some PSU banks like SBI, PNB ALBK…buying and short covering may stay in range bound

The pharma names like DrReddy, SUN, Auro, Lupin and Cipla can be acquired in two stages after 2-3% fall.)