Correction good for Buy ???

As we said in our earlier posts (Day before yesterday) Avoid fresh long positions below 5250...

& in yesterday post Maintain levels... (Nifty if traded below 5195-5190 might indicate weakness. ) and nifty down by approx. 60 points after broken 5190 level.

Yesterday The market had a flattish day until selling emerged in the second half of the session and pulled it down. Sensex closed at 17,137, down 248 points from the previous close. Nifty closed at 5148, down 74 points. Metal & Real estate showed selling pressure in yesterday market.

The US markets closed in the red on the back of fears the Greece crisis could spread. The Dow jones closed down 2% from its previous close. Even the Nasdaq and the S&P 500 closed down by 3% and 2.4% respectively.

The Asian markets are trading weak.

In today's session market may open negative on back the of Global cues , 5200 and 5240 may act as strong resistance level for Nifty while 5109 & 5085 are support levels for Nifty. If Nifty trading below this level it can touch 5040 that is 50.0% retracement level of Nifty. If traded below this level Nifty may attract heavy selling pressure and can touch it’s 61.8% retracement level at 4946.

Traders are suggested to sell at gains as long as Nifty is trading below 5240. Pharma and Oil sector may attract buying while Metal and Reality may attract selling pressure at every gain.

High risk traders can Buy Nifty around 5090 and more on dips 5050 with sl 5035 for tgt 5140-5160.

Stock for watch:

Hexaware: Stock can touch 90-95 in near term.

HCL TECHNOLOGY can touch 410+ in near term.

HDFC BANK looking weak on charts.

Keep watch on SUGAR SECTOR looking over sold, can bounce 5-10% any time, But remember "It's always dangerous to catch Falling Knife".