Here comes the expected bounce...Thursday, May 29

Finally the expected bounce comes. Though I am little disappointed that 4800 did not come, market turned around from the support at 4840 itself. It was nevertheless a good exit for shorts and nice profits. I am still holding some light shorts as hedges now. The longs which were taken yesterday will now bear fruit. NIFTY now has a likely target of 5040 in this bounce. Following which we will continue to fall again into next week mostly. So these longs can be held for today or maximum tomorrow. Around the mentioned target, all longs should be squared and fresh shorts can possibly be built. We will take stock when we get there...

INTRADAY PICKS
TATA STEEL - CMP 903.35 BUY above 910, target - 925 SL - 907
TCS - CMP 1009.45. BUY for targets - 1030, 1043 SL - 999
NATIONAL ALUMINIUM - CMP 552.05 BUY target - 559, 570 SL - 539
HINDALCO - CMP - 196.45 BUY above 199 target 206.6 SL - 194
HCL TECHNOLOGIES - CMP - 307.6 BUY targets - 312.2, 316.8, 320

FOLLOW UP ON YESTERDAY'S CALLS
BHEL broke down as expected. BOI hit our targets while ABB and crompton did not perform as expected.

SECTORAL WATCH

All aluminium stocks are looking very very good both technically and fundamentally for short term investment.

IT stocks are looking very good for swing trading now.

Market News...
Nifty goes into settlement day with close to 2 crore shares outstanding in the May series. This is beyond the average 1.43 crore shares with which Nifty went into the settlement day in the last six settlements. What this means is that a huge number of positions are still stuck in the current series and so one can expect fireworks today