It was a softish kind of start to the week on the Indian bourses. Faltering global growth along with domestic macro concerns triggered fresh bouts of profit- taking yesterday. So how will our market shape up today? Read on for more.

BSE index:  17331 a closest essential assistance. Upwards part 17471 & 17532 essential problems. Cross-over above 17532 it'll spurt up to 17634-17651.

Downward part crack below 17331 it'll fall down to 17242-17221 & 17175-17134 on intra day base, buy on decreases maintaining stop-loss of 17031.

The BSE Sensex and NSE Nifty started off business on a smooth observe on Monday following silent business in Asian Market. The market was merging these days after a distinct move on Friday due to positive improvements at  European Union Summit.

The BSE benchmark dropped 30 factors to 17,400.10 and the NSE benchmark dropped 8 factors to 5,270.30. The Indian rupee was going around 55.51 to the US dollar.

The Sensex lowered as much as 0.3 % beginning on Friday with RIL, ITC and ONGC major the failures.

BSE index was dealing 0.3 % reduced at 16,366.13 factors led by losses in RIL (0.3%), ITC (0.6%) and ONGC (1.3%). The wider 50-share NSE index was down 0.1 % to 4952.30.

Markets have been volatile this month. Falling to its lows and immediately giving ~23% returns in just a month. I was waiting tolerantly that markets will stay at low levels for few months in which I will build positions in the stocks which I thought were attractively valued. But in vain, most of the mid caps and small caps which I mostly invest in have gained a lot. Take some instances - Banking stocks are up, almost by 25-35%. Even famous capital goods stocks like Thermax and Crompton Greaves have risen by ~27%.

So is there any stock which can be bought at these levels? The stock which has not gained that much and is currently underrated.

We can match the quarterly results and % price rise in the last 1 and 6 months to come up with the list of stocks: (Some of the stocks would have appeared in my writings earlier, and may be biased :P. Hence please do your own enquiry before buying any of these)

The Nifty opened & traded lower taking support at 5568 levels during the day, it however towards the last hour of trading broke that level followed by a crucial break of 5535 signalling the first sign of weakness and a conceivable reaction to this major up move.

BSE index:

(18156) It'll fall down advance to 18013 initially, which is a crucial support. Break below 18007 further panic will drag it down to 17915-17895 which is a most crucial support to watch out for. In worst scenario break below 17888 it'll crash down to 17759 & 17460.

Upward side 18232-18295 nearest & 18385 a solid resistance up to which selling on higher levels will be seen, keep stop loss of 18527 to your shorts on higher levels.

Intraday Trading Tips

The Indian market opens for trade this morning on a subdued note despite steady global cues. Earlier, the US markets ended flat with the Dow up 60 and Nasdaq up 17 odd points while Asia is mixed at this hour. Sensex is trading at 16451, down 14 points from its previous close, and Nifty is at 4956, down 11 points. CNX Midcap index is up 0.3% and BSE Smallcap index is up 0.1%. The market breadth is positive with advances at 368 against declines of 163 on the NSE.

Buy Jain Irrigation with a target of Rs 110 and stop loss of Rs 97.50. The stock is currently trading at Rs 102.30, up 1.6% on the BSE.

Sell ICICI Bank January Futures with 1-2 day targets of Rs 775 and 766 and stop loss of Rs 797. The stock is currently trading at Rs 773.70, down 1.5% on the BSE.

Buy Ambuja Cements at Rs 154-155 with a target of Rs 165 plus and stop loss of Rs 152. The stock is currently trading at Rs 158.70, up 1% on the BSE.