The ardent Bears love to sell at high but the Bulls are also eagerly waiting to trap and make more money while the market is shining in bull grip with media attention. A classic example of RNRL and RPL moves on Friday.
The momentum favours the bulls at this point in time. So those who are long in the Nifty and the other stocks can wait till the nifty trades below the 4785 level. In case tomorrow Nifty fails to trade above 4821 level and the high could not cross 4863-69 level then prefer shorts with stop at 4876-78 level. For investors the suggestion is to buy on declines in Idea, Zeel, and VSNL as investment purpose. The Wipro, HCL tech and TCS in software, in pharma – Ranbaxy, Dr Reddy and Biocon are calls adopting KOI principle (Keep On Investing…. already suggested for ITC at 168-170 range in July).
The Day traders can find opportunities to short in the reality sector but maintain GMR Infra Del. suggested with a stop of 786/- at the acquisition price. The weakest among the Nifty are metals- Tata Steel weak below 748-49 level, Sail weak below 195/- level, Ster weak below 696 levels.
Monday, September 24, 2007
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