Nifty started the new August series today on a negative note. The reason is not far to seek- Less than expected results from companies in US as well as India.
We closed around 5350 today and I believe major indices should remain under pressure in first few sessions of new series and we may see a correction of around 5% which may take nifty to levels of around 5100 where we may see a bounce. I believe Reliance,ICICI Bank and Autos should see selling at all higher levels while action should shift to speculatives like few stocks in reality, fertilizers and financials like India infoline and even a JP Associates should see buying at lower levels.
I believe a JP at around 111-112/-, India Infoline around 85-86/-, HDIL around 258-260/-, Chambal around 65-66/- and even a Unitech around 78/- should be very good levels in coming couple of weeks can be grabbed for a 15-20% upside in second half of August series.
My range for Nifty in August series is 5120-5450.
Friday, July 30, 2010
Saturday, July 17, 2010
Review for week beginning 19th July
Nifty displayed amazing strength in week goneby on back of Strong monsoons and good quarterly nos. so far but further gains seem unlikely in coming week.
Markets are expected to remain choppy in coming week with alternate bouts of buying and selling as long positions will be created in counters expecting good results while shorts would be created in others in anticipation of poor results and interest rate hikes in credit policy on 27th July.
One should but autos like Tata Motors, Maruti and M&M on every decline while reality and banking can be shorted on higher levels.
Expect Nifty to open lower on monday due to fall 0f 250 points in dow and 5250 should provide first support on downside. While on upside, 5400+ should see heavy selling. If 5250 gives way, one may see even 5100 in latter half of coming week.
My range for nifty in coming week is 5100-5400.
Markets are expected to remain choppy in coming week with alternate bouts of buying and selling as long positions will be created in counters expecting good results while shorts would be created in others in anticipation of poor results and interest rate hikes in credit policy on 27th July.
One should but autos like Tata Motors, Maruti and M&M on every decline while reality and banking can be shorted on higher levels.
Expect Nifty to open lower on monday due to fall 0f 250 points in dow and 5250 should provide first support on downside. While on upside, 5400+ should see heavy selling. If 5250 gives way, one may see even 5100 in latter half of coming week.
My range for nifty in coming week is 5100-5400.
Saturday, July 3, 2010
View for the Week beginning 5th July
The next week promises to be full of excitement as RBI announced 25bp rate hike on weekend. Add to it the 'dow effect' as dow has fallen below the crucial support of 9800 and bears couldn't ask for more on opening on Monday.
Expect Nifty to open below 5200 for first time in July series and face further pressure from 'trapped longs'. I believe we will test 5100 in first half of coming week and in face of any further 'bad news', we may even test 5000 in coming week.
There are little chance of further gains in Nifty, at least in coming week as 5350 poses 'stiff resistance' on upside. The range for Nifty in coming week looks to be 4950-5350. Reality and Banking may see slight 'short covering' at lower levels while autos and fertilizers should be accumulated at every fall.
Expect Nifty to open below 5200 for first time in July series and face further pressure from 'trapped longs'. I believe we will test 5100 in first half of coming week and in face of any further 'bad news', we may even test 5000 in coming week.
There are little chance of further gains in Nifty, at least in coming week as 5350 poses 'stiff resistance' on upside. The range for Nifty in coming week looks to be 4950-5350. Reality and Banking may see slight 'short covering' at lower levels while autos and fertilizers should be accumulated at every fall.
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